Tokenized cheques: a simple solution for modern banks

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Blockchain technology gains popularity and there’s a reason for that. Decentralized networks are much more convenient and cheaper to store funds and make payments, than banking services.

The problem of centralized banking networks is that they force their clients to put up with unreasonably high fees. At the same time, they convince them that there are no fees at all and that payments are free. Unfortunately, this is not true, the fees are merely hidden in the prices for services and appear because banks use the third party payment systems.

However, the need for changes and adapting to modern financial technologies becomes more and more obvious for many banks. At this stage they are unable to use the Blockchain, as the innovations it offers are quite radical. The main problem is that Blockchain operates with tokens or cryptocurrency, while banks operates with fiat money. Financial law strictly regulates the operational capabilities of banks, but any legislation related to digital finance has not yet been developed.

Is there a way to resolve this contradiction? Is it possible to connect modern Blockchain technologies with banking systems in their present form? The answer is yes, if to use the tokenized cheques. This is exactly the solution that will allow banks to update their payment infrastructure without financial investments or developing a new platform: ENDO Protocol has everything ready.

With our ecosystem banks can issue the usual banking cheques backed by ENDO tokens. Their use won’t require any major changes in the way the banks work, while for the customers the tokenized cheques can easily be turned into ordinary fiat currencies.

Our technology allows banks or other payment organizations to retain their power, gain advantages, as well as increase the revenues by not cooperating with third party payment systems.

All the customer’s data, including the signature, can be reliably stored in the Blockchain and be easily used for operations within the distributed network. At the same time, the tokenized cheque will legally remain the same document as the paper one, which authenticity is easy to verify. The advantages of such a cheques is that they can not be lost, forged or used for fraudulent purposes. If necessary, they can also be converted to paper format using the QR code. Being connected with Blockchain, they can be easily tracked and verified by traditional banking processing structures. Another advantage is the lack of need for banking terminals – all the operations can be conducted through a simple mobile app.

From a legal point of view, such a cheque will be just a simple intention to pay. To operate it banks don’t even need to move any financial reserves, since the cheque doesn’t store any money. Blockchain can process it as an ordinary document, verifying its authenticity and ability to pay.

This can help banks to attract a new customers, get rid of a hidden costs and strengthen their credibility in a new technological era.

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