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EURK Pilot Test Smart Contract is unavailable for security reasons as of 2nd of April. Therefore, EURK will not be available for buying, selling, and exchanging until further notice.
The problem is being resolved by our team of technicians.
We sincerely apologize for the inconvenience caused.
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EURK Team
Cross-border payments are important for financial inclusion and growth in the global economy of today. The rise of online shopping and e-commerce has led to a steady rise in cross-border payments.
The UK Bank of England estimates that by 2027, these payments will be worth 250 trillion USD. But there are some challenges with cross-border payments, such as high prices, tax issues, due diligence, requirements for compliance, and legal conflicts. Organizations often hesitate to make cross-border payments due to these challenges.
According to the Committee on Payments and Market Infrastructures (CPMI), there is space for development in cross-border payment system infrastructure, but many still face problems like high costs, delayed transactions, security challenges, and a lack of transparency.
To make the most of cross-border payments, companies must think about things like cost, tax, due diligence, compliance requirements, and legal conflicts.
By addressing these issues, businesses can make more money and save important time and money. This can also contribute to the global economy in many ways.
Join us in this blog as we go further into the details of what cross-border payments are, payment corridors, the challenges and solutions for global economic growth, and your business specifically.
Cross-border payments are international financial transactions that happen between two people (the payer and the receiver) in different countries.
Cross-border payments can be made in a number of ways, including bank transfers, credit card payments, and alternative payment methods like e-money apps and mobile payments.
Types of cross-border transactions include:
Retail cross-border transfers usually involve payments from one person to another or from one business to another. Some examples are online sales, card payments, bank transfers, alternative payment methods (like digital wallets and mobile payments), and money transfers.
Foreign exchange, securities dealing, borrowing, and lending are all examples of the types of wholesale cross-border transactions that take place between financial institutions to meet the demands of customers or to facilitate the international operations of businesses.
Wholesale transactions carried out by institutions and organizations like governments and significant non-financial corporations frequently finance financial market trading and the export and import of enormous quantities of commodities and services.
Cross-border payments are crucial for businesses that wish to enter new markets, reach new clients, and diversify revenue streams. The correct payment methods and tactics can cut expenses, boost cash flow, and boost growth.
Cross-border payments are expected to go from being worth almost $150 trillion in 2017 to being worth over $250 trillion in 2027. This is an increase of more than $100 trillion in just 10 years.
Remittances are an important part of economies with low and middle incomes, and they are becoming the main source of money for growth.
Growth and revenue expansion are driving competitive interest in this market, and as a result, brand-new business models and participants are emerging to meet the need.
In the past few years, a number of things have changed. These include manufacturers growing their supply chains across borders, cross-border asset management and global investment flows, international trade and e-commerce, and international remittances from migrants.
These changes have made cross-border payments more popular and made it more important for end users to have access to fast and safe cross-border payment services.
Currencies are systems with a closed loop. Usually, domestic payment systems are not directly linked to the systems of other countries. This means that when money is transferred between two jurisdictions, it is not physically sent abroad.
Instead, international banks set up accounts for their foreign peers and have their own accounts with their foreign counterparts. This lets banks make payments in foreign currency. The money is not sent across the line.
Instead, accounts are credited in one country and debited in the other for the same amount. Other payment companies, like fintechs and money transfer agents, use this interbank network to provide payment services to both businesses and individuals.
"Country corridor" or "payment corridor" refers to the flow of money from one country to another. The more people involved in a cross-border transaction, the longer it will take and the more it will cost. The deal will take longer and cost more at each step of the chain if there are more correspondent banks involved.
For currency pairs with a lot of transactions, like the US dollar and the British pound sterling, the chain is typically shorter. But there are more partner banks involved when smaller amounts of money need to be changed from one currency to another.
Cross-border payments are vital for people, businesses, traders, and foreign organizations. Because of blockchain technology and decentralized finance (DeFi), the Web3 ecosystem needs these kinds of deals more and more.
In the past, banks and other financial institutions like clearing houses and foreign banks helped make cross-border transactions possible. Today, blockchain-based cross-border payments offer faster solutions for business-to-business and person-to-person deals.
Businesses and people in different countries can pay for things like goods, services, and financial transactions across borders using blockchain technology. Most of the time, these deals are made using cryptocurrencies, stablecoins, or solutions that let you use fiat currency.
On both centralized and decentralized cryptocurrency exchanges (CEXs and DEXs), on-ramp and off-ramp options are available. This gives people access to money from anywhere in the world and makes sure that blockchain technology is safe and unchangeable.
Cross-border payments based on cryptocurrency and blockchain are meant to get rid of middlemen, lower costs, speed up financial transactions, and make them more secure.
These aspects make them a revolutionary financial move in international money transfers. This makes cross-border transactions a prime use for blockchain technology.
Cross-border payments involve transferring money between countries, which can face several challenges.
These include high costs, slow processing times, currency conversion fees, exchange rate fluctuations, a lack of transparency, regulatory and compliance challenges, limited accessibility, the risk of fraud and security concerns, complex processes, and unbanked populations.
Traditional cross-border payments involve multiple intermediary banks and payment processors, leading to high fees and charges. Furthermore, currency conversion fees can add up, leading to unexpected expenses.
Additionally, international transfers can take several days due to various financial institutions, regulatory processes, and time zone differences.
Last but not least, exchange rate fluctuations can make it difficult for senders and recipients to determine the precise value of the transaction by causing uncertainty about the recipient’s final receipt of funds.
Newer technologies like blockchain, digital wallets, and stablecoins like EURK aim to offer faster, more cost-effective, and transparent solutions for cross-border payments, potentially revolutionizing the way international transactions are conducted.
These technologies can potentially revolutionize the way cross-border transactions are conducted, making them more efficient and accessible. As they change the future of money, stablecoins can benefit the global economy and your business.
Stablecoins are known for being more stable than other cryptocurrencies in terms of their value. They are especially useful for foreign payments because they are a safe way to send money across borders without having to worry about the value of the currency changing.
Due to its backing by the euro, EURK stands out among stablecoins. This means that its value is tied to the euro currency. Cryptobunq, a one-stop shop for crypto services, offers EURK.
The EURK euro stablecoin is a safe, audited reliable stablecoin with reserves in Switzerland and the Dominican Republic. It is made up of various blockchains, allowing for innovation that is both reliable and rapid.
Euro stablecoins like EURK are widely recognized because they have the ability to keep their value stable, unlike some other cryptocurrencies whose prices fluctuate quite frequently.
This makes it a good choice for people who need to send money from one country to another without thinking about sudden changes in value. Therefore, EURK is a blockchain-based solution for cross-border transactions.
If you’re interested in using the stable, widely traded cryptocurrency EURK for cross-border transactions with blockchain payment solutions, feel free to get in touch with us. Become a partner and enjoy the benefits of EURK for your financial needs. Reach out to us to find out more!
