Stellar Community Fund

By Bitwave

Bitwave Enterprise Payments

SCF #29

$100.0K

Legacy v5.0 Community Award

Awarded

Bitwave will deploy B2B custodial & onchain payments using Stellar Soroban Smart Contracts, Coinbase Prime and Oracle Netsuite.

Products & Services

Bitwave will deploy an enterprise-grade custodial and on-chain payment solution using Soroban, Stellar's smart contract platform. This solution leverages the robustness and security of Stellar's blockchain to provide enterprises with an efficient, secure, and seamless way to manage and process their cross-border payments.

Enterprise Privacy Concerns

Challenge Solved The industry has privacy concerns about disclosing a single company address for all payments, which can reveal sensitive financial information. Bitcoin wallets such as XPUB allow separate addresses per customer or invoice, but they have limitations, such as relying on the payee for payment amount input and lacking smart contract controls. In the EVM ecosystem, using HD wallets for privacy is challenging due to a lack of user-friendly exposure.

Bitwave Solution Bitwave Payments recognizes the significance of privacy in financial transactions. To enhance privacy and security, we use smart contracts and account abstraction. Our approach helps eliminate the requirement of a single address for all payments, adding an extra layer of control. With Bitwave's solution, businesses can specify the token amount to exchange, ensuring precise and secure payments. Our solution integrates smart contract functionalities to safeguard financial information and streamline payments for businesses in the blockchain ecosystem.

Streamlined Approval Workflows

Challenge Solved Approval payment processes can be cumbersome, especially in environments that require strict compliance and control. Manual approval workflows are prone to errors and can slow down financial operations.

Bitwave Solution Bitwave automates and secures the workflow process, simplifying the management of role-based permissions and reducing the complexity of approvals. This ensures enterprise-grade access control while delivering rapid insights to financial teams and eliminating manual errors.

Seamless Invoice Payments

Challenge Solved Traditional cryptocurrency payments can be cumbersome, requiring multiple steps and systems. The lack of integration with existing financial systems often leads to fragmented visibility and payment control.

Bitwave Solution Bitwave Payments lets businesses quickly initiate and complete bulk payments from their non-custodial wallet to vendors. It seamlessly integrates with existing accounting software and systems.

Flexible Pricing Rules

Challenge Solved Handling invoices in multiple denominations, especially in a mix of fiat and crypto, complicates accounting and financial reporting. It also adds to the workload due to the need for constant recalculations based on volatile crypto prices.

Bitwave Solution Bitwave's pricing engine supports invoices in any denomination and automates pricing rules, significantly reducing manual workload. This flexibility and automation simplify accounting for crypto transactions, even during volatility.

Minimized Costs

Challenge Solved Traditional payment and financial reporting operations are often separated, resulting in higher costs for reconciliation, customer service, and transaction processing.

Bitwave Solution Bitwave consolidates these operations, reducing costs and providing a seamless financial experience across the enterprise's financial stack. This consolidation results in more efficient operations and cost savings.

Simplified Vendor Onboarding

Challenge Solved Onboarding new vendors can be complex. It involves manually recording wallet information, performing security checks, and managing smart contracts.

Bitwave Solution Bitwave simplifies vendor onboarding by automating the recording of wallet information in the general ledger. This streamlines the process of adding new vendors and managing payments.

Compliance with Global Regulations

Challenge Solved Meeting regulatory requirements involves staying updated with changing regulations, accurately reporting transactions, and implementing effective anti-money laundering (AML) procedures. Non-compliance can lead to legal penalties and reputational damage.

Bitwave Solution Bitwave provides payment tools to help businesses track, report, and ensure compliance with tax obligations and AML regulations. By automating compliance reporting and offering AML frameworks, Bitwave ensures businesses adhere to regulatory standards. This reduces the risk of non-compliance, penalties, and administrative workload, allowing companies to focus on core activities instead of regulatory intricacies.