PayRoom - The First Secure Remittance & Payment platform, Supporting both Crypto & Fiat
DigiAlpha is proud to introduce PayRoom, the first secure remittance & payment platform which supports both cryptocurrency and fiat currencies. This platform, a first of its kind, represents a Diverse solution for secure digital payments.
PayRoom offers innovative features that facilitate payment services for individuals and legal entities in a secure, traceable, and reliable environment.
To fully showcase PayRoom’s capabilities, we must first address the global challenges and issues in digital currency and cryptocurrency transactions, before presenting our platform.
What have we achieved?
Despite ongoing sanctions, a significant volume of international export and import transactions are conducted using digital assets and cryptocurrencies, while countless freelancers globally earn income in diverse currencies, often received via digital means. Additionally, many families use digital currencies to support their children by depositing funds into international wallets. However, the peer-to-peer nature of these transactions, which requires absolute trust between parties, often leads to human error, fraud, and challenges such as non-payment for freelancers or restricted international transactions for companies. To address these issues, experts have developed a secure digital currency and asset remittance payment platform that simplifies, accelerates, and secures fiat and crypto transfers. Users register on the platform, establish Blockchain-based contracts with encrypted documents like agreements and invoices, and benefit from automated contract execution and payments based on predefined terms. A standout feature is the ability to freeze funds until conditions are met and mutual confirmation is obtained from all parties, ensuring a safe and reliable transaction environment.
Continue reading to explore more about this platform’s unique functionalities.
Unique and Exclusive Features of PayRoom:
Features of the Digital Currency Remittance Payment Platform
Online check/Cheque
- Sender and Recipient Selection via ID: Allows users to choose the sender and receiver using their unique IDs.
- Specify Digital Currency Amount and Type: This enables users to define the exact amount and the specific type of digital currency for the transaction.
- Specify Contract Type (Secure Payment): This feature allows users to select the type of contract, with the “secure payment” option.
- Attach Files and Financial Documents Related to the Payment: Offers the functionality to attach relevant files and financial documents to the payment transaction.
- Payment Confirmation Required by Both Parties: Mandates that both the sender and the receiver must confirm the payment for the transaction to be processed.
- Add Name and Description to the Online Check: Allows users to personalize the online check by adding a name and a description for easy identification and record-keeping.
- Specify Time and Date for Check Settlement: Gives users the ability to set a specific time and date for when the online check will be settled.
- Receive and Confirm the Check Confirmation Invoice: Ensures that users receive and can confirm an invoice that validates the details of the online check transaction.
Single Payment Contracts
- Add Name and Description for the Contract: Allows users to personalize the contract by adding a specific name and description.
- Attach Related Files and Contract Documents: Enables the attachment of required files and documents to the contract for complete record-keeping.
- Specify Sender and Receiver with Account IDs: Requires users to clearly define the sender and receiver of the contract using their unique account IDs.
- Enter Payment Details Including Currency, Amount, and Payment Date: Facilitates the input of all essential payment information such as the currency, exact amount, and scheduled payment date.
- Flexible Payment Schedules: Immediate, Daily, Weekly, Monthly, and Custom: Offers a variety of payment timing options, ranging from immediate to custom schedules including daily, weekly, and monthly intervals.
- Define Payment Conditions: Secure, Approval Required, Editable, or Cancelable: Provides options to set specific payment conditions such as secure payment, mandatory approval, and whether the payment is editable or cancelable.
- Set the Required Approval Time from the Counterparty: Allows the contract creator to specify the timeframe within which the counterparty must provide their approval.
- Deposit Contract Amount and Option for Fund Blocking Based on Payment Conditions: Includes the functionality to deposit the contract amount with an option for funds to be blocked based on the pre-defined payment conditions, ensuring security.
- Withdrawal of the Amount by the Recipient After Fulfilling All Contract Obligations: Ensures that the recipient can only withdraw the contract amount once all obligations and terms of the contract have been successfully fulfilled.
- Dynamic Payment Methods: Supports various payment methods to accommodate different transaction needs.
- Multi-Stage Payments: Supports payments that can be divided into multiple stages or parts.
- Periodic Payroll (HR) Payments: Specifically designed for managing and executing periodic payroll payments for Human Resources or payments that are reoccurrence.
One or Multi-Payment Contracts
- Add Multi-Stage and Flexible Payments: This extension extends functionality to include contracts with multi-stage payment structures and more flexible payment arrangements.
- Align Total Payments with the Overall Contract Amount: Ensures that the sum of all individual payments accurately matches the total agreed contract value.
- Add Name and Description for the Contract: This option allows users to personalize the contract by adding a specific name and description.
- Attach Related Files and Contract Documents: Enables the attachment of necessary files and documents to the contract for complete record-keeping.
- Determine Sender and Receiver with Account IDs: Requires users to specify the sender and receiver of the contract using their unique account IDs.
- Enter Payment Details Including Currency, Amount, and Payment Date: Facilitates the input of all essential payment information such as currency or crypto, precise amount, and payment date for each stage.
- Flexible Payment Schedules: Immediate, Daily, Weekly, Monthly, and Custom: Offers a variety of payment timing options for each payment stage, ranging from immediate to custom schedules including daily, weekly, and monthly intervals.
- Define Payment Conditions: Secure, Approval Required, Editable, or Cancelable: Provides options to set specific payment conditions for each payment stage, such as secure payment, mandatory approval, and whether the payment is editable or cancelable.
- Set the Required Approval Time from the Counterparty: Allows the initiator to specify the timeframe within which the counterparty must provide their approval for each payment stage.
- Payment Confirmation Required from Both Parties Separately for Each Payment: Both the sender and receiver must independently confirm each payment in a multi-payment contract.
