COBRA: Blockchain banking beyond crypto

SYDNEY, AUSTRALIA, 21 March 2018

Whilst incredible stories of financial gain and, more recently loss, have been attributed to crypto currencies, the real story behind crypto is the need for an overhaul of our banking system.

What has driven the rise in crypto popularity is, fundamentally, the requirement for better access to banking facilities, the need for more flexibility in banking products, the expanded need for international banking, and the greater interest in foreign currency trading.

“Just when we see the rise of born-global small and even micro businesses, who need access to a range of banking products both here and overseas, banking has become exclusionary,” stated CEO of Australian-based cloudyBoss Pty Ltd, Lou Schillaci. “Only large corporates are offered competitive business accounts and international banking facilities and almost no one can earn interest on their account or gain an advantage from their foreign exchange activities. For these reasons alone it’s no surprise that alternate banking and currency models have gained popularity.”

“The danger is, not everyone understands the underlying technology that is behind alternate currencies, so there is a lack of appreciation for the flaws and vulnerability that are inherent in them,” Schillaci concluded.

cloudyBoss CTO, Giovanni di Noto explains the cloudyBoss COBRA solution: “We’re using technology for good. We’re a friend to businesses of all sizes, yet at the same time, we are not the bank’s enemy. We simply believe the banking system needs fixing not ditching”.

COBRA (cloudyBoss Omni-currency Banking Rotation Account) is an intelligent multi-currency banking solution that is integrated into the cloudyBoss ERP and available to all cloudyBoss users.
Should a user choose to activate the COBRA function and become a COBRA member, they can open an account with any bank that is part of the COBRA worldwide network, without further security checks or additional paperwork.
COBRA can be used for everyday banking - similarly to internet banking - from a computer or mobile phone. It is available 24/7, to check account balances, transfer between accounts, pay vendors (using a wide range of payment methods) and receive funds. All members’ accounts, whether they are with COBRA member banks or not, can be viewed online, in one place. If a member's own bank is not a COBRA member bank then transfers would be done similarly to the EFT transactions they do now.

cloudyBoss, which powers COBRA, is natively multi-currency, allowing businesses to have bank accounts in the countries where they trade. As an entity’s funds move between banks, COBRA’s intuitive foreign exchange function also finds the most favourable rates, creating ongoing passive income.

In fact, a COBRA member can allocate a specific amount for COBRA to work with on the foreign exchange market and it does so 24/7, using its built-in Artificial Intelligence engine (AnIma) forex trading, functionality. It analyses real-time data - business, economic and social indicators - to determine how, where and when to trade currency on the account holder’s behalf. This sum is always insured to prevent the loss of the originally allocated amount in case of an unforeseen market fluctuation.

Each member can check at a glance how much money COBRA has earned them, in foreign exchange transactions, up until the current day and see how much it estimates it will earn them tomorrow. COBRA adheres to the banking regulations that govern each bank and seeks out the most favourable conditions for foreign exchange.

COBRA is designed for individuals and businesses that either operate or wish to operate, globally online. It provides what only very large international banks traditionally offer major corporates – a multi-currency account with foreign exchange and trading capabilities.

Schillaci commented: “Virtually all individuals and small businesses struggle to open this kind of account, which forces them into more expensive banking options and/or inhibits them from expanding their international business. Equally, many smaller banks can’t offer this kind of product because of the associated risks and regulative compliance which, in turn, also inhibits their global expansion.”

COBRA has an inbuilt accounting system which importantly, for any size business, cuts down on time-consuming bank reconciliations. For the banks, COBRA provides already-verified members, which eliminates the multitude of potential security risks normally associated with new customers.

Ensuring the absolute security of the COBRA functionality is cloudyBoss’s proprietary Blockchain technology, SKYE. This military grade secure method of data exchange means that every banking transaction, account information, member data and foreign exchange activity, is completely protected within a ring/cluster of permissioned nodes. Within cloudyBoss, these clusters are referred to as a SKYE of clouds.

“COBRA member banks will enjoy millions of dollars in savings from interface maintenance,” stated Di Noto, “as our inbuilt SKYE blockchain functionality provides all the solutions they currently require for security, data integrity and un-hackable data repositories.”

Unlike crypto currencies, which are receiving mixed reviews from regulators, because of their intentional aim to hinder retail banking, cloudyBoss COBRA innovates and integrates rather than disrupts.

For more information contact CEO, Lou Schillaci.

Ends/

Media Information
Claire Linley Lou Schillaci
claire@cloudyBoss.com lou@cloudyBoss.com

cloudyBoss Pty Ltd is an Australian registered, privately owned B2B company. It is a cloud start-up in limited release and is backed by IBM through its Global Entrepreneurs Program. The cloudyBoss cloud-based Enterprise Resource Platform (ERP) is effectively a complete ecosystem that encapsulates Artificial Intelligence, Machine Learning, Internet of Things, Blockchain and a Unique Data Model. Built using agile software methodology, it solves today's complex business issues of disruption, automation, security and productivity gaps by equipping even the smallest business with the tools to compete globally.

cloudyBoss Pty Ltd
Suite 1A, Level 2
802 Pacific Highway
Gordon, Sydney
NSW 2072
Australia

This release was published on openPR.