Orum, an emerging fintech company, recently raised $56 million to help speed up interbank transfers. This massive funding round adds to the growing list of venture capital investments in the emerging fintech industry.
This new development has raised the question: How will this new funding help speed up interbank transfers? In this article, we’ll explore the answer to this question and discover how Orum’s investment could help to revolutionise the payments industry.
Overview of the Orum’s mission
Orum is a global fintech company whose mission is to create an open and secure payment universe. We aim to provide a safe, simple and fast way to transfer money between banks without intermediaries. We aim to enable banks and businesses of any size to move securely, pay in local currency and manage payments flexibly.
Through our suite of services, we are striving to revolutionise the world of banking by offering powerful, intuitive solutions that make financial transactions seamless, efficient and secure across borders.
Our purpose-driven technologies enable us to reduce operational costs for our customers while enabling faster account initiation, improved execution speed and simplifying regulatory compliance requirements. In addition, our innovative platform uses advanced encryption technologies, providing the highest possible payment security available today for all transactions.
Furthermore, our technology helps reduce fraudulent activity and allows users to trace the status of their cross-border payments in real-time. With cutting-edge security protocols, Orum can facilitate interbank transfers quickly with error free results.
How Orum can help speed up interbank transfers
Today, interbank transfers often take multiple days to complete, making them time consuming and expensive. To address this problem, Orum has developed a platform to help speed up the process by connecting banks directly, removing the need for central intermediaries. By leveraging existing technologies like distributed ledgers, cloud-based networks and tokenized money, Orum is creating a digital money network that can facilitate low-cost and fast payments between financial institutions in different countries.
Orum’s technology makes it easy for banks to securely transfer information with each other. Its secure payments protocol integrates with leading financial applications, enabling banks to easily establish connection points between them. Orum also provides sophisticated fraud detection algorithms to spot malicious activity and prevent money laundering. As a result, bank transfers are fast and secure.
With Orum’s services, money movements between banks can be completed within seconds instead of days. In addition, banks can quickly verify customers’ creditworthiness and confirm accounts when granting loans or offering other services. This makes the entire banking process faster and easier for everyone involved – including customers who benefit from reduced waiting times when transferring funds internationally or receiving wire transfers from abroad.
The Technology Behind Orum
Orum promises to revolutionise the way interbank transfers are conducted. It is a technology platform that provides real-time transactions across multiple banks. Through its cutting-edge technology, it can process payments within seconds – a process that used to take days before.
In this article, we will take a closer look at the technology that powers Orum and how it plans to help speed up interbank transfers.
The role of blockchain technology
Blockchain technology is a major factor in the success of the Orum platform. It is a digital ledger system that uses highly encrypted blocks of data linked together using intricate algorithms. These algorithms add another layer of security to the data, making it virtually impossible to tamper with without being detected.
With blockchain technology, each transaction is recorded on an immutable ledger. This offers transparency and accountability as all changes are visible to all parties using this decentralised network. On top of that, it has been designed with an algorithm which makes it almost impossible to hack or modify transactions without being detected by other users on the network.
Through the blockchain technology used in Orum, interbank transfers can be handled quickly and securely. The process starts with two parties who want to move funds from one bank account to another. They will need to use their credentials and record a request for transfer on the chain’s ledger before providing their approval for this action. Both actions will be validated and confirmed by miners running nodes on the chain, who have certified these transactions as valid requests through their mining proof-of-work calculations.
As a result, interbank transfers become considerably faster while reducing costs incurred in money movement between banks. Additionally, this enhanced level of trust and transparency offered by blockchain technology opens up new opportunities for peer-to-peer payments, digital contracts and more efficient cross border remittances for everyone involved.
How Orum is using blockchain to facilitate faster payments
Orum is an innovative technology that enhances interbank payments, improving the speed and accuracy of B2B financial transactions. By deploying a secure, decentralised network of nodes utilising blockchain technology, Orum can provide a shared infrastructure for posting peer-to-peer transactions in real time with complete visibility and transparency.
At its core, this technology simplifies the interbank payments process by eliminating unnecessary intermediaries and streamlining each step of the payments flow. Traditional processes are often bogged down by manual reconciliations, settlement periods and confusing bureaucratic input from multiple players — all of which adds time, complexity and risk. Orum has significantly reduced this time and eliminated certain risks associated with manual processing.
Orum employs distributed ledger technology that provides an immutable record of all transaction data in near real-time. This immutable record helps maintain privacy while providing broad visibility into each transaction as it is authenticated and cleared on the blockchain network – eliminating errors in paperwork or communication between banks or financial institutions during clearing/reconciliation processes.
The distributed nature of this disruptive technology enables decentralised validation (DV) instead of traditional centralised approaches most commonly used today. As a result, payments can clear much faster with higher accuracy due to DV’s automated processes taking place within seconds instead of hours or days. Furthermore, DV marking payment orders for payment increases efficiency by reducing operational costs related to error reconciliation substantially; thus speeding up interbank transfers drastically ..
Orum raises $56M to help speed up interbank transfers
Orum’s solution, which has recently secured $56M in funding, aims to revolutionise interbank transfers using blockchain technology. This could drastically reduce the time it takes to complete these transfers and make the process more cost-efficient.
In this article, we’ll discuss the various benefits of Orum’s solution, and how it could revolutionise the future of interbank transfers.
