Information on MyxPay

MyxPay is an Encrypted BlockChain Ledgered Payment System that uses a true Digital Identifier (XPR) to reflect the actual fiat monetary value of the contents of a digital wallet / ledgered account, enabling the instantaneous transfer of payments between our users for goods and services.

What is XPR and what is it used for?

XPR refers to xPay Rewards. Technically XPR is a digital Identifier and designed to make instantaneous payments using encrypted blockchain technology. A transaction using XPR will essentially move a quantity of XPR from one digital account to another.

Are xPay Rewards (XPR) legal tender?

XPR is not money, rather XPR is a digital representation of monetary value held, and fully accessible inside a digital account / ledgered account. When a user transmits XPR, it is done instantly, and redeemable instantly.

Does the XPR have a known value?

XPR has a unit ledger value of € 0.25 (Euro), and fully convertible at redemption to most local market pricing.

How does the system work?

A user will have a value of XPR or currency in their digital wallet, reflecting true monetary value. There are multiple options to access those assets. After syncing a user bank account to myxpay, in each case below, the user is required to input sending / receiving account information and sending values to activate transaction. Seamless usability ensures instantaneous execution on account to account transactions and payment transactions. Transactions ordered to your bank take a little longer.

• Transfer between xPay Accounts
• Transfer between XPR Accounts
• Outgoing Wire Transfer
• XPR to xPay
• Transfer between users
• Fund user Card
• ACH add Funds
• Add rewards to Account
• Other options on the way

What about your Blockchain?

Our blockchain is proprietary and developed for our closed central system. All transactions made through myxpay are stored in blocks, time stamped, immutable and fully transparent. Thus, our system is entirely reliable, offering complete audit-able, secure documentation of all transactions.

What are Nodes?

A blockchain exists out of blocks of data. Those blocks of data are stored on nodes - which form the infrastructure of a blockchain. All nodes on a blockchain are connected to each other and constantly exchange the latest blockchain data with each other so each node reflects the same datThe nodes store, spread and preserve the data guaranteeing a constantly working blockchain. Myxpay currently operates using five nodes.

Can XRP be used outside of your blockchain?

No. XRP is not a cryptocurrency, but a rewards identifier. It is no different from “frequency points” a user might get for visiting a coffee shop, or an airline. However, if a company that sells coffee or airline tickets joins the myxpay network, then users could use XRP’s for purchasing coffee or tickets.

How does XPR differ from a cryptocurrency?

XPR is a digital reward identifier located on the myxpay proprietary blockchain. It reflects fiat value only, having no value beyond that. XPR cannot gain value beyond its set value. Each XPR is fixed at €0.25 Euro per unit. Clearly, XPR is not cryptocurrency.

What is Myxpay’s official position on cryptocurrencies?

Cryptocurrency is characterized as a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Bitcoin is the most popular example. We are fully supportive of cryptocurrencies as long as they are properly controlled and regulated. We believe myxpay can provide significant benefits for our clients in terms of reducing settlement risk, and lowering transactional costs.

What Security and Compliance Controls do you have in place?

Myxpay users must complete full KYC (know your client) documentation before they can access funds or rewards from their accounts. Each account allows for the user to synch their bank account to their digital wallet for streamlined connectivity. With a strong AML plan (anti-money laundering) in place, myxpay is well positioned to guard against financial misuse.

Can you respond to the issue of Security Breaches?

We are a small, agile company with dedicated professionals ensuring our systems’ security is not only private, but highly encrypted. You just can’t get into it. There are too many security features that make it impossible to break into. Our system is proprietary: we only use our own technology, and rely solely on our own API’s (unlike others) and blockchain securities. Some well known and extremely large companies have other priorities. The following well known public companies, for instance, have violated user privacy by having user data accessed / having their security / your data breached / stolen: JP Morgan Chase, Facebook, Amazon, Zoom, Adobe, Wells Fargo, Yahoo, Equifax, Capital One Bank, Republican National Committee, Marriott Hotels, Citifinancial / Citigroup, TRW Info Systems, Target stores, Ebay, First American Insurance, and the list just does not stop.

Is your security built using Open Source Technology?

We applaud Open Source. However, we understand that 41% of cyber-security Apps contain high-risk open source vulnerabilities. And, with a general trend towards open source code - more than 75% of Apps - due for faster App production, we think companies are compromising user security over their desire for faster incomes. We believe there is a time and place for open source, and it should be used with caution. Particularly when it is used in financial Apps.

How are the currency conversions made on myxpay?

We rely on one of the largest business payments networks to give us the most up to date true foreign currency exchange rates. Once you select your amount and chosen currency to be transferred / wired to your bank account, your balance will reflect the new currency. Once you confirm, your funds will arrive in swift time.

I want to wire money but don’t see my select currency?

We are sorry if you cannot find what you are looking for. Bear with us, our providers are working on adding more currencies all the time. Right now, we can send your funds to 130+ countries.

What are my limits when sending money?

There are no real limits. Keep in mind, larger payments may take longer and in some cases will be sent in tranches.

What’s IBAN and SWIFT?

IBAN refers to international bank account number. SWIFT refers to Society for Worldwide Interbank Financial Telecommunication. These codes identify your transaction during the sending process.

When I send funds, do I get charged at the other end?

Whether you will be charged for incoming funds is subject to the way the account was opened. Some charge fees, others don’t. You will have to ask the receiving bank.