Align Commerce Launches Public Beta in 34 Countries
- Align Commerce has launched the public beta of its offering, which facilitates cross-border payments via blockchain technology.
Align Commerce has announced the launch of the public beta of its offering, which facilitates cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term via Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology.
In its "traditional" sense, Bitcoin's use for cross-border payments takes the form of converting between fiat and bitcoin currency, the latter being sent across borders in a matter of minutes. Align Commerce's service, which is being made available in 34 countries, instead leverages Bitcoin technology to facilitate relatively quick and frictionless clearing and settlement of payments in the payee's local currency.
Marwan Forzley, CEO and Founder of Align Commerce, noted how over $50 billion is spent annually on wire and foreign exchange fees, in a system whose users can wait up to seven days and have no visibility into the process. He explained:
"The blockchain offers a ready alternative. The Align Commerce Payments Platform is the first in the industry to use this global rail to help small and medium-sized businesses quickly collect and receive payments in their local currency while avoiding high wire fees and various hidden fees."
Align Commerce charges a flat 1.9% of the amount sent, independent of transaction size. Forzley previously explained to Finance Magnates that “businesses value a simple cost structure for fees.”
The use of blockchain technology as a mechanism for bank transfers has reportedly become research area of interest for several major financial institutions, most recently UBS. Several smaller banks in the US, as well as Fidor Bank in Germany, have already adopted Ripple's protocol to facilitate such functions.
Align Commerce has announced the launch of the public beta of its offering, which facilitates cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term via Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology.
In its "traditional" sense, Bitcoin's use for cross-border payments takes the form of converting between fiat and bitcoin currency, the latter being sent across borders in a matter of minutes. Align Commerce's service, which is being made available in 34 countries, instead leverages Bitcoin technology to facilitate relatively quick and frictionless clearing and settlement of payments in the payee's local currency.
Marwan Forzley, CEO and Founder of Align Commerce, noted how over $50 billion is spent annually on wire and foreign exchange fees, in a system whose users can wait up to seven days and have no visibility into the process. He explained:
"The blockchain offers a ready alternative. The Align Commerce Payments Platform is the first in the industry to use this global rail to help small and medium-sized businesses quickly collect and receive payments in their local currency while avoiding high wire fees and various hidden fees."
Align Commerce charges a flat 1.9% of the amount sent, independent of transaction size. Forzley previously explained to Finance Magnates that “businesses value a simple cost structure for fees.”
The use of blockchain technology as a mechanism for bank transfers has reportedly become research area of interest for several major financial institutions, most recently UBS. Several smaller banks in the US, as well as Fidor Bank in Germany, have already adopted Ripple's protocol to facilitate such functions.