Improved transparency
With Orum’s state-of-the-art blockchain technology, users can track every interbank transaction they make in real-time. Moreover, with an immutable distributed ledger, all transactions become transparent and can be monitored confidently.
This improved transparency makes it easy for users to trace their exact funds and movement throughout the network, thereby supporting the accuracy of their business operations.
Further, this system also ensures that each user can easily identify any discrepancies within their system of transactions, allowing for faster resolution times when dealing with any potential suspicious activities. This heightened visibility will enable adequate risk controls and establish a secure environment for each party involved – instilling greater trust for transacting parties and improving compliance.
Increased security
Orum’s solution provides advanced cryptographic technology that helps banks protect their customers’ digital assets. Through digital signatures, hashing functions and encryption algorithms, this solution offers a secure platform to ensure secure and efficient interbank transfers.
The technology provided by Orum’s is GDPR compliant, thus ensuring data privacy. Moreover, it also allows banks to send encrypted data with the assurance that it will always be protected during transit. This technique helps prevent unauthorised access to sensitive information and ensures that data remains confidential throughout its transfer from one bank to another.
Additionally, the secure platform helps banks avoid double-spending issues and non-repudiation threats, thus reducing overall transaction time. With these features in place, Orum’s secure platform can provide an extra layer of security for interbank transfers and increase protection for customer data and assets.
Faster interbank transfers
Orum’s patented solution for faster interbank transfers will allow banks and financial institutions to reduce costs, speed up interbank transfers, and improve data security. The solution is designed to streamline transferring money across accounts while providing a secure transfer mechanism.
The most significant benefit is the speed of the transfers — they are much faster than traditional methods like wire or ACH transfers. With Orum’s solution, interbank transfers can occur almost instantaneously, making it an ideal method for customers who need to transfer funds quickly and securely. In addition, Orum’s solution bypasses many of the steps required by traditional methods, giving customers quick access to funds without waiting for a check or days for an ACH transfer.
Additionally, Orum’s patent-pending system ensures that all data related to the transaction is kept secure. Every account holder has full control over their data with information securely stored on multiple servers and securely transmitted via encrypted protocol — providing peace of mind that no one else can access your sensitive financial information. By taking advantage of the latest encryption technologies and best practices, visitors can rest assured that their data is safe and secure.
Overall, Orum’s patented technology provides faster interbank transfers with higher security than traditional methods; its streamlined process makes it convenient for account holders with time constraints or immediate needs.
Orum’s Recent Funding Round
Orum, a fintech startup, recently raised $56 million to help speed up interbank transfers. This investment could significantly improve the efficiency of global financial transactions, as current interbank transfers can take days to complete.
Let’s explore what this funding round could mean for the industry and how it could help improve interbank speed.
Overview of the funding round
Orum recently announced their fourth funding round. The proceeds of this round will be used to further develop Orum’s interbank transfer technology, a blockchain-based solution for faster payments. The Series A round was led by early stage venture capital company Index Ventures and also included participation from experienced investors, Lemonada Ventures and Velocity Cap.
The funding is part of Orum’s growth strategy to become a major global interbank payment ecosystem player. Through this additional capital, Orum aims to expand operations, expand its team, increase research and development efforts and scale up its product offering to more banks worldwide.
Orum’s current solution can facilitate instant payments between financial institutions and has already seen successful deployments across the United States and Europe. The new investment will enable the company to meet their ambitions of bringing fast payments to more customers throughout multilingual regions such as Latin America, Africa and Asia Pacific. Furthermore, they can expand their incoming/outgoing payment type offerings and develop new features such as data encryption capabilities.
This new financing underscores Orum’s commitment to building a global payments infrastructure that is both secure and efficient. With these funds in place, they are now poised to bring fast payments to more users around the world with a streamlined experience for many financial services providers who are looking for faster ways for their clients to exchange money quickly across time zones or jurisdictions without having to go through traditional processes or wait days for transactions confirmations.
How the funding will be used to further Orum’s mission
Orum closed its largest funding round ever, increasing its valuation to over $1 billion. This round of funding will be used to further Orum’s mission of creating a faster and more secure platform for global interbank transfers.
The funds will enable Orum to continue developing cutting-edge solutions that allow banks, financial institutions, and businesses to securely and quickly transfer money overseas at reduced cost. This includes technological advancements in data-driven decision making with Autonomous Risk Management (ARM), automated due diligence at source with Smart KYC (Know Your Customer), and real-time payments via APIs with Open Exchange. With these integrated solutions, Orum plans to reduce processing times by up to five days and fees by up to 25%.
In addition, the funding will help expand the company’s reach into more countries worldwide. With an international focus and presence, Orum can further its mission of providing better banking services across borders quickly and securely.
Orum’s goal is to make cross-border transfers faster and safer by using advanced encryption methods, distributed ledger technology (DLT), analytics tools, machine learning algorithms, and blockchain technologies. All of these work together for improved accuracy in identifying legitimate users and reducing exposure to fraud risk when making payments internationally.
tags = Orum, raises $56M, speed up interbank transfers, Accel and Canapi Ventures, Stephany Kirkpatrick, orum ach 21m series capitalkauflinforbes, orum ach 21m series bain capitalkauflinforbes, launched the company in 2019, certified financial planner
