Sending money to other countries has become a daily task for businesses that want to expand and are constantly seeking solutions that allow them to connect with other territories and send funds in a simple, fast, and cost-effective way.
In 2023, the total volume of the cross-border transaction market worldwide was over $190 billion, with $39.3 billion dedicated to the B2B segment. By 2030, the total value is expected to exceed $290 billion, with B2B accounting for more than $56 billion, according to theStatesman.
A platformBlindPayfound an important opportunity to boost Web3 companies and easily encourage those in Web2 to evolve. All of this is thanks to your API interface that enables connections and supports cross-border payments by employing the technology ofBusiness Name- Bitso's B2B unit that offers infrastructure for the future of cross-border payments.
This payment processor enables companies to send funds from one territory to another and uses Bitso Business's infrastructure to connect them with local payment channels, in a simple way and without the need for deep technological knowledge, thus democratizing the use of this technology.
“Since the birth of BlindPay, we have had in mind the mission of financially connecting territories and helping companies transfer funds in a simple way and without intermediaries. Bitso Business has played a crucial role in this first stage, as it is thanks to its technology that we are connecting with the banking systems of the countries to achieve successful and fluid transfers,” he mentioned.Bernardo Simonassi, CEO and developer of BlindPay.
“Through traditional payment systems, this type of transaction ends up involving difficulties due to fragmented and incompatible banking systems around the world, which require multiple intermediaries to facilitate transactions, which generates a costly, slow and inefficient process for making global payments. In addition, companies often need to pre-fund accounts in foreign currencies, which entails high costs and ties up their capital. As a regulated payment institution, at Bitso Business we are pleased to partner with companies like BlindPay, allowing them to have efficient and secure access to local payment systems throughout Latin America,” he comments.Gabriele Zuliani, Director of Bitso Business.
Although BlindPay started operations in July of this year, by September they had already doubled the monthly transaction volume. The company has been enabling virtual and physical companies to send and receive money from the United States and Europe to Brazil and other Latin American countries, providing access to local payment systems.
