Stellar Community Fund

By AuraPay

Aura | A Stellar EURC on-ramp

SCF #20

$36.3K

Legacy v5.0 Activation Award

Awarded

A licensed Fintech company in Europe allowing Latin Americans to send money back home.

Products & Services

Aura Pay is a licensed Payments Institution, registered in the Bank of Spain as a remittance company, which serves migrants sending money back from Spain to the Dominican Republic and Colombia. We are a social Fintech for migrants based on a Super App with transactional functionalities (remittance sending) and a service aggregation marketplace that allows migrant workers to pay directly for services for their families such as Airtime.

Pivot from traditional rails to building a Stellar SEP31 Anchor: We now want to build our payment infrastructure on top of Stellar in order to improve time-to-money for our clients as well as reduce the fees that are involved in this process when using traditional rails, for both the customers and the company. As a regulated company, we are in the perfect position to build a SEP-31 Anchor that will allow users to send bank-to-bank transfers seamlessly while everything runs on Stellar Infrastructure on the back. The SEP-31 Anchor allows us to directly connect with the already existing anchor in Latin America (starting with Colombia and the Dominican Republic) and directly off-ramp the funds into the Fiat bank accounts of the receivers in these countries. This Stellar Payment Infrastructure infrastructure will allow both ends of the remittance transaction to engage with bank-to-bank transfers seamlessly, while the transactions are settled in a matter of seconds and at a fraction of the cost.

The Circle EURC launch on Stellar has been determined in order to activate this process for us as we can now directly mint EURC on Stellar from Europe. Our clients can pay with a variety of different options (Card Payments and Direct Bank Account Payments) which are received in our custody account and sent over to the Circle custody Account for the minting of the equivalent EURC amount.

Fiat Pay-In: As a regulated entity that is already operating, we already offer various options for our clients to pay directly on our app. We can accept any card in Europe and are already working on expanding this to direct debit bank payments, maximizing the number of options for our clients. These funds fall directly into our custody operational account.

Circle EURC Minting: After receiving the funds from the clients, we directly send them over to our Circle Business Account using the SEPA payment network, which allows us to mint the equivalent EUROC amount in a matter of seconds.

Off-Ramping and Settlement Colombia (Anclap): a platform within the Stellar network that specializes in off-ramping for financial institutions in Colombia. This partnership ensures that Aura Pay can meet stringent regulatory requirements and maintain a secure and compliant operation.

Off-Ramping and Settlement Dominican Republic (Alfred): a platform within the Stellar network that specializes in off-ramping for financial institutions in the Dominican Republic. This partnership ensures that Aura Pay can meet stringent regulatory requirements and maintain a secure and compliant operation.

B2C Wallet Infrastructure: On our App, Aura Pay is also developing a wallet at the moment to move away from the purely transactional model that exists nowadays and allow migrant workers to directly hold their funds in a wallet that also enables them to directly send to their families back home. The SEP-31 Anchor will also allow customers to directly fund this wallet with Fiat from Spain.

All in all, by using the Stellar network, Aura Pay is able to optimize cross-border payment operations, reducing the time to money and cost of the transfers for both our clients and ourselves, allowing us to provide a much better service and become a more efficient company.