- This topic has 3 replies, 2 voices, and was last updated 8 months, 1 week ago by VeronicaX11.
- Friday, April 1st, 2022 at 02:45 #206223clausen_ethParticipant
We just built something really special.
OBFC provides a standard protocol to perform a SWIFT/Fed based wire transfer using stablecoins on ETH, by simply interacting with a smart-contract, rather than a traditional custodian or escrow service.
No more passwords, phone verifications or emails, OBFC requires only one authorized on-chain transaction to initiate real-time wire transfers to bank accounts almost anywhere in the world.
The protocol allows individuals to send digital dollars directly from individually owned and controlled ETH accounts to bank accounts seamlessly. OBFC takes bank details, such as ABA routing numbers, IBANs, and other bank codes in the form of a standardized unique OBFC code, which is used as input for a blockchain transaction to facilitate a token transfer, which corresponds to an outgoing electronic bank transfer.
**Things You Can Do With OBFC:**
· Send a wire transfer to a friend via your Ledger.
· Offramp USDC to $$$ directly from MetaMask.
· Pay your rent on ETH by using OBFC to wire money to your landlord!
**Give us feedback!!**
Check out the app, at [obfc.finance](https://obfc.finance/)
We are at a really early stage in developing this system, so if you are interested in helping us or giving us initial feedback please do reach out.
We think this is a pretty interesting example of how you can use ETH to interact with traditional banking infrastructure.
Please be advised, this is highly experimental right now and you should reach out to us if you are interested in trying it out. (read the [transparency](https://forum.obfc.finance/c/transparency/5) tab for more information).
Team OBFCFriday, April 1st, 2022 at 02:45 #206224Perleflamme
Ok, if it delivers and isn’t too expensive, this is an interesting middle ground between crypto and the rest of the world. I’ll have to check it out, though.Friday, April 1st, 2022 at 02:45 #206225rainingcrypto
trying a test by adding a JP morgan routing number number and a dummy 10 digit account number, can’t progress past the page as it seems the routing number isn’t taking
Please look into this if you can
Other than that, if this tool works, WOW, this is impressiveFriday, April 1st, 2022 at 02:45 #206226VeronicaX11
So I don’t quite understand, have some questions.
So are users sending in a stablecoin to you, and then the token transfer txn just acts as an “intent to move funds” with the destination details inside? How is this payload kept out of prying eyes?
And then for the fiat part… are you just honoring the txn and wiring the money to the final destination yourself after receiving the request?
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