The Green Sheet Online Edition
March 3, 2024 • 24:03:01
Trusted platform speeds crypto exchanges, settlements
Clear Junction, a provider of cross-border payments solutions for regulated institutions, launched CJClique, a platform designed to help its digital asset clients connect and collaborate. With CJClique, liquidity providers in the digital asset space can streamline settlements by identifying which crypto exchanges are already part of the Clear Junction client base and initiate prompt internal settlements through its payment network, the company stated.
Dima Kats, CEO at Clear Junction, pointed out that the platform can help alleviate uncertainty and counterparty risk when sending assets on-chain. Clients can combine CJClique with Clear Junction's escrow solution for instant fiat settlements, 24/7, he said, noting that the platform provides a centralized hub where crypto exchanges can meet and collaborate.
#End-to-end
"CJClique ties nicely with our escrow product," Kats said. "This is our API-driven anti-fraud solution which transforms a financial product that has existed for centuries—escrow—and applies it to a sector that has been around for a little over a decade—crypto."
Kats further noted that escrow accounts are traditionally used in real estate transactions to mitigate risk by using a third party to hold a buyer's payment until agreed conditions are met. Clear Junction was first to utilize this concept for crypto and fiat trading transactions, he added.
He also affirmed that Clear Junction verifies every step of a transaction, address validation and real-time monitoring, until escrow funds are released and both parties receive 100 percent of what they expect.
Financially inclusive
As an FCA-regulated e-money institution in the UK and regulated payment institution in the EU, Clear Junction is a compliance-led business committed to protecting clients, customers and partners. The company's mission is to promote financial inclusion to regulated financial institutions that cannot access payment services from traditional banking partners.
Believing that financial inclusion impacts financial institutions and businesses as well as underbanked individuals, Kats mentioned that numerous licensed financial institutions and businesses are unable to access essential banking accounts and cross-border solutions. Typical challenges include high FX and transaction costs, two-to-three-day average settlement times, difficulty in accessing multi-country payment options and risk appetite for banking partners.
Kats went on to say that Clear Junction has maintained well-controlled organic growth as a bootstrapped enterprise. While acknowledging the company could grow faster, had it not been so particular about selecting clients and adhering to regulatory compliance, he characterized its principled approach as a competitive advantage and differentiator.
Technology hub
Kats also mentioned that Clear Junction's always-on, always-connected technology provides fiat clearing for financial institutions, banks, remittance companies, payment service providers and crypto companies, many of whom require a 24/7 network for time-sensitive settlements. Clients now have the added option of using CJClique to facilitate prompt settlement of payments across the ecosystem, he added. Absent failed crypto platforms Silvergate Exchange Network and Signature's Signet, along with Silicon Valley Bank, which was heavily invested in crypto, CJClique offers Clear Junction clients a frictionless way to settle with counterparties instantly, around the clock and without depending on traditional banking hours, the company stated.
By ensuring settlement risk is eliminated, fiat and crypto businesses that use Clear Junction can give customers the confidence to safely transact with crypto and convert into fiat money at competitive FX rates, Kats said, adding that the solution builds trust into digital asset trading businesses, which is sorely needed in this sector. Kats stated that Clear Junction will continue to expand its suite of complementary solutions in the coming months with an array of new product launches. "Our name says it all—through our proprietary technology we provide a way to clear payments and offer a junction between banking partners and industries to speed up safe transaction flows." 
Website: https://clearjunction.com Contact: partners@clearjunction.com
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