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# System prepended metadata

title: BOLT - Bank Originated Ledger Transfers

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# *BOLT* - Bank Originated Ledger Transfers 

**BOLT connects real-world bank payments with smart contracts.**  
Using cryptographically signed payloads from Open Banking APIs, BOLT enables smart contracts to verify off-chain payments and account data — unlocking programmable escrow, non-custodial onramping, and verifiable fiat-backed assets. 

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### Why now? 

1. **RWA Tokenization is exploding** 
- Tokenized RWAs have nearly doubled in last year to [**$25Bn+**](https://app.rwa.xyz/) on public chains, driven by private credit, U.S. Treasuries and commodities.
- Fiat-based settlement bridges the gap between traditional rails and tokenized finance 

2. **Crypto On-Ramp Friction Remains High**  
- Popular on-ramp services (coinbase, ramp, moonpay) charge ~1% on average to onramp. 
- OTC desks? only for whales. 
- Stablecoin bridging and custodial risk further inflate cost and complexity. BOLT removes these entire detours.
3. **Open Banking Adoption is Global**  
- [Over 78 countries]((https://coinlaw.io/open-banking-adoption-statistics/?utm_source=chatgpt.com)) now have formal or de facto open-banking frameworks (up from ~60 just two years ago). 
- OB infra is the futuure, BOLT makes it interwoven with smart contracts. 


### A New Financial Primitive 

BOLT introduces a new trust model: instead of sending crypto, smart contracts verify that an off-chain payment was completed via OB. 

This flips the script on the “everything on-chain” visions for crypto UX. Users are not forced to adopt new wallets, they are met where they already are, offering a familiar path to global adoption without reinventing everyone’s financial habits. 

This is in line with the philosophies of zkTLS, zkPassport, zkEmail of proving real world private data in smart contracts. 

BOLT compliments stablecoin adoption by smoothing the last mile UX between fiat <-> crypto. 


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### Use cases: 

#### 1. Non-Custodial Onramping (P2P & B2B)
Peer-to-peer markets like [zkp2p.xyz](zkp2p.xyz) are growing and offerring cheaper alternatives, but rely on weak TLS-based proofs. OB payment attestations, BOLT enable stronger trust guarantees and unified bank coverage across EU/UK banks in a single integration. 

Stablecoin onrampers and orchestrators do not need to develop business partnerships across borders but can transact trustlessly. OB proofs allows for more streamlined commercial partnerships. 


#### 2. Trade Finance Escrows 

Escrow-based trade finance instruments like Letters of Credit (LCs), Cash-Against-Document (CAD) are slow and costly. Major shipping lines indicated all Bills of Lading (BOLs) will become electronic by 2030. Already, services like [eTEU](https://eteu.co.uk) and [cargoX](https://cargox.io/) are tokenizing them, allowing them to be placed in escrow smart contract already. OB proofs provides unlocks for this industry: 
 
- Escrows release automatically based on verified payments triggerring a transfer of ownership of the goods. 
- No Crypto (stablecoin) onbaording required: payments settle via familiar bank rails. 


#### 3. Settlement for Tokenized Assets

- BOLT enables direct peer-to-peer settlement (B2B) using OB-verified bank payments cutting out custodians, clearinghouses and expensive intermediaries. 
- This unlocks new design space: decentralized orderbooks for bonds, compliant DEXs for real-world assets, etc.

#### 4. Auditable stablecoins 

Stablecoins are approaching $270bn in marketcap. There are [100s of stablecoins](https://www.coingecko.com/en/categories/stablecoins) today. Stablecoin issuers can use OpenBanking APIs to:
- Prove onchain that user funds were sent to regulated brokers
- Provide verifiable audit trails of fiat collateral
- Enable real-time, self-custodial audits of cash balances

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### Product Vision: bolts.money

A programmable escrow pipeline where **bank payment events can trigger smart contract actions**, using cryptographically signed payloads as input.

### Roadmap 

- 🔜 Obtain EU & UK Open Banking license (AISP + PISP)
- 🔜 Go live with first merchant integration (starting with [zkp2p.xyz](https://zkp2p.xyz))
- 🔜 Launch escrow app for trustless settlement of tokenized RWAs using fiat payment proofs
- 🔜 Industry-specific programmable escrow platforms (starting with trade finance + digital logistics)


### User flow 

![image](https://hackmd.io/_uploads/BkJWYukulx.png)

1. RWA token seller locks funds in escrow smart contract 
2. Buyer receives commitment details  
3. Buyer initiates fiat payment via BOLT interface 
4. BOLT hits the payment initiation endpoint with bank 
5. Bank sends fiat payment to seller 
6. Bank returns a signed payment confirmation (JWS + cert chain)  
7. BOLT verifies proof and submits it to escrow contract  
8. RWA Asset ownership passes on to buyer. 
---

### openbanking.nr library 

**OpenBanking.nr** is an open source zk-circuit library in Noir for verifying Open Banking payment attestations on-chain.

- zk circuits written in Noir (verifiable in EVM, Aztec, Hyli, Stellar)
- Verifies JWS (PS256) + X.509 chain + OCSP response
- Implemented by Attested Frontiers contributors, will be maintained by bolts.money team
- Repo: [github.com/attested-frontiers](https://github.com/attested-frontiers)

Coming soon:
- EVM-compatible verifier
- Production ready escrow patterns
- DevX & tooling for seamless OB zk integration


### Demo 
- Live at [bolts.money](bolts.money)
- sandbox: Revolut's OB testing environment 
- Settlement: Aztec testnet (Ethereum L2 with built in privacy. 

![image](https://hackmd.io/_uploads/S1rK0dJuxx.png)


### How it works (Tech dive)

When a user initiates a payment through a licensed Payment Initiation Service Provider (PISP), the bank returns: 

- A **digitally signed** JSON Web Signature (JWS) using **PS256**
- A certificate chain for signature verification
- An OCSP proof (to confirm certificate validity)

This payload forms a **verifiable proof of payment**.

**openbanking.nr** parses and verifies all this in Zero Knowledge using Noir — keeping private financial data hidden, while proving payment occurred.

OB proofs can be verified in:
- EVM chains
- Aztec Network
- Any Noir-compatible VM (e.g. Stellar, Hyli)



![image](https://hackmd.io/_uploads/H1b-1ty_xx.png)

More technical detail here: [Technical Explainer](https://attestedfrontiers.xyz/blog/openbanking.nr.html)


### References

- 📹 [Demo Video](https://www.youtube.com/watch?v=LAWvuWSm3wQ)
- 📘 [Technical Explainer](https://attestedfrontiers.xyz/blog/openbanking.nr)
- 💻 [GitHub: openbanking-circuit](https://github.com/attested-frontiers/openbanking.nr-circuit)


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### About Attested Frontiers (R&D Origin)
Attested Frontiers is an open source R&D lab focused on:

- Zero Knowledge cryptography
- Verifiable data attestations from Public Key Infrastructure
- Real-world asset programmability

BOLT is its first commercial spinout, focusing on programmable escrow and OpenBanking primitives.







