Over the past few years, the evolution in banking introduced electronic money institutions to improve the quality of payment services and promote competition in the retail market. This transformation in systems led to the popularity of modern currency such as blockchain, bitcoin, and cryptocurrency. And yet this distributed ledger based technology didn’t seem to be adopted as rapidly as expected to bring significant changes in the payment gateway system, as well as in the security and transparency of transactions. But today, the banking and its payments paradigm are getting updated slowly, due to their bureaucracy to incorporate these new concepts as well as to unleash their full potential. If soon Blockchain technology heads towards mass adoption, then these modern currencies will be able to fully support the users in their payment choices and fees due to their futuristic approach just as few smart payment providers like HEDPAY.
HEDPAY is a project aimed at solving the current complications in the global financial system by combining the features and services of a modern traditional e-bank, whilst implementing the prospects of a bank for cryptocurrencies. The leading payment solution provider aims to bridge the gap between traditional e-banks and crypto finance using innovative blockchain technology, to become the next gen banking solution offering a complete spectrum of banking and financial services.
An Intellectual Torchbearer
As it is famously quoted “Necessity is the mother of invention,” the originated challenges and problems give rise to innovative solutions that revolutionise the system. Due to the challenges faced in the payment industry, Vicken Kaprelian (President and CEO of HEDPAY) felt that there was a necessity of an upgraded smart payment system. This led to a unique project that can solve the long-lasting frustration and complications in the payments and transfer systems or methods related to commodities business due to changing regulations and changes of AML& KYC.
Speaking about background, Vicken belonged to a Diamond & Gold Manufacturing and trade business that ventured into the actual mining of commodities. He created a sizeable company on the Frankfurt stock exchange, during the initial years of the venture however the financial crisis again gave rise to new payment and transfer called “Bitcoin”. Vicken did overlook the modern currency at that time but with increasing complications in the market of the first world countries and the African continent, he knew that there was a need for a novel system. As a result, HEDPAY was born out of necessity after 2014 when the financial sector was flooding with complications and challenges. He decided to start the project as payments & transfers between developed, and underdeveloped countries.