ORCA Alliance, an Open Banking platform designed for cryptocurrency users aims to unite fiat and crypto in a single convenient interface, is taking advantage of the European PSD2 directive. Founded by CEO Natan Avidan, ORCA Alliance aims to give its users the possibility to keep and track information and to make transactions, deposits, insurance and lease payments, similar to services that regular banks and other payment service providers are offering.
“Following PSD2, numerous IT-based payment solutions will be able to provide alternative products and challenge the current banking ecosystem, switching from a B2C approach to a C2B one,” ORCA Alliance CEO Natan Avidan told Crowdfund Insider via email. “This new EU directive makes it compulsory for the banks to open their infrastructure and allow third party providers (TPPs) connectivity to client data via API systems. Here is where ORCA comes ahead offering secure and user-friendly environment.”
Avidan explained that ORCA Alliance aims lead open banking in key areas, including supporting the European Parliament:
“Nowadays, banks are slowly working machines – it takes time for them to make changes, implement new features or follow-up on issues that are relevant to our ever-developing world. We introduce a much faster system which will offer a vast array of services, encourage competition between providers and in turn reduce fees for consumers. This newly introduced system is often regarded as Open Banking, is supported by European Parliament directives and individual MEPs.”
How will ORCA Alliance maintain security?
“ORCA will use encryptions, backed by blockchain-based cyber security leader – Rivetz. All client data will be striped of identifiable parameters, hashed and transmitted without ever being stored on the platform at any point in time. ORCA is making steps to safeguard from API security threats recently faced by one of the most successful cryptocurrency exchanges Binance,” clarified Avidan. “Even though ORCA users will be able to make digital transfers using ORCA platform, personal verification will play a key role in the process. Platform’s architecture is aimed set up to ensure highest level of security.”
[clickToTweet tweet=”No personal data will be stored in @ORCA_Alliance platform and no centralised authority will ever have full access to client data. #blockchain #openbanking” quote=”No personal data will be stored in @ORCA_Alliance platform and no centralised authority will ever have full access to client data. #blockchain #openbanking”]
According to Avidan, ORCA Alliance “strongly” supports the General Data Protection Regulation (GDPR) as a “cornerstone” of its community approach:
“GDPR goes hand in hand with our company values. No personal data will be stored in ORCA platform and no centralised authority will ever have full access to client data.”
ORCA Alliance recently announced a sponsorship with the French business school EDHEC student association to foster mainstream cryptocurrency adoption. The EDHEC’s Msg. Finance degree course was elected #1 in 2017 by the FT. ORCAS Alliance Advisors include CoinGate CTO Rytis Bieliauskas, Google Country Manager and Startup Wise Guys Riga Co-founder Vytautas Kubilius, Rivitz CEO Steven Sprague and Banque Internationale à Luxembourg General Manager Steen Trondhjem Nielsen.
“In addition to our partnership with BitDegree, these actions play an important role in connecting blockchain technology, crypto-economy and educational worlds. As well as an active role in the encouragement of mass adoption via round table meeting in Brussels with the EP regulators and representatives from ECB to conduct continuous dialogue,” added ORCA Alliance COO Rokas Mičiuda. “BitDegree, Debitum, Birdchain, Strategeens, STK, FundRequest and Rivetz which brings the ORCA project significant knowledge in represented areas. Also, ORCA is backed by a large investment fund, Connect Capital. Connect Capital’s managing partner is joining ORCA team as an advisor.”
ORCA Open Banking platform will distribute its tokens through a token sale planned for 16 April 2018. According to the platform, the hard cap is USD$14M USD token supply for which 60% will be sold to contributors during the ORCA token sale. There will be a 17% split among ORCA founders, developers and advisors (founders and developers tokens vested for 1 year, said Avidan); 3% will be distributed through the Bounty program while 20% will be used for the Community Development Fund to attract new community members, partners and influencers.
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