NEXUS payment infrastructure:

Customer onboarding:

Our NEXUS payment infrastructure streamlines the customer onboarding process, ensuring a seamless experience for operators and new clients. When a potential customer expresses interest in joining our service, the operator receives a notification through their dedicated portal. The customer is then prompted to upload their identity documents securely. The operator verifies the authenticity of these documents through the services of his preferred third-party vendor and cross-references the provided information with pre-loaded sanction lists such as OFAC, EU, and UN. If the operator approves the client’s application, the operator stores the information in NEXUS and the client can proceed to the next steps.

Customer bank account registration:

In order to proceed, customers are required to provide their banking details for account registration. The customer securely registers their bank account and subsequently initiates a transfer from their bank account to the operator’s account within our payment infrastructure. Once the payment is received in the operator’s bank account, NEXUS employs an API connection to the operator’s banking partner to validate the sender’s information against the details collected during the customer’s registration process. This verification step ensures a match between the sender’s name obtained from the bank API and the customer’s registered information. If a match is confirmed, the process moves forward seamlessly.

Blockchain address whitelisting:

After successfully completing the aforementioned steps, customers present a blockchain address under their control. This address is then whitelisted by the NEXUS operator, granting the user the capability to receive money tokens and utilize them for payments.

In the event of a peer-to-peer payment, NEXUS diligently cross-checks the status of both the sender and receiver against sanction lists. If either participant’s name appears on any sanction list, the transaction is promptly blocked, and the blockchain address associated with the sanctioned participant is also blocked to maintain compliance and prevent illicit activity.

NB: Only addresses whitelisted by NEXUS payment infrastructure are eligible to receive money tokens issued within our system. This safeguard ensures a secure and trusted environment for all participants.

Customer balance redemption:

In our NEXUS payment infrastructure, we provide a straightforward process for users to redeem their tokens. When a user wishes to redeem their tokens, they initiate a transfer by sending the tokens back to the issuer. Upon receiving the money tokens, our dedicated NEXUS payment infrastructure operator takes immediate action. NEXUS automatically performs a secure token-burning process, ensuring the removal of the redeemed tokens from circulation. Simultaneously, the operator initiates the transfer of the corresponding FIAT money back to the holder’s bank account, which was initially used for account registration.

NB: Token burning is a crucial step in maintaining the stability and parity between the tokens in circulation and the FIAT money held in reserve. This process ensures that the total supply of tokens remains consistent with the reserved FIAT funds.

Customer segmentation:

Customizable Trust Levels for Enhanced User Profiles and Merchant Networks:

Within our NEXUS payment infrastructure, the operator has the capability to establish distinct trust levels tailored to different customer profiles and merchants in their network. This granular customization empowers the operator to fine-tune permissions based on the specific requirements of each profile type, ensuring a secure and efficient ecosystem.

As an example, we present how NEXUS supports three types of customer profiles:

NEW Profile:

For clients entering the ecosystem, the NEW profile allows for a simplified onboarding process. Users are only required to provide their phone number, email address, and physical address. With this profile, customers have a maximum receiving limit of 150 Euros and can only do daily transactions with a value equivalent to 50 Euros. To cash out their funds, they need to provide their bank information.

NB: This profile can be used by devices or by unbanked people.

Trusted Level 1 Profile:

With the Trusted Level 1 profile, customers are required to submit additional documents for verification, including proof of identity, proof of residence, and bank account information. Once the operator successfully completes an identity check, customers are upgraded to Trusted Level 1. This upgrade allows them to hold and spend up to 5000 Euros within their wallet and can top up their balance by means of bank transfers for up to 2500 Euros a month, enabling increased transaction capabilities.

Trusted Level 2 Profile:

The Trusted Level 2 profile offers an even higher level of trust and functionality. In addition to the documents required for Trusted Level 1, customers must submit proof of income and utility bills for verification. Once the provided information is confirmed by the operator, customers with Trusted Level 2 profiles can hold up to 25000 Euros in their wallet and can top their balance by means of bank transfers to 15000 Euros a month granting them enhanced spending and transaction capabilities.

trust levels

Note: The profiles mentioned above are customizable and can be adjusted according to the specific needs and preferences of the NEXUS payment infrastructure operator. This flexibility ensures that operators have full control and can align the trust levels with their unique business requirements while maintaining a secure and compliant environment.

Published On: October 9th, 2023 / Categories: Publications /

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