Apifiny, a blockchain-based payments company, declared on Tuesday the launch of Roxe, a payment clearing and settlement network for both conventional and digital assets. With this blockchain-based network, the San Francisco-based company is to tap the cross-border payments transfer market with global bank partnerships.

“Today’s global financial system faces a critical problem: fragmentation. This means assets cannot be quickly and easily transferred between markets, countries, and various settlement systems,” Haohan Xu, CEO of Apifiny, said in a statement.

“Roxe is a unifying technology network that aims to solve this value transfer problem by more efficiently connecting the world’s banks, scattered assets, markets, and systems around the world to free asset transfer from the limitations of financial institutions’ accounting systems.”

Lowering days in settlement to seconds

Unlike other blockchains like Ripple that utilizes digital tokens, Roxe follows a distinct approach for settlement. The company revealed that it employs a new idea of Smart Proof of Ownership settlement nodes that support custody of assets on behalf of network members, and immediately settle transactions among network nodes by considering for inter-exchange transactions and giving instant proof of ownership (Smart OP), mapping fiat and digital currency into a unified asset network.

This gives it an edge computing support of various digital assets and also fiats. According to the company, its payments settlement network is fast, secure, and much cheaper than traditional inter-bank connections.

Originally, Roxe will maintain the US dollar and “several major digital currencies,” but it has objects maintaining all G20 fiat currencies and all top 50 digital currencies.

Recently, the company is maintaining two supernodes for the blockchain and has ideas to add more in the near future.

Though Apifiny confirmed that it is already in discussions with various banks for the association, it did not disclose any names. “As more banks, trading markets, and cross-border payment and remittance companies become node members on the Roxe network, the speed, operational and cost-saving benefits for each member will grow via classic network effects,” the press release explained.