Sumara
  • 👋Welcome!
  • Summary overview of Sumara
  • Pitch deck
  • Company background
    • Vision
    • Mission
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    • Culture
    • Sumara's Founder
    • Path that led Ian to Sumara
    • Team
    • Regulation
  • Market analysis
    • Core problem
    • Market trends
      • Trade statistics
      • The trade gap
      • The digitalisation of trade
      • Web3 adoption
      • Size of fee pool
    • Alternatives
    • Competitor analysis
  • Solution
    • Unique value proposition
    • Product description
      • Credit
      • International payments
      • Trust
      • Concepts from research
    • Positioning
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    • Design principles and qualities
    • Designing for trust
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  • Technology
    • Frontend
    • Web3 protocol
    • Web3 chain selection
    • Project token
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  • Distribution
    • Go to market
    • Marketplace strategy
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    • Countries selection
  • Objectives and business strategy
    • Strategic priorities
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    • Long term plan
  • People
    • Initial team
    • Organisational structure
  • Financials
    • Revenue model
    • Financial projections
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  • On-chain payments
  • Off-chain international payments
  1. Solution
  2. Product description

International payments

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Last updated 11 months ago

Sumara's core solution uses a Web3-based blockchain to serve as the source of truth for all transaction components.

On-chain payments

Facilitates payments to and from Web3 wallets using ERC-20 token transfers and Sumara’s transaction smart contracts.

Off-chain international payments

Crypto adoption for real-world applications is at a nascent stage. Most international B2B transactions today involve funds originating from or being sent to a bank account.

This necessitates including off-chain payments as part of the solution.

Sumara has an off-chain payments microservice which:

  • Supports off-chain payments for transactions involving traditional bank accounts.

  • Selects the best-performing providers for each country based on reliability, speed, and cost (e.g., Thunes, WorldRemit).

  • Records all parts of every transaction on-chain, even if part is executed off-chain.

  • Manages fiat-crypto exchanges using local exchanges.

  • Provides virtual accounts for customers to retain control of funds and ensure greater transparency and perceived lower risk.

There is high demand for the ability to create virtual accounts in third party countries, to payout instantly via domestic banking rails. This is functionality that can be supported owing to BaaS infrastructure providers such as , and .

Details about technical implementation of the payments microservice can be found .

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