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Ethereum Cross-Border Transfers for Financial Services

Services Covered:

Blockchain Development • Custom Software Development
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Industry
Industry

Financial Services

Duration
Duration

7 months

Budget
Budget

10K - 49K

Start Date
Start Date

1 October 2024

Team Size
Team Size

1-5

Engagement Model
Engagement Model

Nearshore

Project Capability Score (PCS)

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83/100
Strong

Project Capability Score (PCS) estimates how capable Pharos Production is of successfully delivering a project like this, based on its past experience, track record, and ability to handle similar work. Learn more about PCS

Client

Confidential

mapCambridge, United Kingdom

Project Summary

Pharos Production developed Ethereum smart contracts and a Web3 API for a financial services client, delivering a KYC module and transaction testing. The solution enabled processing of over 50,000 transfers monthly, reduced fees by 60%, and cut settlement time to seconds while meeting deadlines and scaling for global finance volumes.

Key Challenges

  • Implement Ethereum-based instant cross-border transfers

Project Deliverables

  • Ethereum smart contracts for atomic swaps and fee minimization
  • Web3 API for bank integrations
  • KYC module
  • Transaction testing

Project Solution

Pharos developed Ethereum smart contracts to enable atomic swaps and fee minimization, built a Web3 API for bank integrations, and implemented a KYC module along with transaction testing. The work included transfer contracts and tests to ensure settlement times and fee reductions met the client's requirements.

Project Outcome

  • Processed over 50,000 transfers monthly
  • Reduced fees by 60%
  • Reduced settlement time to seconds
  • Met deadlines via Scrum and scaled for global finance volumes while adjusting for AML requirements

Platforms

  • BlockchainBlockchain
  • API/Integration PlatformAPI/Integration Platform

Tech Stack

  • Web3.jsWeb3.js
  • RESTful APIRESTful API

Client Endorsement

Overall Review Rating

5star

Timeliness

Cost Rating

Willing to Refer

Quality of Deliverables

“Pharos Production Inc. helped the client process over 50,000 transfers monthly, cut fees by 60%, and reduce settlement time to seconds. The team met all deadlines, adjusted quickly to changes, and scaled seamlessly for global finance volumes. Their flawless work impressed the client.”

Anonymous

CEO

Note: This endorsement is based on publicly available client feedback from external review sources.

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