Bige are totally independent from banks and telephone companies, and are able to direct and settle funds instantly from our customers personal accounts to the merchant’s corporate accounts on a closed loop basis. Bige uses the Open Banking Platform and by doing so have effectively removed all third party influences that delay payments and add to the cost of traditional payments such as credit and debit cards and SWIFT transfers for effecting payments. A closed loop indicates that there are interactions between 2 or more internal elements without interference from the outside. In the financial sector it’s often related to money transfers between accounts in the same financial institute. In Bige's case, when issuing virtual accounts to both the merchant and the end-user, it is considered closed loop processing, as the transactions stays in the same closed network. When the end-user uses the Bige account the transaction will be routed directly to the Bige platform and the transaction will be cleared and settled directly and instantly. The traditional payment network and card-schemes are not involved and the settlements can be performed instantly. Closed loop payments can be available for all Internet and mobile payments as well as NFC payments. Solutions and services: Seamlessly integrate API to banking services to enable creation of digital ledgers which connect to real bank accounts Issue IBANs for ledgers receive money/send money Convert money (FX) Collect money (direct debit) Issue cards Manage credit Key points for merchants: Cashflow due to instant settlement of funds No holdback/reserve requirement No chargebacks Close to 100% conversion rate Almost eliminate the costs normally associated with processing payments Highly secure closed loop transactions Virtually eliminate the possibility of fraud