In another step-forward on the path of modernizing B2B financial transactions, PayNation, a leading fintech company in the business payment solutions, has issued a declaration that it has officially launched the new Crypto-Payment Portal, which is designed to help businesses to achieve rapid, secure and transparent transactions when dealing with their business peers.
The companies are also able to send and receive payment in cryptocurrency under the new platform where any of such payment can be cashed in the local currency of the recipient. Through innovation, there will be a reduction of transaction costs, transfer of payments will be quicker and businesses will not have to directly manage digital assets.
Changing Business Payments using Crypto Infrastructure
PayNation Crypto-Payment Portal will be one of them that will bridge the gap between the business world that used to be and the new financial world of digitalization. The platform is supported by blockchain technology at the backend which allows businesses to make cross border and domestic payments without too many hindrances in an effective environment.
Perryn Holtrop, the CEO of PayNation remarked that cryptocurrency is a form of efficient business because of the speed, security, and transparency that is built into business; this leads to faster opening of larger transactions in the business, as well as a relatively discounted rate. Using our new portal, businesses can have such benefits without having to control and hold a cryptocurrency.
The fiat payment is sent via the system in a form of cryptocurrency that is transferred to them and automatically brought back to them in the form of preferred local currency in response to the receipt. This is achieved in a couple of seconds devoid of delays and costly fee associated with the old forms of international wire transfer.
The Important Characteristics of PayNation Crypto-Payment Portal
1. Instant Settlement: The mechanism removes delays in transactions and improves cash and flows of businesses.
2. Local Currency Payout: People receiving the payments do not require storing and since there is no cryptocurrency required to be possessed or traded it is paid out in local currency.
3. End to End Security: the site is end-to-end secure in that the financial information is multi-factor authenticated and extremely encrypted.
4. Blockchain Transparency: All the transactions that occur will be recorded in a secure block chain ledger thus making it irreversible and speeding up reconciliations in a much faster way.
5. No Wallet Necessary: The service does not require companies to go through a crypto wallet and get familiar with how block chain works.
Alliance as the Strategic Enhancement to the Technology
To maintain the architecture of the portal, PayNation has engaged Velocity Transactions, a secure gateway of transactions and a blockchain fintech company, Blokko as supporting partners. These collaborations ensure it is an easy task integrating crypto, complying with regulations and is highly scalable.
“Gustavo Jimenez CEO of Blokko added we are delighted to work with a team that knows the revolution that B2B payment has been making all over the world. The combination will offer a safe, frictionless, scalable cross border and crypto payment interface that suits the existing enterprise need.”
Satisfying the Increase in Demand of Digital Payments
Industry analysts have forecasted the size of the world B2B payments market to grow to more than 170 trillion by 2030, of which around the amount of 68 trillion is conducted through paper-based processes. Cross-border payments are estimated to exceed 56 trillion within a couple of years and crypto is emerging as an alternative, efficient and faster method to replace the current banking systems.
An example of the solution being proposed by the PayNation is as a response to the increasing curiosity by the businesses interested in deploying digital-first and cost-effective payment mechanisms, particularly when high numbers of payments received or crossed borders. Investigations that have been carried out recently show that about 44 percent of large companies are already utilizing or exploring the concept of cryptocurrency as a medium of payment especially when it comes to international settlements.
The end-users and certain suitability
The portal is meant to support the needs of a broad-spectrum industry and among these include:
- Manufacturing & Supply Chain: in order to pay up to the requisite partners and vendors back at home.
- Technology Providers: The example of pay or service provision of license and offering the service to other countries.
- Import/Export: Trying to take advantage of quicker cross border business deals.
- Professional Services: e.g. law firms, and consulting firms, in search of a secure and traceable deal.
The manner that businesses can onboard
PayNation has developed a quick and convenient process of onboarding. PayNation can be contacted by the businesses that consider incorporating the Crypto-Payment Portal.
Once the integration is done, the companies can now receive and send payments through a user dashboard where all payments are recorded automatically in addition to providing currency setoffs.
Looking Ahead
PayNation will continue to enhance the platform and it might be that in time it would include:
- Adoption of new cryptocurrencies and local currency is first set as the default mechanism.
- Deeper ERP and accounting software integrations
- Increased impact in the global market of emerging economies
PayNation pursues its progressive attitude as a leader between blockchain innovation and business requirements in the middle of the realm.
About PayNation
PayNation is based in Southern California and offers payment technologies committed to innovation of secure, efficient and scalable business-to-business payment solutions. The company is concentrated on the use of the recent digital finance technologies and implementation of these technologies over the existing financial systems to allow enterprises to optimize payment processes and extend their coverage internationally.