Founded in 2013, Wyre is a San Francisco-based payment system that utilizes blockchain technology. Essentially an enterprise-grade application program interface (API), Wyre is well-vested by Silicon Valley venture capitalists and has tapped into one of the largest invoice markets ever by capitalizing on trade transactions between the United States and China.
After building the fastest payment service between the US and China, Wyre has sought to optimize this experience for its new customer base. Wyre co-founder and CEO Michael Dunworth told ETHNews:
“This is going to speed up the turnaround time of invoicing to clients, thus speeding up the entire payment flow. We see these bots as further reducing friction. Also, the key part of storing the invoices into the blockchain is fantastic because it means the recipients can always feel confident that if they receive an invoice, they know it’s generated by us, reducing any concerns of fraud or scams dramatically.”
Minimizing incentives for bad actors to interfere with payments and invoices has become a top priority after recent scandals defrauded major internet corporations of millions of dollars. Combining security with finding unique ways to serve customers better is at the heart of Wyre’s mission. The firm continues to explore new ways to employ its revolutionary cross-border payment system for use cases like developing a software tool to send simple invoices directly from Wyre’s newly tapped Chinese market to its established partners in the US and Hong Kong, using already well-established message apps. Per Dunworth’s Medium post, “It felt like a great way to test how digitally enabled companies could begin to streamline commercial relationships on platforms they were already using regularly.” This process will utilize a bot that was developed by Wyre in conjunction with Recime, the popular bot platform for developers, and will be deployed across multiple platforms.
Dunworth elaborated on this integration with popular messaging software for ETHNews:
“We thought this was awesome for expanding to new markets and platforms as we open up new geographies for our customers (e.g., Line in Korea or Viber in Japan). Facebook was included because it’s also going to allow our US small businesses to check exchange rates, and generate their own invoices too. A really common thing we get from customers is [requests about] exchange rates, so we thought this was a nice touch having it right in the most frequently used apps.”
The bot generates payment invoices, raises customer support tickets via messaging, and authenticates and stores invoices on the Ethereum blockchain for fraud protection. Dunworth explained:
“For us, the great thing about blockchains (with very large scale security) is that we can put something on the chain, and it’s like burning it into the sands of time. We export the hash of the invoice that we create (it’s a PDF) and then take the SHA256 hash of that document (which only ourselves, the sender, and recipient know) and then bundle this up with other transactions from that period (done hourly, at the moment). We put them into HEX format, then into a transactions input data. It’s very simple, and we’ve got further ambitions for this piece where we can do some really neat stuff. But for a first version, we thought this was a great touch.”
Wyre is continuing to lead the way in cross-border payment settlement by bridging the gap between countries as well as technologies.