WM’s in-house TITAN System is a core component of its Global Clearing System. It enables instant Transfers and Payments – with instant Clearing and Settlement – in 1/100th of a second worldwide. In combination with WM’s free Multicurrency Wallets and zero cost TUV Digital Currency it enables zero-cost and instant payments, and transfers 24/7/365
One of the core and critical requirements for any Global Clearing System to function, is the capacity to send transfers or payments via a robust transfer system, from a specifically identified person or account, to another specifically identified person or account – with an assurance of transfer completion, with security and documentary confirmation of sending, and of receipt.
This is what the legacy Telecommunications System SWIFT – and entities that function on its infrastructure like the IBAN and other systems – do. They do it via intermediary-heavy systems and processes first created in the 20th Century, and rely on long chains of multiple entities with multiple layers of process-replication to function.
The legacy system structures and processes have multiple issues attached to them, including:
- Requiring long chains of intermediaries to function. This leads to time delays – sometimes several days – when funds are being sent from one person or entity to another.
- Periods – sometimes several days – when the funds being sent “disappear”, and are neither in the sender’s nor the recipient’s accounts.
- All intermediaries along the route need to be paid, and this leads to substantial fees being charged.
- The transferring entities force FX conversions on the sender and recipient at an arbitrary rate, not set by either the sender or the recipient.
- Due to the large number of intermediaries involved in the sending and receiving chain, these legacy systems are vulnerable – both to theft and to money-laundering (see details on the “Bangladesh Bank Heist” in the “Resources section of this article).
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When constructing its Global Clearing System, one of the first inner Systems that Global Telephony Provider Webtel.mobi (“WM”) constructed was a 21st Century-standard System for sending and receiving transfer and payments – Nationally and Internationally.
This is the “TITAN” System – which stands for TEL.mobi Group Inter-TEL.mobi Account Number System.
It is the only Account, Account Number and Transfer System in the world that functions worldwide with no intermediaries required, and which functions according to the same structure, standards, and system.
Moreover, every person in the world that joins WM, or one of its VSMPs as a Member, is automatically assigned a unique account number. This is known as the ITAN – the Inter-TEL.mobi Account Number.
The ITAN System functions in combination with the WM Members Account, the free Multicurrency Wallets given to each WM Member when they join, and all Facilities within the Member’s Account in the WM System – including the TUV Digital Currency Payments and Transfers Facility.
Each Member’s ITAN Number is unique, and denotes the Region and Country where the Member signed up from. Unlike other systems, the ITAN is not the property of a Bank. It belongs to the Member directly – because all WM Transactions take place on a Pure Peer-to-Peer (“PP2P”) basis.
Each Member’s unique ITAN Number is linked to the Member’s own Mobile Phone Number, and name, by WM’s Complex Adaptive System. This is a completely unique set of data-points that cannot be replicated, and ensures all transfers / payments can, and will, always – only – go directly to the intended recipient.
Moreover, to ensure no errors arise in the transmission of ITAN Numbers from one party to another (for the first time), Members are able to use the automated texting and emailing facilities in the “My ITAN” Facility of their WM Accounts. When they use this, they are able to have the WM System automatically send their correct ITAN Numbers and Registered Mobile Numbers to other parties – removing the risk of errors when typing these out or writing them down.
Once a transfer or payment has been made to another WM Member using the ITAN System, that person’s details are automatically saved, and thereafter Members can do one-click selections of recipients for transfers or payments.
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Using WM’s ITAN System for payments or transfers with WM’s TUV Digital Currency provides a zero-cost, instant, secure, and worldwide transfer and payments system, 24/7/365, from anywhere to anywhere, with the only requirements being a Mobile Phone (Smart or Pre-Smart). Consequently, a summary of some of the advantages for WM of using its TITAN System for payments or transfers of TUV Digital Currency include the following:
- It is Zero cost
- It places the Sender (or Receiver) in control of FX conversion
- There is no need to carry out FX conversions because all WM Members have multicurrency accounts
- It enables PP2P Instant Payment, Clearing and Settlement, 24/7/365, from anywhere to anywhere
- All Transactions are completed in 1/100th of a second, and funds (“Stored Credit”) do not “disappear” for days.
- It Functions “after hours”, over weekends and over holidays.
- It removes the risk of fraud / counterfeiting / chargeback / money laundering.
- It is one Global System with the unitary ITAN System, unitary standards and security, and no intermediaries
- All Transaction reporting and documentation are instantly available in the Sender’s and Receiver’s “History” Facility
- Complete and instant Transaction reporting and documentation are sent to both Sender and Recipient by Email
- The Sender and Receiver can elect to be instantly informed of Transfer / Payment by Text message.
- A 30-layer security system to protect funds (“Stored Credit”) and transfers 24/7/365
It is also the TITAN System – together with free Multicurrency Accounts and zero cost TUV Digital Currency – that enables the Inclusion of the 2 Billion unbanked persons worldwide into the 21st Century digital economy.
The use of WM’s global TITAN System in combination with its TUV Digital Currency provides a lower cost (zero cost),more rapid (instant), more secure, and more convenient payment and transfer service to any other entity currently functioning.
It enables people to enjoy the security of their funds (“Stored Credit”) always being safe, that their transfers for Payment or Receipt will be instant, and that they will – after the transaction – have saved a great deal of money.
This was one of the founding principles of WM. To empower people to take more control of their own financial affairs, and to assist them retaining more of their own funds for themselves and their families – instead of using them to cover the cost of multi-layers of nonessential intermediaries.
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[To share your insights with us, please write to sghosh@martechseries.com ]
