Each time a seller wants to trade a digital asset for fiat money, the digital asset gets secured by a smart contract escrow account. These smart contracts release the digital asset to the buyer if and only if the buyer sends the right amount of fiat money directly to the seller of the digital asset. The smart account is not controlled by any third party and operates solely on the base of its pre-programmed logic.
The Seller locks the asset in a smart contract acting as a trustless escrow > The Buyer sends a pre-set wire transfer to the Seller > The Payment Oracle verifies the payment using open banking protocols > Smart-contract/trustless escrow releases the asset to the Buyer.
Security, transparency and automation are key benefits. There is no middleman managing escrows as the smart contract takes care of that, thus eliminating risks associated with fraud and/or collusion of parties involved.
There are no manually processed payments which are prone to errors - transfers are handled by open banking API, so to use the service you need web3 ETH wallet and a bank account with compatible financial institution.
For a time being RAMP works with the vast majority of UK banks but expansion to the EURO-zone is just behind the corner.
