In a move to augment the protection for small- and medium-sized business (SMB) clients sending payments internationally, Align Commerce, a US-based global payments provider, has announced that it is obtaining insurance to safeguard against losses resulting from a physical or cyber-security breach, theft, or operational errors and omissions. The company hopes that these measures will help in building customer confidence in using its modern cross-border payment solutions.
“Our new transaction protections further strengthen Align’s promise to provide the best possible experience for our clients, built on a foundation of trust and security,” said Align Commerce CEO and Co-founder Marwan Forzley. “Align’s policies extend to all means by which Align elects to fulfill customer transactions, including the blockchain, which we believe is an industry first.”
Jay Hansen, Align Commerce General Counsel and Compliance Officer, said that securing these insurance policies from highly rated insurance carriers shows the growing acceptance of Align’s technology.
Align Commerce is the first in its space to combine three payment rails together and create a “Multi-Rail” payment system, which provides its customers with convenience and a seamless experience in cross-border payments. With its multi-rail platform, it employs the blockchain electronic rail alongside wire and treasury management rails to ensure efficient route transfers from Point A to Point B without the need to use intermediary banks – or pay the fees associated with them.
The company can help save billions of dollars of SMBs annually in bank wire and foreign exchange fees, with a transparent process and tiered pricing structure that offers a financially competitive alternative to the excessive fees of traditional bank wires.
Launched in November, the company has raised $12.5 million in Series A funding led by Kleiner Perkins Caufield & Byers, and enables payments to and from more than 60 countries globally. Align has established blockchain-based payment corridors to China, Brazil and Mexico.
