OBFC – a wire transfer protocol built on Ethereum

Intro

OBFC provides a standard protocol to perform a SWIFT/Fed based wire transfer using stablecoins on Ethereum, by simply interacting with a smart-contract, rather than a traditional custodian or escrow service.

No more passwords, phone verifications or emails, OBFC requires only one authorized on-chain transaction to initiate real-time wire transfers to bank accounts almost anywhere in the world.

The protocol allows individuals to send digital dollars directly from individually owned and controlled Ethereum accounts to bank accounts seamlessly. OBFC takes bank details, such as ABA routing numbers, IBANs, and other bank codes in the form of a standardized unique OBFC code, which is used as input for a blockchain transaction to facilitate a token transfer, which corresponds to an outgoing electronic bank transfer.

The protocol enables programmable electronic bank transfers on Ethereum. Performing an international wire transfer is as easy as transacting with the OBFC smart-contracts. Simply embed the OBFC wire transfer service right into your smart-contract and decentralized finance application and start moving fiat currency without touching a bank. The protocol makes doing “real world” currency transfers possible without leaving the digital world of Ethereum and other blockchains. The total process of initiating an electronic funds transfer and receiving receipt takes place entirely on-chain in one single transaction.

Give us feedback!!

Check out the app, at

https://obfc.finance/transmit

We are at a really early stage in developing this system, so if you are interested in helping us or giving us initial feedback please do reach out.

We think this is a pretty interesting example of how you can use Ethereum to interact with old traditional banking infrastructure.

Please be advised, this is highly experimental right now and so do not risk substantial funds at this time.

Thank you,

OBFC