IATA & Lykke

International Air Transport Association (IATA) accepts money in one currency and pays out in another. Originally, IATA used the mechanism of the banks, which have assumed the risk of holding foreign currency reserves. This is a traditional solution to the problem. However, it involves excessive settlement time and the expenditure of additional funds for covering currency conversion fees. By this model, simply providing clearinghouse services cost our client millions on transaction fees when moving funds across borders. Settlement cycles were complicated, requiring multiple departments to maintain and coordinate settlement processes and meet an endless series of deadlines.

Lykke designed a platform based on the Blockchain using IATA Settlement Coin, which massively increased the speed of international payments for services provided by association members. The technology reduced the cost of transferring money and empowered our client’s membership to make payments directly among themselves before the end of the cycle. As a direct result, during the pilot phase it was possible to achieve netting in advance of up to 80 percent.

In addition, the solution provides heightened protection from fraudulent transactions and offers the capability to automate currency movements associated with routine operational procedures.

Latest from Lykke.

Subscribe to our newsletter for the latest news, industry insights and product updates straight to your inbox.

What is a crypto-fiat gateway?

A fiat gateway is a combination of words that you will frequently hear if you decide to enter the cryptocurrency world and buy Bitcoin or other cryptocurrencies in a crypto app. To understand its meaning and function, you have to understand what fiat means. Fiat means simply conventional money, it refers to national currencies the government’s issue not backed by any commodity. It derives from the Latin word fiat (from “facere” - make/do, present passive subjunctive “let it be done”) and we can assume that it implies a deal - let it be done!

Continue reading

What is a Coin Burn?

As new tokens are mined and enter circulation every day, cryptocurrencies need to ensure that the market is not oversaturated with supply. After all, prices in the digital currency market are almost entirely dictated by the economic principle of supply and demand.

Continue reading

Reflection on the Journey

September 26th was a very significant day for us since we celebrated our 5th anniversary. With having some time to reflect on what has been done in our journey, we are more than grateful to all our customers, community members, investors, stakeholders, and friends who despite the ups and downs from the bumpy road, remain true to our dream.

Continue reading

The Evolution Of Fintech

The phrase Fintech which stands for ‘Financial Technology’ refers to software and other modern technology used by businesses that provide automated and streamlined financial services.

Continue reading

Best Cryptocurrency to Invest In, other than Bitcoin, if you are a beginner

What cryptocurrency to invest in is a question that many beginner traders or holders ask themselves when facing the choice of some 3000 crypto coins and tokens currently available on the market. Even if all of them can be considered cryptocurrencies, in reality, from the technological and legal perspectives they may be totally different. If you have doubts about what cryptocurrency to buy as a speculative object of value or what cryptocurrency to invest in long terms, continue reading this article to learn about the most common criteria of smart choice.

Continue reading