Introduction to Fiat24

What is Fiat24?

Fiat24 is your global payment app.

Using the Arbitrum (Ethereum Layer 2) network, Fiat24 lets you transfer money instantly, unlocking new ways to pay, get paid and convert your money. No need to download any app, Fiat24 is an decentralised app (dApp) and can be accessed in any browser or your favorite crypto wallet.

Is Fiat24 regulated?

Fiat24 is a payment system operated by SR Saphirstein AG, a Swiss Fintech company directly regulated by the Swiss Financial Market Supervisory Authority FINMA. In an effort to maintain and develop as a nation which embraces and supports innovation, the Swiss parliament introduced the new FinTech license.

We offer cash accounts and payment services to clients, leveraging blockchain technology as a new means in which to book client ledgers, a pioneering way to replace outdated legacy systems and radically improve such core aspects as human error, manipulation, efficiency and manpower. A multi-award winning company, Fiat24 has received recognition from several fintech institutions such as Qorus Accenture Banking Innovations.

What sets us apart?

In a traditional e-banking scenario, users access their bank accounts with usernames and passwords, and they usually receive text messages (SMS) to obtain transactional confirmation codes to complete payment orders. All the client data and transaction records are stored in bank's backend databases, which are exposed to a single point of failure.

With the Fiat24 platform, we have designed a totally different technical architecture. Each client holds a unique NFT (Non-fungible Token) to represent their identity and access their cash accounts through this NFT, completely abandoning the traditional username and password, without compromising client data and security. We fulfill all of the same AML requirements as traditional financial institutions, with a compliance infrastructure and process which has been audited by BDO Switzerland.

The SMS passcode is also a thing of the past within the Fiat24 platform, as our transactions are digitally signed directly by the users and are directly written onto the blockchain. It is all decentralised and fully reliable, as well as constantly available to clients without the limitations of bank holidays or weekends. The nature of blockchain technology allows our clients to interact with and use our services 24/7, and allows us to operate more efficiently than traditional banks, with less operational and overhead costs.

How it works

Fiat24 bridges the blockchain technologies via two traditional payment channels:

1. Debit Card. We offer the VISA Debit Card to Swiss and EEA (European Economic Area) domiciled clients. They can spend their money with 40+ million merchants worldwide, without any technical differences or even noticing that all the bookings are done on the blockchain.

2. IBAN. Each client holds an NFT as their identity, and each NFT has a unique Swiss IBAN. The operating company of the Fiat24 platform is a Swiss Interbank Clearing (SIC) member which processes Swiss Franc payments. We are also applying euroSIC membership to offer Euro SEPA payment and global connectivity via SWIFT.

Who is the auditor?

Grant Thornton Switzerland conducts financial and regulatory auditing.