BVNK adds Swift payments for stablecoin and fiat transfers

This enhancement enables BVNK customers, including payment service providers (PSPs), fintechs, and FX trading platforms, to leverage efficient global settlement capabilities. PSPs and fintechs can initiate transactions in USD or EUR BVNK, convert them into stablecoins, and swiftly execute payouts to clients and partners. FX trading platforms can similarly receive funds in stablecoins from local payment providers, convert them to USD, and transfer them to their respective bank accounts through BVNK. 

Moreover, businesses using BVNK’s crypto payments gateway can seamlessly convert stablecoin proceeds into USD or EUR and transfer them via Swift to their bank accounts. In the company press release, officials from BVNK highlighted the platform’s goal to offer financial flexibility and expedite global fund transfers at reduced costs and risks. They emphasised that BVNK’s integration of Swift for USD and EUR transactions allows customers to fully capitalise on stablecoins for accelerated money movements across borders. 

BVNK’s platform supports 14 major digital currencies, stablecoins, and 15 fiat currencies, positioning itself as a comprehensive solution for modern payments infrastructure. In the official press release, BVNK highlighted that it's important for users to acknowledge that involvement in cryptocurrencies carries inherent risks, including exposure to counterparty risk and potential asset unavailability during insolvency events. Users are encouraged to educate themselves further on these risks.

Other developments from BVNK

BVNK specialises in providing a unified payments infrastructure that bridges traditional banking systems with blockchain technology, enabling businesses to deploy innovative payment products swiftly and compliantly.  

In May 2024, BVNK integrated the stablecoin PayPal USD (PYUSD) into its platform. PYUSD is issued solely by Paxos Trust Company, which is regulated by the New York Department of Financial Services (NYDFS). Following this integration, businesses using BVNK’s payments platform could access PYUSD alongside 14 other digital currencies, stablecoins, and fiat currencies. As a member of the PYUSD ecosystem, BVNK could mint and burn PYUSD tokens for its customers.  

BVNK’s platform allows customers to create PYUSD wallets, settle payments to suppliers, pay contractors and employees globally, and accept consumer payments in PYUSD. These functions are accessible through BVNK’s API, hosted payments page, or merchant portal. Additionally, it's worth noting that PYUSD can be converted into fiat currencies such as EUR and GBP.