To understand better how Axon works, we have broken it down into four basic performances as explained below.
1. ROUTING
2. CLEARING
3. BRANDING
4. ACCESS TO THIRD-PARTY VALUE-ADDED SERVICES
1. Routing
Just like when someone buys something fancy, like a Venti caramel macchiato, and pays with a credit card, that coffee shop terminal asks for authorization to the issuing bank of the customer. Axon’s routing process is almost identical.
Axon routes mobile payments, remittances and other transactions from the sender’s bank account, credit card, or debit card, to the receivers account.
The originating and receiving processors do not need to have a direct connection or know the identity of the other party. Axon will store each person’s phone number and a proxy ID that points to the owning processor.
When a transaction is sent via Axon, the system first checks to see if the receiver’s phone number is a known user, then routes the transaction to the receiver’s processor for acceptance and execution.
If the receiver is not a member of our system, then a SMS message will be sent inviting the person to open an account.
2. CLEARING AND SETTLEMENT
When using Axon, the users are guaranteed instant payments between them. It only has to be accepted and authorized by the system and users will have instant access to their money. The actual exchange of the money (settlement) and the updating of the accounts (clearing) are handled by using a simple correspondent banking structure.
The clearing bank executes each transaction by debiting or crediting the respective clearing accounts they hold, so all mobile transactions are updated instantly.
3. BRANDING
Very much like Visa or MasterCard, Axon will have a distinctive service mark for branding use so that a member can transact with other members via their mobile phone.
Axon’s objective is to inform, educate and create awareness of its service mark. Branding will appear in credit cards, marketing and advertising materials.
4. VALUE-ADDED SERVICE
Axon is much more than payments sent via a cell phone. Not only are we the latest technology out there, but our research suggests that users are very interested in loyalty point programs,
coupons, promotions, personal and pay day loan requests, bill presentment and payment, prepaid airtime top-up, etc. Keeping this in mind, future iterations will include solutions for these and other non-fiscal needs such as pay-per-view TV programming for mobile phones or other emerging technologies.
We would like to improve how people and businesses interact with each other. Our vision is to create a network where our partners will attract more users, which in turn will attract more partners, etc.
