Traditional banking and payment card transactions always require some sort of sensitive information from customers, which can be quite inconvenient, especially if we consider the potential risks of malicious misuse of personal and financial data. Looking forward to solving this issue, Flexa is the pioneer when it comes to pure-digital payment methods, by offering transactions digitally secure from source to settlement.
For that, it employs a unique system based on digital authorization codes, which can’t be decrypted or reversed. So far, the idea was successfully adopted by over 42k locations in the US and Canada.
How Does Flexa Work?
Flexa is an open-source digital payment network that doesn’t require any type of sensitive customer information to complete payment transactions.
Instead, it employs a unique system using a digital authorization code throughout the whole payment process. These matchless digital codes can’t either be decrypted or reversed.
While a user captures this digital code at a point-of-sale, the system quickly transfers the payment from his account balance. If necessary, Flexa permits instant conversion to unlock the process.
All these features ensure a secure settlement for every single transaction made via Flexa, and the fact it is fully digital adds up optimized speed throughout all transactions.
So far, the company already supports several digital currencies as means of payment, including digital dollars (Celo Dollar, DAI, Gemini dollar, USD Coin and XCAD), as well as other popular digital tokens assets such as Atomic Coins (ATOM), BAT, COMP, LINK, XRP, ZRX, and OXT.
Cryptocurrency options also include Bitcoin (BTC), Bitcoin Cash (BCH), EOS, Ether (ETH), Litecoin (LTC), Lumen (XLM), and others.
Security is King
Flexa’s network relies a lot on prevention for malicious behaving and fraud, including potential hacks or violations within the system.
As the process doesn’t necessarily require any sort of sensitive or personal information from customers, there is virtually nothing to compromise.
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To increase the level of security even more (including risks such as theft or loss of funds), the platform is backed by several counterparties worldwide, whose role is to provide collateral for every single payment that happens through the system.
Eventually, if a software flaw or breach happens, all reserves of collateral will be liquidated to cover losses and to ensure there will never be a negative balance for customers.
Providing Payment Solutions Worldwide
Available pretty much globally (with very few restrictions), Flexa has customers all over the world. One of the main advantages here is that there are no foreign exchange fees, so companies that have partnered the idea will always receive the real market rate, not discounted by conversion fees and other inconvenient taxes.
As the main currencies within the platform are digital dollars (which are valuable currency globally), more and more people are adopting it to expand the possibilities to sell more, close more deals, and profit even more.
Customers have access to integration with top-notch payment providers as well, such as NCR, Clover, Shopify Partners, and others.
Flexa Values Customer Privacy
Some digital payment projects fail to fit all legal requirements needed to be available on more demanding markets like EU countries, for instance.
Flexa services are approved both by the EU’s General Data Protection Regulation (GDPR) and by the California Consumer Privacy Act (CCPA) as a safe, privacy-abiding payment solution.
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The network also facilitates a granular level of control for transactions like age-restricted purchases, loyalty purchases, and the like, where customers can share specific personal data, and audit their data sharing whenever they wish (dynamic loyalty).
What is the Impact of the Platform?
The initial philosophical core behind the use of cryptocurrencies is quickly getting back on track, as new companies (especially payment and lending companies based on blockchain technology) are focusing more on liquidity and accessibility.
Hence, more people are encouraged to adopt crypto as an everyday solution for financial issues, which leads to a fast-organic increase in the adoption of such technologies over time.
Who is Behind the Idea?
Based in New York City (NY), the company was co-founded by Tyler Spalding (current CEO), Zachary Kilgore, and Trevor Filter.
Spalding has great experience in both technology and finance. His previous experience includes the United States Air Force, NASA (as a researcher), and Microsoft, as well as the authorship of than 50 technology patents.
Trevor Filter is also highly experienced in finance, having worked for American Express. Kilgore is a senior Software Engineer whose knowledge has been battle-tested in several ventures.
Flexa is an open-source pure-digital solution for payments, based on seamless technology to provide commercial partners and customers with a unique fraud-proof and fast network.
It enables guaranteed settlement, eliminating chargebacks and reversals, to increase customer confidence and secure all payments.
Also, it offers easy integration options for potential partners, as well as offering eclectic multi-coin support, mostly focused on digital dollars (Celo Dollar, DAI, Gemini dollar, USD Coin, and XCAD). Other payment options include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Lumen (XLM), and several other major crypto assets.