Demonstration of the potential of blockchain for everyday financial transactions
Rain, a global map output platform for stable coins, helps through his cooperation with Visa to initiate a new era of Onchain financing.
Today Rain announced that it joined the Visa pilot program for the processing of stable coins. Rain has fully token his credit card claims and switched all billing transactions for his visa cards to USDC in order to be able to calculate 365 days a year with Visa 7 days a week.
Rain offers a backend infrastructure-APIs, compliance layers and processing logic-which enables Fintechs and Wallets to develop and start stable coin-bound card programs. Since the demand for global real-time payments increases, Rain has a strong dynamic among partners who output and use onchain cards and want to bill in stable coins.
Stablecoin processing on 7 days
The company’s own settlement stack in Rain brings the entire authorization logic and the handling to the chain. The Rain technology stack enables map transactions in the Visa network with stable coins across several blockchains. If a user makes a payment with a VISA card issued by Rain, Visa calculates with the trader’s acquirer as usual. Rain uses stable coins programmatically and thus enables a network billing 7 days a week and 365 days a year.
Tokenized credit card claims Rain’s platform has also completely token its credit card claims, which enables more efficient capital management and more transparency in the entire system. These skills help fintechs to launch new products faster. At the same time, consumers have access to digital, interoperable payment experiences worldwide.
Rain is also proud to be able to announce a world first: close loop financing of credit card claims using stable coins. Rain works with a network of capital partners who lend stable coins to make it easier to settle credit card claims via the network. By accepting credit for lenders and their programmatic repayment, Rain is able to reduce the total capital costs for consumer and B2B credit programs and at the same time offer lendingers access to first-class collateral and programmatic repayments based on smart contracts. This powerful construct has the potential to give users access to loans in underdeveloped financial markets and at the same time achieve significant operational and capital -based efficiency gains for Rain and Rain.
“By participating in the USDC settlement program of Visa, we can now carry out processing over the week, 365 days a year and outside of traditional bank opening times. The USDC processing enables us to reduce the need for collateral, while we offer our business partners the same level of protection. Farooq Malik, managing director and co -founder of Rain, increases assets.
“Cross-border money traffic has always been complex, but blockchain technology and stable coins help to change this,” said Rubail Birwadker, head of growth products and partnerships. “Our cooperation with Rain to bring payment transactions to Onchain and enable processing within seven days is a big step to simplify global payment transactions.”
This is only the beginning. Rain continues to investigate new opportunities to improve the usefulness of stable coins, for example through his asset-independent resolution stack and blockchain permissions, which together enable fully onchain-based lending. Rain paves the way for a more efficient, more transparent and more easily accessible financial system that reduces the operating capital, contained and promotes improvements in operational results.
Visa membership
As the main member of Visa, Rain enables seamless payment solutions to more than 150 million dealer locations worldwide. By using stable coins for the automated daily billing with the Visa network, Rain doubles its mission to integrate blockchain technology into traditional financial systems and to make digital assets seamlessly interoperable for everyday use.
Information on Rain: Rain is a global platform for map edition operated by stable coins. The company, which was founded by Farooq Malik and Charles Naut in 2021, sponsors and runs card programs in several markets as a member of the visa. Rain is supported by Norwest Venture Partners, Lightspeed Venture Partners, Galaxy Ventures, Coinbase Ventures and others. More information at https://www.rain.xyz/