- Deposit Contract Amount and Option for Fund Blocking Based on Payment Conditions: Includes the functionality to deposit the contract amount with an option for funds to be blocked based on the pre-defined payment conditions, ensuring security for each payment.
- Withdrawal of the Amount by the Recipient After Fulfilling All Contract Obligations: Ensures that the recipient can only withdraw each payment amount after fulfilling the relevant obligations and terms associated with that specific payment stage within the contract.
Human Resources (HR) Payments
- Define Periodic Human Resources Payments: Functionality to set up recurring payment schedules specifically for HR purposes.
- Add Name and Description for the Contract: Allows users to add a specific name and description to the HR payment contract for easy identification.
- Attach Related Files and Contract Documents: Enables the attachment of relevant documents and files to the HR payment contract, ensuring comprehensive record-keeping.
- Specify Sender and Receiver with Account IDs: Requires users to clearly define both the sender and receiver involved in the HR payment using their respective account IDs.
- Enter Payment Details Including Currency, Amount, and Payment Date: Facilitates the input of all necessary payment details, including the currency, exact amount, and scheduled payment date for HR payments.
- Flexible Payment Schedules: Immediate, Daily, Weekly, Monthly, and Custom: Offers a wide range of payment schedule options, from immediate payments to customized schedules including daily, weekly, and monthly frequencies, to suit various HR payment needs.
- Specify the Frequency and Timing of Payment Recurrence (Daily, Weekly, Monthly, etc.): The ability to define how often and when the HR payments should be repeated, offering options like daily, weekly, monthly, and more.
- Set the Time and Date Using an Online Calendar: Simplifies the scheduling process by allowing users to select and set specific payment dates and times using an integrated online calendar.
- Set the Required Approval Time from the Counterparty: Allows the initiator to determine and set the timeframe within which approval is required from the relevant counterparty for the HR payment.
- Automatic Payment Execution Based on Defined Conditions and Schedule: HR payments are automatically processed according to the pre-defined conditions and schedules
- Specify the Start Time for the First Payment: Allows users to set a specific start time for the commencement of the first payment in the HR payment schedule.
- Deposit Contract Amount and Option for Fund Blocking Based on Payment Conditions: Includes the feature to deposit the total contract amount, with an option to block funds based on the payment conditions, providing enhanced security for HR transactions.
- Withdrawal of the Amount by the Recipient After Fulfilling All Contract Obligations: Ensures that the recipient can only access and withdraw the payment amount after all specified contractual obligations related to the HR payment have been successfully fulfilled.
The User Panel
The user panel provides tools for managing contracts, payments, tasks, businesses, wallets, and profiles, with features like quick access, filtering, and transaction tracking. It also supports team management, security settings, and financial reporting for seamless digital operations.
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Dashboard
• Quick Access to Online Check/Cheque • Quick Access to Payment Methods • View Payment Lists • View and Copy Personal or Business ID or business identification. • Access to Profile page • Quick Access to Other Operational Sections:
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Contracts
• Create New Contracts (Single or Multi-Payment & HR) • View List of All Contracts (Name, Sender & Receiver, Amount & Payment Date) • View Contract Details (Title, Descriptions, Attached Files, etc. • Download Files Attached to Contracts • Add New Payments to Contracts
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Payments
• Create New Payments for Contracts • View List and Details of Payments • View Payment Status (Confirmed, Deposited, Expired, etc.) • Filter Lists Based on ID, Contract Title, Payment Title, Status, Date, etc.
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Task List
• View and Perform Actions Requiring User Approval • View and Perform Actions Requiring Approval for User's Businesses • View List Based on Name, Total Amount, Currency, Beneficiaries, Status, etc. • Filter List Based on Business Name, Currency, Contract and Payment Title, Date, etc.
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Business & Legal Entities
• Define Business or Team Title and Members • Define Different Access Levels and Roles for Team Members • View List Based on Name, Number of Members, Withdrawals, Status, and Date • View Business Balance, Recent Withdrawals, Members, etc. • Ability to Attach Necessary Files and Documents to the Business Profile • Ability to Update Business Information Such as Type, Name, Number, Descriptions, Address, etc. • Ability for Admin to Verify the Business
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Wallet
• Access to Deposit and Withdrawal Functionalities • Whitelist Addresses • List of Wallet Transactions Based on Currency, Network, Amount, Type, Status, Date, etc. • Transaction History Based on Currency, Amount, Fee, Type, Source, Status, etc. • View Balance and Ability to Increase or Decrease It • View Graphical Reports of Cash Flow and Financial Operations
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Profile
• Account Settings (Name, Email, Address, Contact Information, etc.) • Security Settings (OTP, Security Level Configuration) • View and Manage the User's Contact List • View and Download Reports of All Financial Activities • Create and Send Invitation Codes(referrals) for Colleagues and Friends
Payroom in a Nutshell
Payroom is a digital currency and crypto remittance and payment platform that leverages the power of Blockchain technology and smart contracts to provide a secure, fast, and reliable solution for international payments with comprehensive payment types and options.
With this system, you can easily receive and make payments, create smart contracts, and establish advanced or multi-stage payments based on financial agreements. This system allows you to send money instantly at a scheduled time.
Our smart contracts automatically execute payments when the pre-defined conditions of the contract are met. Different payment methods are used once all parties involved in the contract have accepted and confirmed them.
Payroom is an ideal platform for businesses and HR departments that need to make payments in Specific terms or with defined and periodic timeframes.
Individuals, businesses, and government organizations anywhere and anytime around the world can securely perform their financial transactions within this system. Our platform offers Secure, fast and low-cost international payments and remittances.
We aim to grow into a crypto banking service for individuals and businesses worldwide.