Now that we are fully digitized and want to pay for goods in stores or withdraw money from an ATM, is it necessary to use pieces of plastic, such as debit and credit cards? Is it necessary to use outdated devices that no one understands what they are for, except that they are forced by certain companies that refuse, or perhaps are unable to adapt to change? On the other hand, what benefits do we actually get from using digital wallets and other apps that are obvious to collect personal data from our devices? Is it possible to prevent tracking of our money flow by third parties? A new era requires a new approach to problem solving and new solutions.

Let's say we are paying for goods in stores and we want to use our smartphones to complete the transaction. No credit or debit cards, no POS terminals, no additional equipment, it's just to have a bank account and use the smartphones we carry with us every day. This applies to both customers and merchants. The customer opens an app on his phone, places the phone next to the merchant's phone and initiates the transfer of funds. A payment request is generated on the merchant's phone after being triggered by an app on the customer's phone (it can be triggered by playing a short beep, for example). This request is sent to the remote database server and then forwarded to the bank to approve (or not approve) the transaction. That's all it takes. No payment cards, expired dates, connection issues, stolen PINs, app-only devices... And no inexplicable insight into your bank account balance from those who shouldn't even have access to your account.

The referred app is not an installable app, it is a web app that is used through your smartphone's web browser (it works with any browser, Chrome, Opera, Safari etc.). Accordingly, there is no possibility of compromising, intercepting or collecting sensitive user data (such as bank account information) or personal data from the user's device. Everything is done within seconds and is completely safe. So, how can this be achieved?

Telinov8, also known as Digital Chip Card Technology, or "DCCT" for short, enables devices at a short distance from each other to securely store and wirelessly share sensitive data or other data that requires authentication. DCCT solutions are applicable in all operating systems and on all desktop and mobile devices. Telinov8 provides cryptographic encryption of the transmitted data and prevents it from being modified, lost, corrupted or misused along the way.

DCCT introduces automatically generated security tokens, which include hash code, IP address, public key and timestamp, and are held responsible for verifying the authenticity and integrity of transmitted data. In order to efficiently manage banking transactions between two devices, DCCT uses sound as the carrier of information underlying the transmission process. DCCT acts as a more secure alternative to conventional Near-field communication ("NFC") technology, as it protects the user's sensitive data from being compromised all the way through the transaction and after its completion.

We can utilize DCCT solutions to pay for goods in stores and withdraw money from ATMs without using debit or credit cards, establish a secure connection between the corporate server and the bank server, control access to bank accounts, etc. The benefits are numerous:

• DCCT communicates only through web apps and cannot collect personal data from your devices.
• You don't need to install other apps that could potentially compromise your privacy.
• To use DCCT, you do not need to purchase additional equipment.
• You can use any smartphone, tablet, smartwatch or computer, any web browser and any operating system on your device.
• You don't have to use any accessories such as smart cards or point-of-sale (POS) card readers.
• You need no payment (debit, credit) cards at all.
• You don't have to use digital wallets.
• Only use your personal device (smartphone, tablet, computer) that you carry in your pocket, use at home or at work.
• Your device is always "DCCT-enabled".

If you are interested in this FinTech solution, please contact us and send us an inquiry.

Another application of Digital Chip Card Technology ("DCCT") lies in laying the foundation of a foolproof security system and creating reliable channels for the transmission of financial information. The payer must be able to confirm the legitimacy and validity of the information received before executing the transaction. The payment instruction data must be preserved (as originally certified by the payee's bank) and must not be subsequently changed, lost, corrupted or misused. This can be achieved by combining innovative approaches that dive deep into blockchain technology. In addition to DCCT, VIDYPS 79 has launched a blockchain-based electronic messaging system called Digital Telegram Service ("DTS").

DCCT and DTS, as a whole, are guaranteed to establish mutual trust between senders and receivers of payments, as well as between clients and banks, thereby reducing the number of errors in the transfer of funds. There is a possibility of their wide exploitation in transaction banking and related services such as H2H (Host-to-Host), SWIFT, cash management and trade finance. For more details on the process of transferring funds using DCCT, DTS and blockchain technology, please refer to this article. If you are interested in this FinTech solution, please contact us and send us an inquiry.