1. Integrating Stellar into Payco.
2. Security audit/certification.

• Description (deliverable 1)

Making Stellar the primary blockchain used on Payco platform and preparing all the wallets provided to the customers (including escrow wallets) to use Stellar, as to offer our customers seamless user experience so they don't need to think about which blockchain to use for the LC/escrow transaction.

• How to measure completion

By making an entire LC/escrow transaction on Stellar end-to-end.

• Estimated date of completion

Beginning of December

• Budget

$10k

• Description (deliverable 2)

Preparing the platform for ISO27001, FIPS 140-2, and SOC2 audit and certification.

• How to measure completion

By receiving the certification for the aforementioned standards.

• Estimated date of completion

End of December

• Budget

$40k

Payco is using blockchain technology to address challenges in global trade banking.

Payco offers a solution for a common problem in international trade: when buyers and sellers don't trust each other, they face a dilemma about whether the buyer should send money first or the supplier should send the product first.

Traditional banking systems often involve multiple banks, typically 3 to 5, in the process of issuing a Letter of Credit (LC). This can be quite complex.

Here's how Payco simplifies and streamlines this process:

• Instead of the complex traditional approach, Payco simplifies the issuance of LCs by using an interactive tool that generates legally binding contracts.
• Payco also accepts digital assets, like cryptocurrencies, as collateral for the invoice amount. These digital assets are stored in a secure escrow wallet on the blockchain.
• Payco uses artificial intelligence to quickly analyze trade-related documents. This significantly reduces the time needed for processing and verification, which is much faster than the manual processes of traditional banks.
• To make payments in global trade, Payco uses blockchain technology. If the recipient prefers not to receive cryptocurrency as payment, Payco can convert the crypto into their preferred fiat currency and wire it to their bank account.

Stellar can be the blockchain of choice to be used by Payco in all the transactions, as we mainly use USDC as a collateral for the invoices. Payco utilizes Steller's built in Decentralized Exchange (DEX) for efficient and secure currency exchange in cross-border transactions.

Payco audience include importers and exporters all over the world.

Payco is a regulated financial intermediary by VQF SRO in Switzerland.

Payco is authorized to issue legally binding Letter of Credit and accepts digital assets as collateral by the Swiss regulators.

Payco is in process of acquiring SWIFT membership.

Integrating Stellar into Payco.

Security audit/certification.

Acquiring escrow license in the US.

Acquiring SWIFT membership and have our own SWIFT BIC.

Establishing partnerships with PSPs in LATAM and Asia.

Bishoy Mikhael - Founder & CEO

Principal cloud architect at Red Hat, designing cloud infrastructure for Red Hat strategic customers in North West Pacific.

Khaled Al-Sharif - Co-Founder & CTO

Robotics engineer at NASA, designing autonomous robots for space exploration.