Align Commerce, a payments provider start-up, has recently announced the launch of the public beta of its international payments platform, which is expected to reduce the cost and time of transactions in a $24 trillion market.
"The $24 trillion cross-border payments market is growing at a breakneck pace, expected to eclipse $54 trillion by 2022, despite a highly inefficient and expensive system in which businesses spend over $50 billion on wire and foreign exchange fees, wait up to seven days for transactions to complete and have no visibility into the process," said Marwan Forzley, CEO and Founder of Align Commerce, in a statement.
The company uses the blockchain technology to accelerate money transfers. While transferring money through the traditional banking system, small amounts of fees have to be paid to various intermediaries. By removing this requirement, money could be transferred much faster and economically.
"The key is that there are significant advantages for the businesses using the blockchain in terms of savings in time and money," Forzley explained. "In addition, there is no change of behavior required. The blockchain is used behind the scene as a rail that moves fiat to fiat between two parties."
