Blockchain Makes Inroads Against Cross-Border Payments Friction

Blockchain Makes Inroads Against Cross-Border Payments Friction

Blockchain
June 17, 2020 Komal Joshi
318
Blockchain payments company Ripple has declared that Brazil’s Banco Rendimento has signed on to utilize RippleNet Cloud, Ripple’s cloud-based payment network, according to a press release. Banco Rendimento is the first bank to use Ripple technology that is entirely cloud-based. The technology allows faster cross-border transactions through the blockchain. In contrast, for the FI itself,
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Blockchain payments company Ripple has declared that Brazil’s Banco Rendimento has signed on to utilize RippleNet Cloud, Ripple’s cloud-based payment network, according to a press release. Banco Rendimento is the first bank to use Ripple technology that is entirely cloud-based. The technology allows faster cross-border transactions through the blockchain. In contrast, for the FI itself, the cloud-based technology allows a more seamless combination and a lower total cost of ownership, the companies stated.

“Migrating our payment infrastructure to RippleNet Cloud allows us to provide our customers with a best-in-class experience,” said Jacques Zylbergeld, FX superintendent at Banco Rendimento, in a statement. “Customers can now enjoy more transparency and easier navigation for both submitting payments and trading. RippleNet also allows us access to global partners, offering a standardized solution, and ensuring the integration and onboarding processes are seamless.”

IXOPAY Associates To Ease Merchants Onto Crypto

Intended for businesses without experience in cryptocurrency or blockchain, IXOPAY joins businesses to a DLT-based payment tool to offer seamless payment management. The company currently declared an association with Finrax, which will combine an end-to-end solution that assists merchants’ capability to accept and send cryptocurrency and settle funds in euro or crypto. The firms highlighted the beneficial use-case of the technology in the cross-border B2C and B2B payments space, noting, “the advanced payouts feature provides a fast and reliable way to initiate payments to suppliers and vendors.”

“We can see that the demand for crypto payments is growing, which is why we want to make sure that our clients have access to [payment service providers] who are specialists in the field,” IXOPAY Chief Strategy Officer Gox Mailer said in a statement.

Apifiny Debuts Instant Global Settlements

Utilizing blockchain technology, Apifiny has rolled out a new solution for FIs to stimulate global payments and remittance clearing and settlement for both conventional and digital assets. Named Roxe, the settlement network promotes real-time clearing of transactions over borders.

Looking at some of the biggest points of friction in the traditional correspondent banking system, Apifiny saw the value that blockchain and digital assets have to overcome inefficiency in currency exchange, lack of transparency, and a lack of speed associated with traditional cross-border payments.

“Today’s global financial system is extremely fragmented, meaning assets cannot be quickly and freely transferred between markets, countries and various settlement systems,” the company said in a statement. “… Roxe aims to solve this value transfer problem by more efficiently connecting the world’s banks, scattered assets, markets, and systems around the world to free asset transfer from the friction built into financial institutions’ accounting systems.”

Switzerland Eases Rail Friction With QR Codes

Switzerland is gearing up to roll out a new invoicing and bill payment technology that utilizes QR codes to discuss the friction of traditional payment methods. Named QR-bill, the technology, which will launch at the end of June, intends to substitute payment slips by presenting bill recipients with a QR code to facilitate payment. Payers do not have to modify their payment habits, nevertheless, and can continue making payments through bank transfer, by mail or eBanking, according to a press release. Companies that send invoices can profit from a more efficient and digital payment process, while recipients can have a choice in how they settle their bills. The solution was developed by SIX, associating with stakeholders in the Swiss financial services sector, including banks, software providers, and corporates.

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