Priya Patel
TLDR:
In this episode of The Fintech Show, representatives from ClearBank, Freemarket, and BVNK discuss the challenges faced by small and medium-sized businesses (SMBs) when it comes to cross-border payments. They explore the role of companies like Freemarket in streamlining cross-border payments and the opportunities for innovation presented by blockchain technology. ClearBank’s Senior Client Director talks about the role of stablecoins and alternative payment methods, while BVNK’s Head of Platform Partnerships discusses the three factors impacting cross-border payments.
Key elements:
- SMBs face difficulties with cross-border payments, which can be addressed by innovative companies like Freemarket.
- Blockchain offers opportunities for innovation in cross-border payments, and BVNK is a leader in this field.
- ClearBank provides alternative payment methods like stablecoins to address gaps left by traditional institutions.
Full article:
In this episode of The Fintech Show, representatives from ClearBank, Freemarket, and BVNK discuss the challenges faced by small and medium-sized businesses (SMBs) when it comes to cross-border payments. They explore the role of companies like Freemarket in streamlining cross-border payments and the opportunities for innovation presented by blockchain technology. ClearBank’s Senior Client Director talks about the role of stablecoins and alternative payment methods, while BVNK’s Head of Platform Partnerships discusses the three factors impacting cross-border payments.
According to Freemarket’s Business Director, SMBs often struggle with cross-border payments due to factors such as lack of transparency, high fees, and complex processes. However, innovative companies like Freemarket are working to address these challenges and provide SMBs with accessible and efficient cross-border payment solutions.
BVNK is a leader in blockchain technology and is leveraging its expertise to revolutionize cross-border payments. BVNK’s Head of Platform Partnerships explains that there are three main factors impacting cross-border payments: the need for trust, the complexity of compliance, and the speed of settlement. BVNK is utilizing blockchain to address these factors and provide secure, compliant, and fast cross-border payment solutions.
ClearBank, on the other hand, focuses on providing alternative payment methods to address gaps left by traditional financial institutions. ClearBank’s Senior Client Director talks about the role of stablecoins, which are digital currencies pegged to a stable asset like fiat currency, in facilitating cross-border payments. Alternative payment methods like stablecoins can offer faster and more cost-effective solutions for SMBs.
The representatives from ClearBank, Freemarket, and BVNK provide a comprehensive picture of the challenges faced by SMBs in cross-border payments and the potential solutions offered by innovative companies and technologies like blockchain and stablecoins. By addressing these challenges and leveraging new technologies, SMBs can access efficient and affordable cross-border payment solutions.
