Blockchain technology payments provider, Align Commerce has announced the opening of its Brazil corridor to simplify the process of small businesses to send payments to Latin America’s largest country. Align’s multi-rail technology combines blockchain technology with traditional payments, simple invoicing and real-time payments tracking. Align hope that companies will be able to benefit more from the huge amount of business that the 2016 Summer Olympics will generate in the country, and helping to reduce the $50 billion that small businesses across the globe are estimated to pay in bank wire and foreign exchange fees annually.
In an effort to increase transparency, reduce costs and save time when sending funds abroad, Align Commerce is pioneering its proprietary “multi-rail” payments platform that utilizes blockchain technology to allow users ready access to a global market. With Align, SMBs doing business with Brazilian companies will have access to next-day payments, and can send and receive funds in a transaction that can be tracked through every step of the process, without the expense of using bank or other traditional options.
Marwan Forzley, CEO and Founder of Align Commerce, stated: “With the increase in bilateral trade and economic relations between the United States, Europe and Brazil, it is vital that Align Commerce helps our companies who pay their suppliers in Brazil by giving them access to Brazilian goods, services and talent. Our Brazil corridor eliminates the decades-old obstacles of sending and receiving money internationally, opening up endless possibilities for increased productivity and trade with the country’s $3.3 trillion economy.”
The news of Align Commerce opening its Brazil rail follows on the heels of the announcement last month that it had launched its payment rail in China, further demonstrating the need for blockchain technology to replace expensive and outdated money transfer options.
Marco Silva, vice president of finance at Oasis Collections, a high-touch marketplace for short-term rentals. Commented: “Before discovering Align Commerce, I tried using other payment solutions but found them to be slow, expensive and complicated. Align Commerce has solved one of my biggest problems, enabling us to quickly pay our homeowner partners, suppliers and contractors. Align Commerce is well designed for the SMB owners who needs to make frequent international payments.”