Company Name: cloudyBoss
Announcement Date: 21/03/2018
Announcement Category: Product launch/update
Announcement Content:
Media Information
COBRA: Blockchain banking beyond crypto
SYDNEY, AUSTRALIA, 21 March 2018
Whilst incredible stories of financial gain and, more recently loss, have been attributed to crypto currencies, the real story behind crypto is the need for an overhaul of our banking system.
What has driven the rise in crypto popularity is, fundamentally, the requirement for better access to banking facilities, the need for more flexibility in banking products, the expanded need for international banking, and the greater interest in foreign currency trading.
âJust when we see the rise of born-global small and even micro businesses, who need access to a range of banking products both here and overseas, banking has become exclusionary,â stated CEO of Australian-based cloudyBoss Pty Ltd, Lou Schillaci. âOnly large corporates are offered competitive business accounts and international banking facilities and almost no one can earn interest on their account or gain an advantage from their foreign exchange activities. For these reasons alone itâs no surprise that alternate banking and currency models have gained popularity.â
âThe danger is, not everyone understands the underlying technology that is behind alternate currencies, so there is a lack of appreciation for the flaws and vulnerability that are inherent in them,â Schillaci concluded.
cloudyBoss CTO, Giovanni di Noto explains the cloudyBoss COBRA solution: âWeâre using technology for good. Weâre a friend to businesses of all sizes, yet at the same time, we are not the bankâs enemy. We simply believe the banking system needs fixing not ditchingâ.
COBRA (cloudyBoss Omni-currency Banking Rotation Account) is an intelligent multi-currency banking solution that is integrated into the cloudyBoss ERP and available to all cloudyBoss users.
Should a user choose to activate the COBRA function and become a COBRA member, they can open an account with any bank that is part of the COBRA worldwide network, without further security checks or additional paperwork.
COBRA can be used for everyday banking - similarly to internet banking - from a computer or mobile phone. It is available 24/7, to check account balances, transfer between accounts, pay vendors (using a wide range of payment methods) and receive funds. All membersâ accounts, whether they are with COBRA member banks or not, can be viewed online, in one place. If a member's own bank is not a COBRA member bank then transfers would be done similarly to the EFT transactions they do now.
cloudyBoss, which powers COBRA, is natively multi-currency, allowing businesses to have bank accounts in the countries where they trade. As an entityâs funds move between banks, COBRAâs intuitive foreign exchange function also finds the most favourable rates, creating ongoing passive income.
In fact, a COBRA member can allocate a specific amount for COBRA to work with on the foreign exchange market and it does so 24/7, using its built-in Artificial Intelligence engine (AnIma) forex trading, functionality. It analyses real-time data - business, economic and social indicators - to determine how, where and when to trade currency on the account holderâs behalf. This sum is always insured to prevent the loss of the originally allocated amount in case of an unforeseen market fluctuation.
Each member can check at a glance how much money COBRA has earned them, in foreign exchange transactions, up until the current day and see how much it estimates it will earn them tomorrow. COBRA adheres to the banking regulations that govern each bank and seeks out the most favourable conditions for foreign exchange.
COBRA is designed for individuals and businesses that either operate or wish to operate, globally online. It provides what only very large international banks traditionally offer major corporates â a multi-currency account with foreign exchange and trading capabilities.
Schillaci commented: âVirtually all individuals and small businesses struggle to open this kind of account, which forces them into more expensive banking options and/or inhibits them from expanding their international business. Equally, many smaller banks canât offer this kind of product because of the associated risks and regulative compliance which, in turn, also inhibits their global expansion.â
COBRA has an inbuilt accounting system which importantly, for any size business, cuts down on time-consuming bank reconciliations. For the banks, COBRA provides already-verified members, which eliminates the multitude of potential security risks normally associated with new customers.
Ensuring the absolute security of the COBRA functionality is cloudyBossâ proprietary Blockchain technology, SKYE. This military grade secure method of data exchange means that every banking transaction, account information, member data and foreign exchange activity, is completely protected within a ring/cluster of permissioned nodes. Within cloudyBoss, these clusters are referred to as a SKYE of clouds.
âCOBRA member banks will enjoy millions of dollars in savings from interface maintenance,â stated Di Noto, âas our inbuilt SKYE blockchain functionality provides all the solutions they currently require for security, data integrity and un-hackable data repositories.â
Unlike crypto currencies, which are receiving mixed reviews from regulators, because of their intentional aim to hinder retail banking, cloudyBoss COBRA innovates and integrates rather than disrupts.
For more information contact CEO, Lou Schillaci.
cloudyBoss Pty Ltd is an Australian registered, privately owned B2B company. It is a cloud start-up in limited release and is backed by IBM through its Global Entrepreneurs Program. The cloudyBoss cloud-based Enterprise Resource Platform (ERP) is effectively a complete ecosystem that encapsulates Artificial Intelligence, Machine Learning, Internet of Things, Blockchain and a Unique Data Model. Built using agile software methodology, it solves today's complex business issues of disruption, automation, security and productivity gaps by equipping even the smallest business with the tools to compete globally.
Ends/
Media Information
Claire Linley Lou Schillaci
[email protected] [email protected]
Announcement URL: http://www.cloudyboss.eu/news/press-releases/5899/
About cloudyBoss:
cloudyBoss is an award-winning developer of enterprise software that manages business operations and processes for 21st-century entities of all sizes. Apart from software, cloudyBossâ innovations also extend to business transformation programs and internal business processes such as the APEASE which encapsulates the âroyalty-basedâ relationship between cloudyBoss and parties to which it is connected.
Go to Company Profile for: cloudyBoss
Announcement Contact: [email protected]
