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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.
For assistance and/or to report any incident, please contact our dedicated support team at [email protected]
Please stay tuned and await further updates.
EURK Team
Cross-border payments refer to transactions made between two parties in different countries. They involve the transfer of funds from one currency to another and across borders. Cross-border payments enable international trade, support supply chains, and facilitate global business operations.
These types of payments work through correspondent banking relationships. A bank in one country partners with a bank in another country to enable fund transfers.
The sending bank passes payment instructions to the receiving bank, which then credits the payee's account. Intermediary banks may also be involved to facilitate the transaction as needed.
Payment message systems like SWIFT enable secure communication between the banks to process cross-border payments. Parties involved in the transaction incur fees at various stages, making these payments costlier than domestic transfers.
Factors like exchange rates, transaction charges, processing time, and settlement methods impact the flow of funds. Join us in this guide as we explore the details of cross-border payments in the crypto ecosystem and which cryptocurrency is the most suitable for these types of transactions.
Some common examples of cross-border payments include:
For businesses, cross-border payments enable trade with international partners and smooth operations in multiple geographies. According to Statista, B2B payments accounted for around $140 trillion in transaction value globally in 2021.
Common examples of B2B cross-border payments include:
B2B payments have specific needs like transaction transparency, seamless integration, and faster processing. Solutions like SWIFT GPI provide advanced business payment features for cross-border corporate transactions.
Cross-border payments and international payments are often used interchangeably, but there is a subtle difference between them.
International payments are a broader term that refers to any transaction made between two countries. These could involve just one cross-border payment, like a consumer remittance or a traveler exchanging currency abroad.
But cross-border payments describe recurring transactions that are more structural in enabling international trade and business flows. These include systematic payments like trade settlements, overseas payroll, and regular B2B transfers that rely on cross-border connectivity.
So while any transaction across countries is an international payment, regular cross-border payments support the continual flow of goods, services, and capital that underlie globalization. They facilitate international trade at scale versus just individual transactions.
Here are some key reasons why cross-border payments play an essential role in the global economy:
Traditionally, cross-border payments used to take several days for settlement due to multiple intermediaries, time zone differences, and batch processing issues. You can check “crypto batch payments” for further details.
But improved systems and faster technologies have reduced transfer times significantly, such as blockchain technology with various types of cryptocurrencies, including stablecoins. Some key stats on current processing speeds:
So most cross-border payments today get settled anywhere between minutes and just 1-2 days, depending on provider capabilities, payment rails, and currency corridors. Much faster than the week or more it used to take earlier!
Cryptocurrencies have emerged as an alternative for cross-border transactions, given their borderless nature. Here are some of the major cryptocurrencies making an impact:
However, issues like price volatility and patchy adoption still limit cryptocurrency uptake in business payments. But based on their use cases, eur stablecoins hold the most potential currently among crypto assets for mainstream cross-border adoption with their stable value.
EURK is an expert player in the global payments and cross-border payments space. Here are some key benefits EURK offers:
By merging the strengths of stablecoins, blockchain technology, and euro stability, EURK can emerge as an ideal option for secure, instant, and inexpensive cross-border transactions worldwide. Its potential to facilitate global commerce and trade as a faster payment rail is promising.
If you are interested in secure transactions and want to dive into the world of stablecoins, EURK is a reliable stablecoin option. You can easily buy EURK and start to trade stablecoins for your cross-border payments. Become a partner and benefit from fast, secure, and easy transactions with EURK!
