HAZZA achieves OpenAPI development milestone for its global unified payment network
HAZZA engages VAPHR for development of its global unified payment network
HAZZA-Netzwerk wird Blockchain-Struktur zur Vereinheitlichung globaler Zahlungen nutzen, damit Verbraucher, Händler und die gesamte Zahlungsbranche profitieren
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Hazza Network aims to Unify Global Payments
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HAZZA Token is an Ethereum-based token that implements the ERC20 token standard.
The envisioned utility of the HAZZA tokens are the following:
ACCESS TO THE HAZZA NETWORKThe core usage of the HAZZA token is to access the HAZZA network once operational. Participants must exchange a certain amount of HAZZA tokens to access the HAZZA network.
GOVERNANCE OF THE HAZZA NETWORKIt is intended that HAZZA Token holders who are participants in the HAZZA network would participate in the governance of the HAZZA network by submitting and voting on proposals or decisions such as adding new features to the HAZZA network, and by selecting representatives to attend the Foundation’s annual general meeting with the Foundation’s Board of Directors.
Based on our experience, the current payments model is a fragmented and complicated ecosystem.
This creates problems for:
The existing, proven Octo3 payments solution will be migrated to an open access solution, utilizing blockchain technology, to fulfill our vision of democratizing the payments industry.
The following principles will be in mind during the development:
DECENTRALIZING PARTICIPATIONThe HAZZA network is designed to be open to any participants through the use of Open APIs
ELIMINATING INEFFICIENCIESSeamless integration is enabled through the use of Open API, which reduce time taken to join, together with the use of smart contracts
DRIVING INNOVATION AND NEW ECONOMIESParticipants should be able to contribute new innovative solutions in order to shape the HAZZA network and develop it in a way that could benefit all participants
ENABLING FINANCIAL INCLUSIONCurrently, the unbanked population has limited access to non-cash payment methods due to limitations in banking infrastructure and high barriers to entry for credit facilities. By using the APIs connected to the HAZZA network, new solutions for the unbanked could be included in the payment ecosystem.
The platform is proposed to be based on Octo3‘s existing Global Payment System, a scalable cloud-based Omni-channel proprietary technology.
It is a certified BASE I, BASE II capable processor, and features a fully functional ISO 8583 payment switch. It is fully compliant with over 130 transaction currencies and allows full transactional oversight, covering e-commerce, physical POS, mobile POS, MOTO, coupon and loyalty programs currently. The Global Payment System has robust functionalities and the highest level of security, maintaining a PCI-DSS Level 1 certification.
Due to the potentially disruptive nature of the HAZZA project and based on our industry experience, we estimate that the utilization of the HAZZA network could help create over USD 730 billion of positive economic value by 2025 for ecosystem participants. This is primarily due to potential savings on transaction costs and the economic value of providing greater access to non-cash payment methods. The beneficiaries could include PMPs, APMs, PSPs, payment networks and card schemes, merchants, terminal manufacturers and others in the payments communities.