There are two different ways to settle funds: Swift and Cryptocurrency.
Cryptocurrency settlements have gained significant traction in recent years as an alternative to traditional financial transactions.
Swift, or the Society for Worldwide Interbank Financial Telecommunication, is a global network that enables financial institutions to send and receive information about financial transactions in a secure and standardized environment. It is used primarily for international wire transfers and other cross-border transactions. Swift operates on a network of correspondent banks, which means that a bank in one country may use a correspondent bank in another country to facilitate a transaction on behalf of its customer.
Crypto settlement, on the other hand, refers to the use of cryptocurrencies, such as Stable Coins as to facilitate the transfer of funds between parties. Cryptocurrencies are digital assets that use cryptography for security and are decentralized, meaning they are not controlled by any central authority. Transactions with cryptocurrencies are recorded on a distributed network, known as a blockchain, which allows for transparent and secure transfer of ownership.
Looking at this scenario and thinking about how Paylivre could bring more agility in its settlement processes, more efficiency and more modernity. We launched a project where it is possible to our partner companies to request and receive their crypto withdrawals in stablecoin initially with USDT, USDC (Dolar) and EURS (EURO) via the ERC20 network.
Here are some of the key advantages of using crypto settlements with Paylivre:
Speed: One of the biggest advantages of cryptocurrency settlements is the speed at which they can be processed. Transactions can be completed almost instantly, compared to traditional bank transfers which can take several days to clear.
Lower fees: Another advantage is the lower fees associated with cryptocurrency settlements. Because the transactions are processed on a decentralized network, there are no intermediaries taking a cut of the transaction. This means that the fees are typically much lower than those charged by banks or other financial institutions.
Increased security: Cryptocurrency settlements are secured through the use of advanced cryptography, making them resistant to fraud and tampering. This level of security can give users peace of mind, especially when compared to the vulnerability of traditional financial systems to hacking and other forms of cybercrime.
Global reach: Cryptocurrency settlements can be made globally, without the need for cross-border fees or the need to worry about exchange rates. This makes them an attractive option for businesses who need to make international transactions.
Increased privacy: One of the key features of cryptocurrency is the level of privacy it offers. Transactions are recorded on a decentralized ledger, but the identity of the parties involved is not revealed. This can be a major advantage for those who value their privacy or who need to make confidential transactions.
Overall, the adoption of cryptocurrency settlements is growing rapidly, with more and more businesses and individuals turning to this innovative technology for their financial transactions.
While there are still some few risks and challenges associated with the use of cryptocurrency, the benefits it offers make it an increasingly attractive option for those looking for a faster, cheaper, and more secure way to conduct their financial transactions.
With this in mind, if you are interested in learning more about our solution and bringing all these advantages to your company, you can read more on our website through this link or talk to our team of experts by subscribing here.
Founded in 2019, Paylivre is one of the largest payment intermediaries in Brazil, developing solutions for borderless digital payments to companies around the world.
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