Cross-Border B2B or P2P Payments
Enable fast, cost-effective international payments leveraging digital currencies and blockchain as a payment rail.
Paygrid provides Payment Service Providers (PSPs) with the infrastructure to build efficient cross-border payment solutions for both businesses (B2B) and individuals (P2P). This allows PSPs to offer their users the ability to send and receive international payments quickly and at lower costs compared to traditional methods.
Key Features:
Multi-currency support: Process payments in various digital currencies and stablecoins across different blockchain networks.
Automated currency conversion: Built-in swapping to convert between different currencies as needed, reducing the need for multiple currency holdings.
Real-time settlement: Near-instant finality for cross-border transactions, significantly faster than traditional banking systems. Fiat off ramp bank transfers are initiated same-day at destination, avoiding long banking chains.
Transparent fee structure: Clear visibility on transaction costs, helping to reduce the typically high fees associated with international transfers.
Compliance tools: Features to help PSPs meet regulatory requirements for international transactions, including necessary reporting and audit trails.
Payment tracking: Real-time updates on the status of cross-border payments.
Integration with local payment methods: Connect blockchain payments with local fiat on/off ramps for easier last-mile delivery.
Example Scenario: A PSP wants to offer a cross-border payment solution for a B2B customer. Using Paygrid, they can:
Integrate Paygrid's cross-border payment APIs into their existing system.
When a business initiates a payment: Paygrid determines the most efficient route for the payment, considering factors like speed and cost.
The recipient receives the funds in their preferred currency, either as a digital currency with near instant settlement, or off-ramped to local fiat currency.
PSP gets real-time updates via webhooks and can communicate it to both the sender and recipient.
The PSP can offer additional services like consolidated reporting for easier reconciliation and tax purposes.
Demo
Get a sense of what kind of UX you can build with this sample prototype. Talk to us to discuss how we can enable your ideal UX flow.
This implementation allows PSPs to provide their clients with a fast, cost-effective solution for cross-border payments. It leverages the benefits of blockchain technology to overcome traditional banking limitations, such as slow processing times and high fees, while maintaining necessary compliance measures. This can be particularly advantageous for businesses engaged in international trade or individuals sending remittances abroad.
Last updated