F:02-02 SWAP-A-SWAP
SWAP-A-SWAP is an application which eliminates the swap banks, which take incentives for setting up a contract.
Vishakapatnam
Technologies Used
AndroidBlockchain
Fintech
Project Team
About
Companies belonging to different countries get into a Currency SWAP Contract to avoid payment of higher interest rates. For example, Consider Company Bosch(Europe based), willing to expand its operations in America. If it approaches the banks,it is going to be charged a higher interest rate than any other local company.So Company A wishes to get into a Currency SWAP Contract with Company Microsoft(US based),which is willing to expand its operations in Europe(Microsoft Company wishes to get into a currency swap for the same reason).This swap contract is something which is already existing but the problem here is the SWAP BANKS which facilitate the happening of the contract between the two companies. SWAP-A-SWAP is an application which eliminates the swap banks which act as an intermediary in the currency swap process. The swap bank takes incentives for tracing out and mapping the right match for companies.Apart from that it also makes sure that the transaction happens as per the agreement. Since, we eliminate the swap bank our application will make that happen.How? We store the details of all of such companies which are looking to get into a Swap contract into our database.And when the company wants to get into the deal, we fetch all the details from- our database.Also, we make sure that the transaction happens in a secured way through the smart contract concept.
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