Align Commerce, a US-based payments provider, has launched a public beta of its payments platform that uses the blockchain technology to streamline transactions.
The new payments platform will allow small and medium-sized businesses to quickly collect and receive payments in their local currency while avoiding high wire fees and various hidden fees.
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The blockchain will act as a fast rail to move money from point A to point B.
Align said that by using blockchain technology, it can cut payment processing times to as little as one to three business days, down from as many as seven.
Also, the Align Commerce Payments Platform enables businesses to track the status of each transaction from starting to end.
Align Commerce CEO and founder Marwan Forzley said: "The $24 trillion cross-border payments market is growing at a breakneck pace, expected to eclipse $54 trillion by 2022, despite a highly inefficient and expensive system in which businesses spend over $50 billion on wire and foreign exchange fees, wait up to seven days for transactions to complete, and have no visibility into the process."
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