PayPal veterans launch SWIFT-like cross-border payments network on Sui

Fintech startup Six Clovers launched the Versal Network on the Sui blockchain. It's designed to enable faster, more cost-effective and secure cross-border payments.

Combining blockchain technology with existing fiat infrastructure, the Six Clovers API allows organizations to integrate the Versal Network into their technology stacks, enabling real-time payments in stablecoins and Central Bank Digital Currencies, according to a statement.

Six Clovers was founded by PayPal veterans in 2021 with venture investment from Borderless Capital, BCW Group and Grupo Supervielle. Sui, a Layer 1 blockchain developed by Mysten Labs, utilizes the Move programming language originally developed at Facebook to power its abandoned Diem cryptocurrency project.

Versal aims to close the gap between established web2 and web3 commerce by “abstracting the blockchain and making the infrastructure invisible to customers,” Six Clovers co-founder and CEO Jim Nguyen said in the statement. “We’re accelerating the time to market for enterprises to build efficient and easy-to-use payments and digital asset applications.”

SWIFT similarities

“Sui offers an infinite scalability that is perfectly suited for the next-gen web3 payment network that Six Clovers has built,” Sui Foundation Managing Director Greg Siourounis added. “The tooling Six Clovers has created empowers every enterprise building on Sui to seamlessly integrate blockchain-native payments into their enterprise applications.”

Similar to the SWIFT network’s payment rails in traditional finance, Versal aims to provide a more modern, 24/7 payment infrastructure without the inefficiency of multiple intermediaries and lengthy settlement times while maintaining regulatory compliance and transaction privacy, Six Clovers said.