Proxy Resolution
Secure, real-time payment experience with Quartz
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Industry
Banking
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Solution
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Highlights
- The Proxy Resolution from Quartz comprises a private, permissioned blockchain ecosystem which banks can connect to, to enable secure payment transactions for their end customers without the need for payers to know the complete bank account information of the payees.
- The solution allows easy integration of blockchain with the existing systems of the payment infrastructure operator and banks for enlisting, delisting, and blacklisting of proxies.
- The Quartz Gateway exposes simple REST APIs which can be invoked by participating banks, thereby reducing the need for largescale changes to integrate with blockchain.
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Abstract
Pay-by-proxy is becoming increasingly popular due to the security and convenience it provides to payers.
In this approach, an alias such as a national identifier/email id linked to the customer’s account information, is sufficient to make payments. Payers need not enter the payee bank account details to make a payment, thus simplifying the payment initiation process and reducing the potential for erroneous payments to a different bank account number. Pay-by-proxy is not only a convenient way of making payments but also protects the privacy of customers in terms of ensuring that critical bank account information is not exposed to the external world externally.
Challenge
The need to know the banking details of the beneficiary is not only inconvenient but also a security risk.
In many cases, digital payments are still not inclusive, as they require payers to enter complicated bank account information which is tedious and a friction point that can discourage people from using them.
Solution
The Proxy Resolution from Quartz comprises a private permissioned blockchain ecosystem which banks can connect to enable secure payment transactions for their customers.
The solution ensures that sensitive personal financial information is protected. Smart Contracts on the blockchain handle business rules and validations such as ensuring that a proxy is active in the system with a valid identifier. In addition, blockchain helps ensure immutability of transactions and can enable better dispute management since the complete audit trail is maintained on the ledger. The solution also supports proxy blacklisting - a process that allows banks to bar a proxy from being eligible to receive payments. The solution is integrated with Quartz for Compliance, and enables real-time fraud checks within payment transactions.
Benefits
- Protection of sensitive personal financial information of end customers
- Convenient way of making payments – End customers need not know the beneficiaries’ bank and account information
- Better dispute handling for banks due to availability of audit trail/ transaction logs
- Supports different models for proxy resolution - resolving account details on the blockchain or routing resolution requests to the respective banks or a third party
- Real-time availability of information such as updates to proxy information without impacting the underlying transactions
- Data privacy through Smart Contracts to ensure that each bank has access only to their transactions
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