StarLiX became an associated founding member of the International Token Standardization Association (ITSA) e.V.
We solve the problem caused by reliance on correspondence banks who are stopping cross border payments for payment institutions. Our solution is to create a platform that provides transaction reconciliation and settlement, using collateralised tokens that will be used by a network of payment institutions business worldwide. Members of the payment platform will be able to send cross border payments using collateralised tokens backed and pegged by fiat currency. The collateralised tokens will record transactions between the members of the network and enable them to settle the net amount. It will give the opportunity to users, not only to utilise their existing network efficiently, but also, to expand their capability to include the services of other international partners who are part of the network, resulting in reduced reliance on correspondence banking, minimising costs and settling faster and more efficiently.
The International Token Standardization Association (ITSA) e.V. is a not for profit association of German law that aims at promoting the development and implementation of comprehensive market standards for the identification, classification and analysis of DLT- and blockchain-based cryptographic tokens.
So far various reputable organizations have already committed to join ITSA as associated founding members, reaching from corporates (e.g. Commerzbank’s Main Incubator, Bank Frick, MME, Börse Stuttgart) over associations (e.g. Bundesverband deutscher Banken, the German Investment Funds Association BVI), startups (e.g. Cashlink, solarisBank, CryptoTax, and Ambrosus) and universities (e.g. Frankfurt School of Finance and Management, University of Mainz, TU Munich, Hasso Plattner Institute or UCL Centre for Blockchain Technologies in London) to private members (one of the co-creators of the ERC20 standard).