Global Payments Future-state process depiction Initiate relationship Transfer money Deliver funds Actpost payment Sender ID Transfer amount 7 1 Beneficiary ID Date and time FX rate Payout conditions Distributed On-demand Verify KYC Sender Beneficiary bank Fiat currency Fiat currency bank Verify KYC ledger reports Transfer request Submit transfer 5 Pay funds Sender Smart contract 6 Beneficiary 2 3 Money 4 Real-time AML Money transfer transfer operator operator Regulator Regulator Future-state process description 1 Trust between the senderand a 4 The regulator can monitor 6 Funds are deposited 7 The transaction history is bank or money transfer transactions in real time and automatically to the beneficiary available on the ledger and can operator is established either receive specific AML alerts account via a smart contract or be continuously reviewed by via traditional KYC or a digital through a smart contract made available for pickup after regulators identity profile 5 A smart contract enables the verifying KYC 2 A smart contract encapsulates real-time transfer of funds with the obligation to transfer funds minimal fees and guaranteed between sender and beneficiary delivery without the need for 3 The currency conversion is correspondent bank(s) facilitated through liquidity providers on the ledger WORLD ECONOMIC FORUM | 2016 51