When any new technology appears, it attracts thinkers with curious minds and results in a creation of a considerable amount of new projects or even new technologies. The same works for Blockchain. Since Blockchain appeared in 2009 the world has seen some of the fantastic projects like Ethereum, R3 CEV, Ripple, and Tether. What are the key features that make a project successful? The professionalism of the team, clear vision of the project, and the fact that the project agrees with the law. One more thing is definitely a possibility to implement the idea in various areas of life.

As international financial operations become a more common part of our lives than before, we require services to give us a hand and make our lives and business easier. Every year there pops up a company which offers to take up a role of your bank relying on fully digital technologies. Polybius Bank is one you should pay close attention to.

Why does the world need Polybius?

Polybius takes digitality to a new level and aims for all operations to be as fast, comfortable, inexpensive, and secure as the latest technologies can offer. Polybius presents the system for digitising the identity which simplifies the whole range of processes beyond finance, from renting a vehicle to healthcare and housing. Clearly, there’s a worldwide trend of heading towards the digital standardisation, especially, after new directives have been offered by the European Commission to create the Single Digital Market, and Polybius has a technical solution for such demand. In other words, Polybius intends to be not only a provider of standard financial services but also to act as an aggregation platform for eCommerce, digital services, financial institutions and also the people, who use these services online. The proposed technology is Digital Pass, which uses the experience of the trusted Estonian e-Residency system, which has been there for over a decade. Estonia is the first country to put such idea into practice and uses this system to provide its citizens with various e-services. Even though this approach is unbalanced across the globe, the EU, along with the US and Asia, are the top three in development. There are more countries to follow the course of Estonia in one way or another as such is the global trend.

Worried about your personal information safety? Polybius has your back by removing human factor to a maximum possible extent with the encryption of your personal data and automatization of the processes by means of complex algorithms, namely applied AI.

So, what makes Polybius Bank stand out is that it meets the requirements of reliability and safety and provides the highest-quality service with a wide range of application.

What are the core elements of Polybius?

The main element of Polybius Bank is the Digital Pass — a core solution to store user information from various trusted sources, such as other banks, healthcare organisations, housing services and governments. The idea of the infrastructure is to provide each EU citizen with tools to access all possible services within the EU, even if a person is a customer of another bank.

Some of the underlying features, according to the official website of Polybius bank, include:

Blockchain, which is used in unison with OAuth2 and SSL keys to provide a highly-redundant password-free environment for authorization;

Big Data, which is a term to describe the processing of big data arrays. Since Digital Pass will collect and store a great variety of data, this data can be anonymized to be studied, analysed, and applied for market modelling or research in future;

Applied AI, a set of complex algorithms and logic meant to automate data analysis for credit and insurance scoring. The main benefits of AI include a greater data evaluation speed, a non-discriminatory approach, lack of human errors, removal of privacy breaches and last but not least — it works 24/7.

Furthermore, Polybius aims to integrate its services into Internet of Things, providing reliable micropayment processing, making money remittance easier and faster for the eCommerce and mCommerce within the “smart” market.

At the moment, Polybius Bank has a set of milestones, which you can find on the official website in detail. The milestones are parts of a greater development plan. Let’s get a closer look at it.

Where will the money go?

In order to start operating, Polybius Bank has set a minimum of $1.5 million which will allow the company to acquire the basic necessary set of licenses, — get access to the SWIFT payment system, purchase all the compliance tools to meet the regulations, and establish a set of services in the sphere of investments, loans, and money transfer.

Next, $3 million will allow Polybius Bank to get the Electronic Money Institution license and, consequently, provide the ability to perform core banking activities: foreign exchange, card issuing (by a BIN sponsor), as well as the support of the peer-to-peer lending practice.

Then, with $6 million Polybius Bank will be able to start a bank in its most traditional sense with a complete range of banking services. At this point, Polybius Bank will acquire a complete banking license which will allow them to work with deposits, provide merchant tools to incorporate an easier payment method (such as PayPal but directly linked to your Polybius Bank account) and issue credit cards. Also, Polybius Bank will become a member of a card scheme (such as Visa or MasterCard) to become eligible to issue both debit and credit cards to its customers directly without a BIN sponsor.

In case Polybius gets over $6 millions of investments, the company plans to create a Financial Marketplace, a platform for independent finance and fintech companies to offer their tools to small and medium enterprises. Online shopping or e-Commerce services rely heavily on third-party mechanisms to acquire and process payments for them. In the marketplace, Polybius Bank will meet both ends to establish a seamless cross-sector communication link, bolstering the development of a truly Digital Single Market.

In a perfect situation when Polybius attracts over $10 million, the Digital Pass system will receive more attention than on previous stages. With Digital Pass in place, Polybius is able to create a cross-European infrastructure for personal data handling. This extends Polybius services from financial market to what is usually handled by governments, such as healthcare, for example. Digital Pass will allow transfer and use of personal data between and by trusted bodies across all the European countries, upon the individual’s consent.

There is also more to cover in the financial market besides payments and scoring. With $25 million, Polybius will attract fintech companies, insurance providers, brokers, venture capital investors and many more to a single place, which will connect them with customers and companies in need of such services. Such an open market is a bolster to the competition, which is always beneficial for the people and the market.

All in all, depending on the invested amount Polybius Bank will be prepared to provide different variety of services, but whichever services they start with, we can surely expect them to be well-performed. Polybius Bank has a vision, a team of eager professionals, and technologies to be applied beyond just a financial sphere. Sounds like a good combination.