How to: Financial Transactions with Secure QR Codes

Rajesh Soundararajan
Jan 17, 2023
5 min read

A Comprehensive FAQ

Qryptal is a revolutionary system that uses secure QR codes to automate and secure financial documents such as bank statements and cheques. The codes can be added to both electronic and printed documents and provide a high degree of security, decentralization, and credibility while also reducing processing time. If you’re interested in learning more about how Qryptal can benefit your organization, you’re in the right place! Our comprehensive Qryptal FAQ covers all the important questions you might have about this powerful tool. From the benefits of using Qryptal QR codes for bank statements to the ways in which Qryptal can reduce cheque fraud and improve the security and privacy of financial documents, we’ve got you covered. So don’t wait - start learning more about Qryptal today and see how it can help your organization streamline financial processes and increase efficiency.

Q: What is Qryptal, and how does it work?

A: Qryptal is a system that uses secure QR codes to secure and automate various financial documents, such as bank statements and cheques. The QR code is added to the document using a Qryptal generator, and the same can be validated using a dedicated QR validator app. This helps to improve the document’s credibility and reduce processing time while providing a high degree of security and decentralization.

Q: What are the benefits of using Qryptal QR codes for bank statements?

A: Using Qryptal QR codes for bank statements has several benefits, including:

They can be used for both printed and electronic documents.
There is no need to maintain a separate database.
There is no URL, so there is no risk of phishing attacks.
They are easy to integrate with existing document generation systems.
They make the document tamperproof and easily verifiable using a dedicated app.
They offer good security and privacy, as the information is shared on a need-to-know basis and with the implied consent of the document holder.
Only the issuing organization can generate the QR code with the digital signature.

Q: How does Qryptal help to reduce cheque fraud?

A: Qryptal’s secure codes for cheques help to substantially reduce the risk of cheque fraud. Adding a secure code to the cheque makes it tamper proof as the code can only be generated by the bank or its authorized printers or customers. All the key details of the cheque are securely signed and sealed inside the code, making it difficult for fraudsters to tamper with the cheque.

Q: Can Qryptal secure codes be used for other financial documents?

A: Yes, Qryptal’s secure codes can be used for various types of financial documents, including payment instructions and trade finance documents. The system is flexible in terms of the data that can be encapsulated in the code, allowing it to be customized for different types of documents.

Q: How can Qryptal secure codes be integrated with existing document generation systems?

A: Qryptal secure codes can be easily integrated (using APIs) with existing document generation systems by adding the code as an image using the Qryptal generator. The integration process is straightforward and can be completed quickly, allowing organizations to begin using secure codes for their financial documents.

Q: How does Qryptal improve the security and privacy of financial documents?

A: Qryptal improves the security and privacy of financial documents by encapsulating the necessary details of the document inside a secure code that only the issuing organization can only generate. This ensures that the information is only shared on a need-to-know basis and with the implied consent of the document holder. Additionally, using secure QR codes and a dedicated validator app helps to reduce the risk of phishing attacks and other types of fraud.

Q: Can Qryptal be used as an alternative to blockchain for secure financial transactions?

A: Qryptal can act as an alternative to blockchain for secure financial transactions by embedding a high degree of security and decentralization into the document through secure QR codes. This can help improve the transaction’s credibility while dramatically reducing processing time and saving millions of dollars in losses.

Q: Is Qryptal only useful for banks and financial institutions?

A: While Qryptal is particularly well-suited for use in the banking and financial services industry, it can also be used by a wide range of organizations that need to secure and automate financial documents. This includes companies in other industries that need to process large amounts of information and documentation, such as insurance companies, healthcare companies, accounting firms, government entities and more.

Q: How does Qryptal reduce processing time for financial transactions?

A: Qryptal reduces processing time for financial transactions by automating the verification and validation process through the use of secure QR codes. Instead of manually verifying the document’s authenticity, the QR code can be quickly scanned and validated using a dedicated app or using API validation, saving time and effort. This can help to streamline financial processes and increase efficiency.

Q: Can Qryptal secure codes be used for electronic documents as well as printed documents?

A: Yes, Qryptal secure codes can be used for both electronic and printed documents. The code can be easily added to electronic documents as an image using the Qryptal generator, and the same code can be used for both electronic and printed versions of the document. This allows organizations to use Qryptal to secure a wide range of financial documents, regardless of whether they are in electronic or physical form.

You may also like