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Open banking protocols

A payment oracle verifies the buyers payment using open banking protocols

In the next step an oracle will check whether the payment was made between the buyer and the seller. This is possible because of open banking initiatives emerging around the world. In Europe, this is thanks to the PSD2 Directive which mandates that European banks make their APIs available to licensed third parties. We, and many other entities, are working to obtain this license.

Once the payment is made, an oracle sends a Proof of Payment to the network. In the future, any qualified third party that has access to financial institutions APIs will be able to perform a payment check and send a Proof of Payment to the network.

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