In the rapidly evolving global business landscape, cross-border payments are experiencing a significant transition, especially in emerging markets. Moving away from traditional banking methods, companies are now shifting towards modern fintech solutions like Conduit.
This trend is expected to increase the value of cross-border transactions by 60%, which could reach a staggering $250 trillion by 2027. Conduit, a key player in this changing landscape, combines traditional and decentralized financial methods, making significant headway in regions like Latin America and Africa.
Conduit’s B2B cross-border payment platform rectifies the usual financial challenges faced in these regions. Businesses can now perform transactions in U.S. dollars directly to bank accounts via the Automated Clearing House (ACH) or the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system, removing the need for a separate U.S. entity.
The platform assures a high level of efficiency, security, and transparency with competitive exchange rates, low fees and real-time payment tracking. Conduit effectively bridges the gap between traditional and digital finance for seamless cross-border transactions.
Recognizing the unique needs of businesses in Latin America, Conduit has curated payment solutions tailor-made for countries such as Colombia, Brazil, and Mexico.
Modernizing cross-border payments with Conduit
A similar effort is underway to address the distinct financial issues in African markets such as Kenya, Nigeria, and South Africa, amplifying Conduit’s global footprint.
The growth of Conduit goes hand in hand with the burgeoning interest in decentralized finance (DeFi) and stablecoins. However, businesses often struggle with practical issues like converting stablecoins into local currencies. Conduit offers a solution to this hurdle. Although the platform uses blockchain technology, it primarily caters to the business finance sector, rather than functioning as a standard crypto-centric service.
In a bid to resolve the issues of high fees and long processing times synonymous with traditional global transfers, Conduit collaborates with local banks in the countries it operates. This collaboration simplifies transaction processes and allows for efficient, flexible operations. Such innovative approaches could significantly impact the financial scene, particularly in developing nations and continue to enhance Conduit’s reputation in the global financial market.
