Digital Payments

The introduction of Digital Currency has breathed new life into the SuperStream Payments world.  Digital Wallets see the removal of the dependency on intermediary bank accounts, and because Oban is notified when the Fund-linked Member Wallets receive Digital Currency, reconciliation of the payment & data is performed BEFORE the CTR message is sent to the Registry.  This allows the Fund's registry provider to confidently allocate contributions to Members immediately upon receipt of the CTR message.

A process that usually takes many days can now be performed in a matter of minutes.   However, it doesn't stop there:

• Funds today struggle to keep up with the volume of exceptions generated by the existing payment paradigm, and now with Payday Super looming this situation will be exacerbated.  The introduction of a Smart Contract eliminates this problem by ensuring that money does not leave the Employer's bank Account until it is guaranteed that is can be allocated to Members.
• Exceptions are reported back to the Employer in real-time, thus allowing them to correct the details in error and resubmit
• The atomic nature of the Smart Contract enables MATS messages to be sent to the ATO in real-time

In order to populate the Employer Wallet, once a SAFF file is received by Oban, a NPP PayTo (real-time direct debit) call is made requesting the required amount be debited from the Employer's bank account.  The beauty of this approach is that it brings together the two latest payment technologies, PayTo and Stablecoin, to deliver the optimum payment solution.