.Swiss fintech Fiat24 is rebuilding banking infrastructure using Web3 technology, utilizing ERC-721 to represent clients’ on-chain IDs and ERC-20 for deposits.
For Fiat24, the NFTs are used to represent client identities, making it possible for the platform to know who is who in their ecosystem. However, more than just acting as digital identities, the NFT also serves as legal proof of ownership for the client, proving that they are the account holder. Opening a Swiss IBAN account for the client, with the last few digits of the account corresponding to the NFT number, Fiat24 offers features beyond those of a typical Swiss bank account.Customer account balances are represented using ERC-20 tokens, and all operational logic is executed through smart contracts.
Fiat24 has connected with traditional payment networks like SWIFT, SEPA, Visa and Mastercard, synchronizing payment information through ERC-20 tokens directly onto the blockchain.verification is complete, this IBAN functions like any European bank account. However, it stands out because you can seamlessly convert digital currencies into fiat currencies and receive a Visa debit card to access your account balance..