Align Commerce to convert blockchain capabilities for enhanced cross-border fiat remittances

Tuesday 13 January 2015 11:33 CET | News

Align Commerce startup is planning on using Bitcoin as a ‘container’ to move fiat currency quickly and easily across borders.

Align Commerce’s solution may offer businesses electronic payment enhancements across the globe by removing middlemen, as the company’s CEO, Marwan Forzley, highlights, reports. By middlemen, Forzley means to remove the banking system, with its fiat taxation, in the process of cross-border payments and remittances.

Forzley explains the term `container’ as a shipping compartment that moves goods from different countries in a point A to point B scheme. For example, a payment sender can have USD at point A and EUR receiver at point B. To facilitate this type of transaction, Align Commerce uses Bitcoin in the middle of the transaction as the container.

Align Commerce depends on Bitcoin wallets, exchanges and blockchain API companies in order to operate, but avoids the existing payments system. Align Commerce’s strategy centers on providing expedited service and improved tracking ability compared to what banks offer right now.

Using the aforementioned Bitcoin container concept, called Payinlocal, allows an ecommerce merchant the ability to accept many different types of currency. Accepting electronic payments is one of the biggest problems businesses have in some regions, especially in places where credit cards or other digital payment solutions are not very good options.

With Payinlocal, Align Commerce allows an ecommerce website to receive local currency as payment. By using Bitcoin as a transport method, these payments can be completed even if customers are located across the globe and using a completely different currency.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Align Commerce, blockchain, cross-border, Fiat, remittances, money transfers
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3

Industry Events