Stellar Community Fund

By Borderless

Borderless

SCF #20

$43.0K

Legacy v5.0 Activation Award

Awarded

An API solution enabling financial institutions in remittance-receiving countries to onboard overseas customers and their funds.

Products & Services

Borderless is on a mission to allow local banks and wallets in remittance-receiving countries to onboard customers overseas. Through an easy-to-use API platform, remittance-receiving financial institutions can directly embed into their app a checkout widget allowing clients to compliantly top-up their home-country wallets and bank accounts with their local currency. Our service allows Financial Institutions (FIs) to serve migrant workers, eliminating the need to depend on third-party remittance companies to send and receive funds.

We empower migrant workers by providing them with the ability to bank directly in their home country. This unlocks a far better experience by significantly reducing fees, making funds available instantly, and allowing them to directly participate in the local economy. They can easily send funds to loved ones and local service providers, giving them more control over their finances and enhancing their overall financial well-being. This creates a huge amount of opportunities for local financial institutions as the API solutions allow them to maximize their customer deposits and get direct access to one of the highest-earning customer segments in remittance-receiving countries, overseas migrant workers.

Borderless is the first Stellar solution connecting real-time rails to enable instant money movement across the globe. We utilize stablecoin infrastructure and the SDEX to connect independent real-time local payment schemes and gross-settlement systems (SEPA, FedNow, RTR, etc.) with local payment rails in remittance-receiving countries. This allows for a seamless experience for the customer, where they pay in and receive fiat currency, while the Stellar blockchain and Stablecoins allow for an instant movement of money between the FIs at the lowest cost, in near real-time and without FX slippage.

1. Fiat Pay-in: We integrate acquirers and payment initiators in every market to accept card payments and local real-time rails, allowing FIs to maximize acceptance rates and reduce pay-in costs.

2. Stablecoin Minting: Upon receiving payment confirmation, Borderless directly mints the equivalent Stablecoin amount (QCAD, USDC, EURC ...) through existing ecosystem infrastructure (Circle and Stablecorp).

3. USDC Consolidation: To increase compatibility with most SEP-31 offramping anchors, Borderless consolidates all collected currencies in USDC. This is carried out directly on the SDEX to obtain real-time and non-intermediated FX – while offering non-relevant slippage.

4. Settlement and Off-Ramping: USDC amount is automatically sent to an off-ramping anchor in the destination countries (PDAX in The Philippines). At last, it directly deposits the funds into the Financial Institution's custody account in fiat currency.

Utilizing the Stellar protocol, Borderless is able to carry out this four-step process in a matter of seconds, at a negligible cost, and avoiding large prefunding requirements – allowing FIs to pass these savings on to their customers.