Bitcoin and its blockchain technology have the ability to improve the efficiency of the cross-border payment system by reducing the costs relating to convert currencies.
Although efforts are being made to incorporate bitcoins into basic banking system, infrastructure costs (including installation and servicing of ATMs) as well as lack of liquidity for converting bitcoins into local currencies in many countries is causing friction for remittance using bitcoins.
However, Align Commerce is trying to attain this cost efficiency for cross-border transactions. The firm offers two services to its clients, namely, cross currency invoicing and cross currency payment gateway for eCommerce companies.
The cross currency invoicing will enable its clients to collect payments in the currency of their customer's preference, at the same time receiving it in their local currency, that is, Align Commerce will carry out the cross-border transfer by switching fiat to bitcoin and back to fiat. On the other hand, payment gateway adjusts the payment currency according to the user. While checking out, the users are provided the alternative to pay in their local currency with local options for the fund transfer.
