Sparro is a decentralized cross-border payment network

Country: Australiasparro 300x300
Founded: 2015
Sparro is a cross-border payment network for financial institutions to make and settle cross-border transactions quickly

  • Sparro was 1 of the 7 startups that were selected for 2015 FinTech Innovation Lab Asia-Pacific
  • Archipelago is the name of Sparro’s cross-border payments network and payment solution offered to financial institutions.

Concept

  • Customers: Sparro’s Archipelago payment infrastructure caters to Financial Institutions as the consumer.
  • Decentralized cross-border payments: Archipelago is built on Ripple protocol that connects banks around the world, allowing banks to make cross-border transactions directly with one another without the need for a central counterparty.
  • Data centric: Sparro’s Archipelago tracks payment communication and information from payment origination to settlement

Consumer Benefits

  • Time savings: Cross-border transactions can be settled in near real-time.
  • Cost savings: Lower operational cost for financial institutions due to absence of middlemen.
  • Payment tracking: Financial institutions and its consumers are able to follow the transaction from origination to settlement.

How to Use

According to Sparro, consumers can use the Sparro payment network for their cross-border payments from within their existing banking platform with no modification to their current workflow.

Illustration

The following video is a presentation of Sparro by the CEO and co-founder, Nick Armstrong

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