[DigitalToday reporter Chi-gyu Hwang (황치규)] U.S. payments and fintech company Fiserv has unveiled INDX, a 24-hour real-time dollar payment system for digital asset companies, Cointelegraph reported on Wednesday.
Fiserv said the platform will help crypto companies maximise access to dollar liquidity and payment efficiency.
INDX operates around the clock, year-round. It allows digital asset companies such as crypto exchanges and trading desks to transfer dollars instantly through a single custody account. Unlike existing financial systems that operate only during business hours or rely on on-chain token transfers, INDX uses an off-chain model to provide functionality similar to blockchain-based settlement.
Fiserv said the system works with more than 1,100 insured financial institutions and offers Federal Deposit Insurance Corp coverage of up to $25 million per account.
Fiserv is strengthening its digital finance infrastructure through the recent launch of the FIUSD stablecoin and the acquisition of StoneCastle Cash Management.
Chi-gyu Hwang
delight@d-today.co.kr