Canadian technology startup Payment Rails has rolled out an application programming interface (API) -enabled global business payments platform.

The platform allows businesses to send payments to more than 220 countries and in over 135 currencies, without any setup fees, monthly minimums or long-term contracts.

The platform utilises blockchain and Ripple to optimise treasury and liquidity management. It also makes use of artificial intelligence (AI) and machine learning to optimise payment routing, and for fraud detection.

Payment Rails co-founder and chief product officer Ferhan Patel said: “Our platform provides the same level of treasury services you’d expect from your bank, but with a fintech level focus on the user experience.

“We also offer a disruptive way to send international payments, by bypassing costly bank wires, offering access to local banking and real-time payment networks, which can significantly reduce transactional costs by up to 80%.”