FALCON

THE FUTURE OF MOVING MONEY

Global money transfers using an open cryptocurrency protocol.




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About

FALCON is an open protocol that any institution can implement.

The protocol specification is under active development based on community feedback.

We also maintain a registry of validated, integrated and compliant gateways.




FALCON IS DESIGNED FOR



BANKS



TELECOMS OPERATORS



BITCOIN EXCHANGES



REMITTANCE

HOW DOES IT WORK?

FALCON leverages the Bitcoin protocol to move money around the world.
It is built for speed and simplicity using standard web technologies
and is available for anyone to use, for free.

Unlike other crypto transfer protocols, it is decentralised,
does not rely on debt or correspondent bank accounts,
and can easily be adapted to run off other cryptocurrency protocols.

Example:

    ­
  1. Alice lives in the USA and wants to send €100 to Dorothy in Germany.
  2. ­
  3. Alice’s bank requests a Bitcoin quote from Dorothy’s bank for the equivalent of €100.
  4. ­
  5. Dorothy’s bank gets a quote from a FALCON-approved liquidity provider (฿0.23)
    and a unique Bitcoin address for the transaction.
  6. ­
  7. Alice’s bank receives a quote from its liquidity provider for buying ฿0.23 ($130).
  8. ­
  9. Alice’s bank confirms the transaction and uses dollars from her account to exercise the quote,
    sending ฿0.23 to the address from Dorothy’s bank.
  10. ­
  11. Dorothy’s bank receives the Bitcoin and accepts the quote from their liquidity provider.
  12. ­
  13. Dorothy gets €100.

Overview

Roles

Gateway an accountable institution that implements the FALCON protocol
Sender a gateway that allow its clients (payers) to send money
Payer an account holder at the sender gateway
Receiver a gateway that allow its clients (beneficiaries) to receive money
Beneficiary an account holder at the receiving gateway
Liquidity Provider a service that buys Bitcoin from Receiver and sells Bitcoin to Sender at quoted prices and volumes


Simple FALCON Transaction Flow

The Payer will instruct the Sender gateway to send foreign currency to the Beneficiary's account at the Receiver gateway.

The Sender gateway will send a request, containing transaction details like descriptions, beneficiary account identifier, amount of foreign currency to be paid to Beneficiary account, etc, as well as an unique Bitcoin refund address to the Receiver gateway.

The Receiver will verify the Beneficiary account details, and get a quote for selling Bitcoin to the value of the amount of fiat currency required by the transaction.

The Receiver will respond to the Sender with an transaction expiry timestamp, a unique Bitcoin address for the transaction, as well as the required Bitcoin to exercise the quote and credit the fiat to the Beneficiary account.

The Sender will get a quote for buying the required Bitcoin, and present a quote for the transaction to the Payer.

The Payer accept the quote.

The Sender executes the Liquidity Provider's buy quote, and sends the resulting Bitcoin to the Receiver's specified transaction Bitcoin address.

The Receiver receives the Bitcoin, and executes its Liquidity Provider's sell quote.

The expected fiat is then credited to the Beneficiary's account

view transaction flow diagram

API

The FALCON protocol utilises standard web protocols.
The only layers it depends on is HTTPS and Bitcoin.

A Simple Example

POST https://endpoint.example/falcon/pay


Request
curl https://endpoint.example/falcon/pay \
   -u sender_registry_token \
   -d amount=15900 \
   -d currency=USD \
   -d account=BX456898765 \
   -d refund_address=1B1tC0InExAMPL3rEfundAdDreS5t0Use \
   -d "description=Remittance Gift from Sender"


Response
{
  "currency"   : "XBT",
  "amount"     : "0.28",
  "address"    : "1B1tC0InExAMPL3fundIN6AdDreS5t0Use",
  "expires_at" : 

view the specification

Registry and Certificate Authority

While the FALCON protocol will be open for anyone to implement,
it would require some coordination for any two parties to transact.

To address the main concerns a registry organisation will be formed to act as a certificate authority
to institutions that implement FALCON and complies with relevant regulatory requirements.

Registry members will be able to easily transact with other members without direct formal agreements, while being assured that international KYC&AML standard procedures are being respected by all counter parties and mitigating any Bitcoin transaction timing risks.

Bitcoin Liquidity

FALCON requires each gateway to be or have access to a Bitcoin Liquidity provider.

It is up to the gateway to decide on the specifics, but ideally it is a service that buys and sells Bitcoin at quoted prices.

Regardless of where gateways buy and sell Bitcoin, they must be in a position to quote fiat prices for Bitcoin that will be fixed and honoured for a short period of time (enought time for Payer to accept and action quotes).

GET IN TOUCH

We've designed FALCON as an open protocol that any accountable institution can implement,
but we also maintain a registry of validated, integrated and compliant gateways.

We will release details of our registry and the protocol specification to the public
as soon as beta tests have been done.

FALCON is currently being piloted by a number of institutions globally.
If you want to be part of the pilot programme, or want to be notified of releases, let us know here.