The IC Digital bank remodelling bank business with new technologiesJuly 28, 2018
New technologies and the tempo of innovation are remodelling bank business and operating models, and affecting the shape and dynamics of the broader financial services ecosystem. Banking is a rapidly changing industry, and to remain relevant banks must continue innovating. Early adopters of new technologies arise to gain a significant advantage in relation to competitors. Competitors may choose to pursue a more gradual approach for strategic purposes delaying adoption of new technologies until they have been proven by competitors. Financial institutions have followed new technologies to varying degrees. Many institutions are gradually implementing elements of big data and analytics as well as robotic process automation to strengthen controls and reduce costs. Other technologies, such as distributed ledger technology and the Internet of Things, are only in the early stages of commercialisation by banks.
The older and much longer constituted banking do have a lot to scared from the next generation of digital banks, much more so when it comes to them offering disclosure to the crypto currency environment. INGOT Coin will produce a complete solution by integrating 6 core ecosystem components and providing a one-stop-shop for the digital asset, traditional asset and currency markets. The IC Digital Bank with other components help to work hand in hand under one umbrella, providing all community members the chance to capitalize on upcoming opportunities in all markets.Many functions are integrated with our banking systems. However, nowadays, banking hours neither meet the needs nor the timeliness of the execution of functions needed by market participants. Therefore, creating a bank that will be digitally based, available 7/24, able to operate as a custodial and manage clients’ funds will be a cornerstone to this project.
First of all, IC Digital Bank will allow customers 24/7 automated payment processing with high-level web-based custodial services. The IC Digital Bank will also facilitate the IC Brokerage and IC Exchange duties, along with providing day-to-day online services such as e-payments. Furthermore, clients are able to open different bank accounts ranging from current and saving, to brokerage accounts. The IC Digital Bank will supply fund management for all interested stakeholders and support their trading activities by providing unmatched settlement and remittance speed at the lowest fees. The IC Digital Bank is fully structured and cohesive with the IC Wallet, IC Exchange and IC Brokerage to guarantee the quick and safe movement of funds between clients’ bank accounts. Traditional assets are stored in the IC Brokerage account, fiat will be stored in the IC Bank and cryptocurrencies will be stored in the IC Wallet.
IC Digital Bank will acquire a banking license from a highly reputable, strict regulator that will ensure safe and smooth transactions to increase level of confidence. The IC Community will be able to enjoy a legally compliant entry and exit points to the crypto markets as well as a safe place to store and manage their personal funds in an internationally recognized and licensed institution.
IC Digital Bank will make available a broad range of services including a current account that will act as a fiat wallet enabling users to transact within the Ecosystem or outside it. The digital bank will supply e-payment solutions that will come at a low cost while including quick and efficient reporting. In addition to this, IC Digital Bank will offer debit cards for all current account holders which will be used for making purchases. The customers will have a choice of method of payment, and the receiver, if they were part of the ecosystem will have the choice of currency to receive, that is, in fiat or crypto. All E-payments and debit card transactions will be subject to a double verification process.
The clients of IC Digital Bank will can pay online and in stores using their own cards. The Ecosystem cards will provide the option to pay using your IC Digital Bank account, IC Wallet or the IC Brokerage account. The double confirmation process comes in while you are paying, you will receive a confirmation message on your smartphone. If no response was made within a predetermined time frame, the transaction will be voided.
In the case the client desires to pay back using a particular cryptocurrency, and the merchant only wants to receive USD, the bank will automatically verify with the IC Wallet for the availability of crypto funds in the buyer’s IC Wallet through the general ledger records, once verified that funds are available a smart contract is initiated between the buyer and the IC Bank. The digital bank will also provide managed accounts for clients that are looking to increase their portfolios. The details of these plans will be adapted to the requests of the clients.