SITPAY

What is SITPAY

Low fees, fast transfer speeds, and streamlined procedures

SITPAY Project is a blockchain project that aims to support easy remittances in international trade and to be used as a major monetary instrument in the Indonesian commerce market. Both importers and exporters will be able to transfer transactions without having to go through financial or centralized institutions to avoid unnecessary processes and expensive fees, and SITPAY will help them feel the simplicity of low fees, fast transmission speeds and simplified procedures.

Our Vision

PT with decades of industry experience and 1,000 people PT.MBI

PT.MBI, the parent company of SITPAY, will adopt SITPAY as a payment method and use it as a payment method with clients, and will continue to expand to a larger market with SITPAY's strength as a starting point. Because the application of SITPAY payments by many well-known companies can have a very positive effect, the ultimate goal is to reach a value of 100 Rupiah based on this, and through continuous business operation and development, it will become the most used payment method in the commerce market.

The following are the market problems that SITPAY has captured.

Costs arising from each contract: In general, trading companies have to go through more than 10 stages of processing after reviewing contracts, and there is a lot of unnecessary spending because each step costs a lot.

Payment Processing Time: The dollar is used for partial transactions, so you'll have to exchange money again for your country's currency, not dollars, and you'll have to pay another exchange fee.

Causing disputes between trading companies: Trade companies want to achieve greater returns and better results in each contract. However, disputes between trading companies have occurred numerous times so far, and the damage to companies is also significant.

complex information: In international trade, very complex data can be easily manipulated by documents or centralized storage, and even minor typos or errors can cause delays in signing contracts or financial losses in trade transactions.

SITPAY Solution

SITPAY provides the following solutions through blockchain.

Simplifying Procedures
Fast Remittance Process Speed
Remove Reason for Dispute
Simplified Data and Archive

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Simplifying Procedures: Contract-related companies had to pay for transactions through 10 complex process and a central financial institution, but SITPAY simplifies the process of completing all contractual procedures by negotiating and signing contracts by transferring SITPAYs

Fast Remittance Process Speed: SITPAY can solve the original slow remittance processing time problems and reduce remittance fees by establishing a system that can easily transfer SITPAY through cryptocurrency wallet support. In addition, since withdrawal of the transaction amount in Rupiah immediately can be done after receiving the payment in SITPAY, the hassle of exchanging dollars to Rupiah once more can be avoided, and the effect of reducing the exchange fee can be seen.

Remove Reason for Dispute: Due to the nature of the blockchain that the transaction history cannot be manipulated nor modified, all contract contents are recorded as smart contracts, which can prevent disputes over the contract contents that may occur after the contract.

Simplified Data and Archive: Since data is stored through blockchain technology, no manipulation nor changes can be made to the data, and since the hassle of storing data with existing paperwork can be eliminated, data has transparency and reliability, and large amounts of data can be easily stored.

SITPAY Architecture

Explore the structure of SITPAY

Service Layer

Credit, remittance, etc. provided in the service layer are the key components of SITPAY, which are essential functions to providing basic platform and wallet operations between trading companies, and create an environment where services can be delivered to meet the needs of businesses, including commerce, distribution and clothing companies.
Application Layer

The primary role of the application layer is to ensure data reliability, but moreover, to provide a convenient service environment for trading and commerce companies. It also refers to applications such as SITPAY Wallet, where users such as corporate officials can directly use the SITPAY system.
Core Layer

The core layer is a layer where key data such as contract information, cargo information, and corporate credit or reputation information related to contracts of trading companies using SITPAY are recorded. Depending on the nature of the data, it is stored in either blockchain or distributed data storage. Therefore, this data becomes reliable, and the possibility of data loss or arbitrary data manipulation that may occur when the data is kept on paper or stored in a data storage through a central server can be excluded in advance.