Blockchain global payments provider Align Commerce has introduced a new, tiered pricing method to its cross-border payment services. Serving the small- and medium-sized business community, Align Commerce offers an alternative to traditional bank wire transfers for customers making international payments of any amount by utilizing blockchain technology.
The new tiered pricing structure has been implemented in response to growing demand by customers sending high-value payments via Align’s proprietary “multi-rail” system, altering the 1.9% flat fee that had previously been applied to all cross-border transactions. Transactions can now be carried out potentially at 1.5%, with new enterprise pricing applied to amounts above $50,000.
Marwan Forzley, CEO and co-founder of Align Commerce, commented: “The cross-border payments market is undergoing a period of incredibly dynamic change, with growing volumes of currency being sent around the world to support our increasingly connected global economy. The new technologies being brought to this space, such as our work with the blockchain to enable inexpensive and transparent transactions, are going to continue to shape the future of this vital system. We’re thrilled to be at the core of such a rapidly innovating industry.”
Align Commerce is reforming traditional methods of sending funds overseas through banks and outdated payment providers by implementing its multi-rail platform that utilizes blockchain technology to send payments globally, regardless of currency. The company’s ability to send and receive payments throughout the Eurozone eliminates obstacles of the traditional wire transfer system, particularly benefitting business that would not have been able to access the market otherwise. Small business are charged more than $50 billion annually in bank wire and foreign exchange fees, reducing the amount of capital they are able to invest back into the economy and into their own development.
Co-founder of web-based talent decision platform Checkster, Claudine Descheemaecker stated: “Having access to transparent international payment options that are tiered to fit the needs of a business like ours will be vital to continuing to grow our thriving company. The ease of sending payments to Europe has increased exponentially since we began using Align’s simple and intuitive tools. The simplicity, directness, convenience and accuracy of Align Commerce’s platform were exactly what I was looking for.”
Forzley will share his vision for the future of the cross-border payments industry in a panel discussion during the Money 20/20 Europe conference in Copenhagen on April 6th. Forzley is an expert on the international cross-border payments landscape and able to provide a key perspective on the evolving role of technology in this space.