Banking is the lifeblood of the global economy owing to its relevance in all economic activities. For instance, trading, stock markets, household purchases, and wage payments depend on the banking sector’s availability and efficiency.
Commercial banks adhere to central banks’ regulations in a country, aiming to make the banking industry even better. However, the global unbanked population of over 1.7 billion proves that the banking system is failing to serve its inception purpose entirely. Although most can reach mobile banking services, unbanked adults ignore banking as the store of their wealth. The reasons for customer ignorance and bank failings are outlined below.
Technological Shifts
The digital world is continuously inventing new technologies. The aim is to optimize processes and productivity in every sector of the economy. Banking has impeccable technological advancements from artificial intelligence to CRM etc.
The regular technology shifts sometimes come with more problems than solutions. They mostly make accessibility of banking services even harder, creating unnecessary risks.
Moreover, the banking industry is tightly racing against tech giants like Amazon and others. These giants relieve user hassles by providing better technologies to ease payment and other banking services. The technological inferiority of the banking systems stagnates global adult banking.
Security Issues
In a capital one data breach, a software engineer hacked into the bank’s server and obtained data of over 100 million persons—the capital one breach ranks among the worst data breaches of all time. Indeed, there are several bank data breaches every year.
The banking systems are perfect prey for hackers and criminals because of their poor logistics in handling user information. The unsafe mobile money apps, insecure wallets, and internet insecurities bring severe financial inconveniences.
Regulatory Problems
All commercial banks have to comply with central bank regulations. Banks face severe sanctions, including fines and legal charges, in non-compliance with the directives.
Moreover, although the central banks set the standards, other political authorities often contribute. The external influence on financial policy creation leads to unwarranted economic failures. For instance, in Venezuela, although the rising oil prices play a significant role in their inflation, political instability, and government regulations widely contributed to economic failure. Regulatory problems sometimes bring more damages than solutions.
NPP; The Much-Awaited Solution
The banking system is incompetent in service provision owing to the problems continuously clouding it. Luckily Apollo fintech has the much-awaited solution to mitigate or ultimately end the banking systems problems, NPP.
NPP is a payment platform centered in the Apollo blockchain, carrying state of the art tech in technological and financial terms.
Security and Regulation Logistics
NPP prioritizes the security of its users and their transactions. Its security and privacy algorithms are unique in the world. The system will enable 2-factor-authentication as its verification protocol.
Hacking the NPP platform or individual wallets is nearly impossible because of the IP masking techniques. Moreover, tracing transactions to their source computers is impossible owing to the masking approach. The hacking attempts will be relatively unsuccessful with NPP since hackers have zero information. But what about rogue persons posing as government agents?
The government approves the service delivery agents and banks after thorough checks and vetting. The vetting process purposes to protect users from criminals posing as government agents. Moreover, it assures the central banks minimized liabilities in case an agent goes rogue.
Security of this NPP platform credits to the blockchain’s transparency and immutability. Trades, payments, and business deals finalized using the NPP platform can be audited transparently by third parties. Moreover, the immutability assures the relevance of transaction details decades or centuries later. Therefore, the government central bank will follow up on money laundering or misuse of public funds through its agents or banks.
Technological Dynamics
Blockchains are the best financial technologies of the 21st century. The crypto world encompasses new technologies year-round, making blockchains the most advanced financial system. From introducing DeFI, Dexes, and many others, no tech giants can parallel blockchain’s innovativeness.
Having a backing of the Apollo blockchain makes the NPP system highly advanced. Problems clouding ancient economies are things of the past. The updater algorithm ensures new updates on the platform’s functionality, from the host to the recipient apps and wallets.
Moreso, the platform implants the future quantum-proof technologies that assure its lasting even in the quantum era. Its databases will endure any attacks by quantum computers soon.
To ease on accessibility, NPP merges the following techs;
- Online sign up from anywhere within its jurisdiction. NPP launches its app accessible on a smartphone. Moreover, the platform will have a web page fastening the registration via IoT devices.
- Physically accessible through government chosen agents countrywide. NPP will have agents everywhere to ease onboarding in areas lacking internet penetration.
- NPP also merges debit and credit cards to ease the process of depositing and withdrawing monies.
- There are direct short message services(SMS payment) options aiming to improve accessibility to the internet lacking persons. Banking the unbanked is quick using the functionality.
- The NPP platform has zero downtime databases. The blockchain scalability options, including adaptive forging and database sharding, assure a highly scalable and reliable system.
- A digital, non-inflationary, and non-volatile currency, printed and backed by assets, is unique. The currency dependability is perpetual, and its value perpetually grows.
NPP’s new unmatched solutions in banking bring hope for better financial systems. Moreover, the platform allowing central banks to issue digital currency assures users that no authorities will affect currency reliability. The coin is immune to inflation and hyperinflation.
Final Word
Although economic crises are common in the 21st century, central banks implanting NPP will guide nations and global economies to success. NPP solves the year-round problems clouding the entire banking world. Government regulations have zero impact on the value of circulating currencies since they are asset-backed. Moreover, political instability, which causes unnecessary changes in values, will not impact any NPP guided currency.
Additionally, its technological dynamics make NPP the central banking system of the century. Its future rich technologies, including quantum resistance, updater, adaptive forging, and database sharding, make NPP an unprecedented economic boost. Frictionless payments, accessibility, user-friendliness are the pre-eminent features defining NPP.
NPP’s global adoption ushers a new world free of economic uncertainty, fraud but full of growth. The National payment platform will solve all issues clouding the current banking systems.
