Moving funds between nations has become an everyday task for businesses that want to expand operations and are always looking for solutions that allow them to connect with other markets and send funds in an efficient manner. This, according to an update from Bitso.
Last year, the total market volume of cross-border transactions in the world was “190.1 billion dollars, of which 39.3 billion corresponds to the B2B segment.”
By 2030, the total market volume is expected to reach “290.2 billion dollars and B2B will represent 56.1 billion,” according to Statista.
BlindPay platform has found a significant opportunity to empower Web3 companies and encourage those in Web2 to easily evolve, thanks to its API interface that enables connections and “supports cross border payments by using the technology of Bitso Business —Bitso’s B2B unit that provides the infrastructure for the future of cross-border payments.”
This payment processor enables businesses to send funds from one region to another and uses the Bitso Business infrastructure in order to connect them with various local payment channels in “a simple way and without the need for deep technological knowledge, thus democratizing the use of this technology.”
Bernardo Simonassi, CEO and developer of BlindPay said that since BlindPay was born, they have had in mind the mission of financially connecting the countries and “helping companies to transfer funds in a simple way and without intermediaries.” They also noted that Bitso Business has played a crucial role in this first stage, “as its technology is enabling us to connect with local banking systems to achieve successful and fluid transfers,”
Gabriele Zuliani, Director of Bitso Business said that through traditional payment systems, these types of operations often “involve difficulties due to fragmented and incompatible banking systems around the world that require multiple intermediaries to facilitate transactions, resulting in a costly, slow, and inefficient process for making global payments.”
Zuliani added that businesses often have to pre-fund accounts in foreign currencies, costly tying up their capital.” They also mentioned tat as a regulated payment institution, they at Bitso Business are pleased “to partner with companies like BlindPay, allowing them to have efficient and secure access to local payment systems across Latin America.”
Although BlindPay started operations in July, by September they had managed to double the “monthly transaction volume; during this period, they have provided support to virtual and physical companies that need to send and receive money, which have been able to move their funds from the United States to Brazil, as well as to some others that are in Europe or the United States and do not have payment rails that connect them to Latin America.”