What is Cointrust?
For over 40 years, we have relied upon cash, checks, bank wires, ACH, and credit and debit cards for payments. These systems are old, closed, limited in function, inconvenient, expensive, slow, and/or susceptible to fraud.
We started Cointrust to create a better way to move money: a set of protocols and APIs for moving money (and information) instantly and securely.
Cointrust allows financial institutions worldwide to host an open API which enables third-party applications to use digital signatures to authorize payments.
Most financial institutions can be enabled in less than 5 minutes. No hardware changes or integration is required. Banks set their own prices.
Cointrust solves the "fast payment problem" identified by the US Federal Reserve in a way that is consistent with their recommended approach and compliant with state and federal laws and regulations.
For merchants, Cointrust offers payments at lower cost than credit or debit cards, and without the chargeback hassles. Large or small amounts. In-country or cross-border. PCI compliance costs and liability are eliminated, but without sacrificing the "card on file" convenience of charging customers.
Mass compromises (such as Target) are eliminated because instead of storing shared secrets (such as a credit card number), digital signatures are used to authorize all transactions. If a break-in happens, any information that might be obtained is useless to an attacker.
Cointrust users can link a debit card so that the money in the Cointrust account can be conveniently spent anywhere payment cards are accepted.
Cointrust is headquartered in Menlo Park, CA.
We expect to go live in July 2015.