A US-based cross-border payments firm is enhancing its operations by incorporating cutting-edge blockchain technology from a major financial institution. This integration will facilitate real-time and around-the-clock intra-company money transfers, leveraging a tokenized liquidity and payment platform.
This innovative system enables seamless movement of funds between global accounts across various branches and currencies, significantly enhancing speed, automation, and transparency in transactions. By adopting this blockchain-enabled solution, the firm is set to achieve instant liquidity and boost treasury efficiency through an integrated API and blockchain framework alongside existing payment systems.
Describing the shift, a key executive noted that blockchain infrastructure is revolutionizing global money movement. Utilizing the token services will allow for instantaneous cross-border transactions, ultimately providing a more efficient and timely experience for clients.
In alignment with its growth strategy, the firm has also received important regulatory approvals. In August 2023, its branch in Singapore was granted a Major Payment Institution license from the local Monetary Authority. This approval enhances its ability to conduct cross-border transfers, issue electronic money, and provide merchant acquisition services, particularly targeting small and medium-sized enterprises.
Earlier in 2023, the firm secured an Electronic Money Institution license in the UK, further solidifying its international footprint and expanding capabilities in diverse markets.
The firm made headlines in 2021 when it went public on Nasdaq, following a merger that valued its operations around $3.3 billion. This event marked a significant milestone in its journey, raising $563 million in funding from private investors. Trading under a specific ticker symbol, the company laid out plans for expanded investments and acquisitions worldwide, projecting substantial revenue growth from previous years as it capitalized on increased demand post-pandemic.
Overall, the integration of advanced blockchain technology and the attainment of essential licenses underscore the firm’s commitment to enhancing its global payment infrastructure, ensuring improved efficiency, and meeting the dynamic needs of its clientele.