PayBe has the ambition of being the first digital payment instrument able to guarantee the certainty of the availability of funds which, thanks to the use of the DLT ABILabChain, offers programmability logics based on smart contracts.
The project, supported by four of the main Italian banks (Banca Mediolanum, Banco BPM, BNL - BNP Paribas and Credem) by ABI Lab (Research and Innovation Center for the banking sector promoted by ABI) and Lawal (legal consultancy firm ), was admitted to the Experimental Sandbox of the Bank of Italy 2022.
Objective
Introducing a new digital tool characterized by proof of funds accessible through banks' digital channels. You aim then simplify access to this type of payment instrument, increasing the level of usability and safety.
Target
PayBe was born for simplify the payment experience not only in the relationship between traditional users, but also and above all in the relationships between business operators.
Embedded Finance
The programmability of the payment will allow to realize the concept ofembedded finance: the payment experience will be integrated within the business processes and regulated through predefined smart contracts, thus automating all the accounting management of the related transactions: a realRevolution!
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Thanks to the Distributed Ledger Technology (DLT) infrastructure and the ability tointegrate information from third parties, the payment between a payer and a payee will comeperformed automatically when the conditions defined between the parties occur.
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Let's do some egimpious:
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alogistics operatorwill be able to initiateor to a part of the payment when you take delivery of the goods and finalize it when the delivery is completed;
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anotarywill be able to unblock the payment of an asset once the sale has been formally defined;
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Themarkit can be managed entirely digitally, leaving the customer with the possibility of unblocking the payment only once the goods have been received and accepted;
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insurance companies, telcos, utilities and the public administration will be able to manage reimbursementsspot in fully traced modewithout having to know the iban of the beneficiaryand without the use of drawing checks and registered mail.
