Global payments provider Align Commerce has announced the establishment of its U.S.-Mexico corridor to simplify the processes of sending and receiving payments across the border for businesses in both countries. 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 access to a global market. Focussing on the small-sized and medium-sized business community, Align Commerce can now facilitate payments throughout North America.
Currently, many cross-border payments with Mexico are still carried out with outdated wire transfer tools which are slower and more costly than using cryptocurrencies. The U.S.-Mexico corridor is a significant trade region for American businesses, with estimates of annual commerce at over $500 billion annually.
Joey Angeles, Head of Finance and Accounting at the Jordan Tourism Board, North America, stated: “We are among the countless organizations that often pay to Mexico, and it has never been an easy task. Using Align Commerce has brought a new level of reliability to our international payments. I no longer have wire transfers rejected by recipient banks without explanation, and it now takes just one or two days for my counterparties to receive a payment, rather than the two to three weeks they used to have to wait.”
As it has done with previous new openings, Align Commerce plans to mark the event by offering its customers free payments to celebrate a related holiday – in this case five free payments during the month of May to celebrate the Cinco de Mayo. Previous announcements have detailed the opening of corridors to China in February and Brazil in March.
Align Commerce CEO, Marwan Forzley stated: “It has been needlessly difficult for businesses to conduct trade across the U.S. – Mexico border, when in fact the process can be simple and transparent. With Align Commerce, businesses can send funds in a few clicks without the need for trips to the bank, figuring out cut–off times, paying fees and foreign exchange spreads. Sending funds with Align is as simple as sending an email. There are no fees, and the exchange rates are transparent and competitive.”