Q. Is the DISC platform in use today?
A. The DISC licensed payment platform is operating a production pilot program live in the U.K. today. DISC Holdings is a blockchain-based licensed payment platform for fiat transactions for the unbanked and underbanked citizens of the U.K. Its mobile application provides for the secure storage and management of citizens’ digital assets.
Q. Does DISC have any customers? Who are their customers?
A. More than 100 customers currently use the DISC Platform, making thousands of payments exceeding millions of pounds (GBP) each year. DISC is the only mobile application in use by the U.K. government’s Department of Welfare and Pension (DWP). The DWP regularly deposits funds in the accounts of participating citizens, and DISC is the primary mobile app for citizens to access and use these funds.
Q. Why does Rivetz need a payments platform?
A. Rivetz is building a next-generation payment system by creating one the most secure mobile payments apps available on the market. Through the Trusted Execution Environment, Rivetz is bringing hardware-level security to the platform. The payment rails and blockchain “back office” of the DISC payments platform will be capable of more than just fiat transactions, it will be capable of the secure exchange of cryptocurrencies. In addition to other digital currencies, users will be able to purchase Rivetz’s RvT token, using their credit card or bank account. RvT token will be used for backup, recovery and account management within the platform. Through this platform, Rivetz seeks to solve the problem of retail acquisition of tokens and provide mobile security for mobile payments.
Q. What is Financial Conduct Authority (FCA) compliance?
A. The FCA is the conduct regulator for 58,000 financial services firms and financial markets in the U.K., ensuring the honesty, fairness and effectiveness of financial markets for individuals, businesses and the economy as a whole. Rivetz is also focused on meeting all of the requirements of the U.K. Payment Service Providers Directive 2 (PSD2), which provides e-commerce security guidelines for the E.U. and European Economic Area (E.E.A ). Once Rivetz is fully integrated into the DISC platform, it will become one of the first mobile applications to implement all of the payments security directive device security requirements.
Q. Will the platform be compliant with GDPR?
A. The DISC solution has been built to support the European Union’s General Data Protection Regulation (GDPR) for data privacy and protection.
Q. When will the DISC platform be available for widespread testing?
A. As part of the acquisition, DISC Holdings will be upgrading the security, scalability and functionality of its platform to enable the on-boarding of thousands of users. The upgrade process will be complete by Q4 2018, at which time Rivetz and DISC Holdings will rapidly grow the number of customers.