Fintech firm Six Clovers has introduced the Versal Network, a platform built on the Sui blockchain, to enhance the speed, security, and cost-effectiveness of cross-border payments.
With a move towards modernizing cross-border payments, fintech newcomer Six Clovers has initiated the Versal Network, utilizing the Sui blockchain.
Through the integration of blockchain advancements with the existing traditional money mechanisms, the Six Clovers application programming interface (API) enables corporations to incorporate the Versal Network into their technological infrastructure.
This leads to instant payments through stablecoins and central bank digital currencies as per an official release.
Six Clovers, founded by ex-PayPal personnel in 2021, has been backed by venture investment from groups such as Borderless Capital, BCW Group, and Grupo Supervielle.
By rendering the blockchain infrastructure invisible to customers, Six Clovers is accelerating the market entry timeframe for enterprises to construct efficient and user-friendly payment and digital asset applications, stated Six Clovers’ CEO and co-founder, Jim Nguyen.
Echoing the features of the traditional finance sector’s SWIFT network’s payment rails, the Versal Network aims to offer a contemporary round-the-clock payment infrastructure. This comes without the drawbacks of multiple banks, and long settlement times, says Six Clovers.