What is Cointrust?
For more than fifty years, we have relied upon credit and debit cards for payments. Unfortunately, payment cards are no longer safe and secure as we learned from Target, SONY, and other high profile breaches.
There is a better way.
Cointrust allows financial institutions worldwide to offer an open API to enable third party applications to
use digital signatures to authorize instant worldwide payments and other financial transactions.
Cointrust solves the payment problems identified by the US Federal Reserve in a way that is consistent with their recommended approach.
Lawmakers and regulators have been uniformly supportive of Cointrust's unique approach to solving the fast, secure payments problem.
For merchants, Cointrust offers payments at lower cost than credit or debit cards, and without the chargeback hassles. Large or small amounts. In-country and cross-border. PCI compliance costs and liability are eliminated.
Mass compromises (such as Target) are eliminated because instead of storing shared secrets (such as a primary account number), digital signatures are used to authorize transactions. If a break-in happens, the information that is obtained is useless to an attacker.
Cointrust users are businesses and consumers. Any user can tie a debit card to their Cointrust balance so that the money can be used conveniently spent at places that do not directly support Cointrust payments.
Companies can use the Cointrust API to move money instantly. Money movement is significantly faster and cheaper than ACH or international bank wires. For example, a cross-border payment involving currency conversion typically takes less than 100msec. With a wire it could take 5 days or more.
Participating banks can earn millions of dollars of fees from transactions and foreign exchange conversions.
Cointrust has raised over $1M and is headquartered in Menlo Park, CA.
We expect to go live in Q1 2015.