The dynamism of technology continues to transform the world, and the banking sector seems to be among the most affected by recent innovations. Blockchain technology came into force about a decade ago when Satoshi Nakamoto introduced the first cryptocurrency, Bitcoin. The introduction gave birth to a new era of cryptocurrency that seems to be slowly taking over the economy. Moreover, organizations have been integrating blockchain technology in their operations, and several governments have come out to explore its exciting benefits. 

However, despite the diverse applications, this innovation is notably disrupting the banking and finance industry the most. The industry has had its fair share of drawbacks that blockchain seems to solve altogether. Apollo Fintech, a financial technology company, has been among the top companies stretching blockchain capabilities beyond the limits. The company has a collection of blockchain-based products and services and is still exploring more. It recently unveiled a National Payment Platform that will solve existing banking services problems and open up new windows for financial institutions, including central banks. 

Transaction Processing Speed

As noted by one memSQL writer, banks today need a real-time transaction processing system. Unfortunately, some of them still use traditional systems introduced to the industry in the 20th century. Such systems are of a design that does not support real-time data availability, and this slows down transactions. On the other hand, customers want a system that can verify transactions and bring back the answers they need at ATMs, when using credit cards, or applying for a loan. 

The national payment platform will provide customers all the banking services they need at high speeds. The database combines analytical and transactional data processing capabilities in a fast, secure, and scalable system. Besides, transactions are peer-to-peer with no intermediaries and will save both time and transaction costs.

Accessibility of Banking

Traditional banking incorporates policies that make it difficult for some groups to access banking services. There are requirements for opening an account and banking service agents tend to focus more on the urban market. Apollo Fintech’s new platform will make it easy for people to access and use banking services. The platform will be cashless as it will utilize Knox World Pay and Apollo Cash. Moreover, it will allow central banks to issue their digital currency, the CBDC. 

The platform will have an online wallet that replaces the traditional account. Owners can perform all their banking services using the wallet, including deposits, withdrawals, payments, etc. Anyone can sign up for the wallet online without the restrictions associated with the accounts opening. Besides, individuals can perform instant transactions using their mobile devices. Users without smartphones can also send or receive digital currency via offline codes, SMS, or cards. The program will also have government-approved agencies throughout the country and commercial banks for physical access.


Cybersecurity still ranks high among the prominent threats in the banking sector. In 2018, cyber bank robberies were reported to have contributed up to $1 trillion in total cybercrime losses. The national payment platform will support central bank digital currencies and could thus be a perfect target for cybercriminals. Fortunately, the entire platform is based on Apollo blockchain, which has cutting edge security features. Several blocks of data form the chain that is usually protected using various mechanisms that feature mathematical models and cryptographic techniques. 

Of all the mechanisms, immutability and consensus play the most critical roles. The consensus mechanisms regard the system’s agreement on the entire network’s state and validity of transactions. Immutability regards the ability to prevent any alteration of transactions once they get executed. Users of the new platform will further enjoy the protection of a quantum-resistant data encryption system. 

International Payments

The banking sector currently suffers a considerable blow when it comes to international remittances. Other than the high transactional costs on international payments transfer, cross-border transactions can take up to seven days. The blockchain-based national currency platform provides a perfect solution as users can enjoy frictionless payments from their wallets to both local wallets and abroad. The instant payments come with the additional benefit of reduced transaction costs. 


While Apollo Fintech is providing real banking solutions via its new platform, it also brings new capabilities. One of its major contributions will be the adoption of digital currency. The adoption of cryptocurrency has significantly been put on delay by the lack of regulation. Crypto coins are usually decentralized, and not tied to any rules, making them exciting baits for con artists. However, NPP will allow central banks to introduce their digital coins, which will take the form of a stablecoin. 

Citizens and commercial entities will have the confidence to invest in and use the coin since it comes from the central bank. Furthermore, the platform comes with a point of sale system that will allow merchants to publish and sell their goods directly to customers while receiving payment via the platform. Therefore, Apollo Fintech’s new system is also creating opportunities for utilizing the central bank digital coin.