Building Solutions for Cross-Border Payments
Utilizing a Stellar-based service for cross-border transactions You can transfer money internationally by using standard instructions. It's an easy and efficient method to conduct B2B payments. Stellar is a replacement for the international wire and currency conversion which makes transactions more efficient and quick. The Problem In standard B2B transactions the service provider determines the method by which they wish to be compensated. It's a protocol that is bank-to-bank that requires the customer to cooperate with their bank in order to transfer payment . The bank of the correspondent transforms their currency and determines the exchange rate, and also charges fees. The settlement time is usually 2 to 5 business days according to the countries as well as the banks that are involved. Banks also charge high fees of 6 percent because of the multitude of intermediaries in the financial system. The Solution The development of a solution for international cross-border payments, ...