Tapping into two expanding markets, BNP Paribas said Dec.21 it had completed its first cross-border B2B payments between corporate clients using blockchain, the technology that underlies bitcoin transactions.The move comes as other major financial institutions seek to invest in blockchain and there’s a rush of providers trying to displace checks in the corporate payments space, particularly for cross-border payments.The BNP transaction involved European firms Amcor, which sells packaging, and Panini, which sells trading cards.“The transactions cleared in various currencies between BNP Paribas bank accounts located in Germany, the Netherlands and the United Kingdom,” the France-based financial institution said.In September, BNP said it would assume a “co-development mode” with clients to test such blockchain applications.This particular payment was processed and cleared in minutes, and without any processing errors or other mistakes that can plague cross-border transactions, the bank said.

Sixty percent of B2B payments still take place via check, according to Q Insights, with cards accounting for only 3 percent of those transactions.precio bitcoin usdThat presents significant expense, as the average cost to process a check is $6, and can run as high as $25, according to AFP Payments Cost Benchmarking Survey.armory bitcoin wikiThat’s why such financial institutions such as Bank of America Merrill Lynch and U.S.bitcoin/litecoin cpu minerBank have launched digital corporate payment products.asic usb bitcoin miner driverThat’s not all: According to consulting firm Capgemini, corporate transactions fueling cross-border commerce stands as one of the main trends in payments.dogecoin to dollar

“Cross-border payments represent a significant payments market, and banks and non-banks are increasingly competing to gain market share,” Capgemini said.bitcoin bom dia brasilGlobally, spending by businesses and governments tops $110 trillion, according to Visa.bitcoin kenoAs for blockchain, the global market for that technology will hit $400 million in 2019, according to Capgemini.hmrc bitcoinGrabbing a larger share of that pie is why Goldman Sachs and JP Morgan Chase want to invest up to $20 million in blockchain startup Axoni, according to a Reuters report this week.bitcoin carding tutorialBased in New York, Axoni “helps banks and other institutions develop blockchain software to run capital markets processes.” The company has supported transactions involving credit default swaps and foreign exchange.

Goldman Sachs had previously departed the rival R3 blockchain consortium, according to CoinDesk, with Spain-based Banco Santander soon following.Earlier this year, Microsoft and Bank of America said they will team up to further develop blockchain technology.International payments cost companies a great deal of money and Bitcoin-related startup Align Commerce wants to change that.According to Marwan Forzley, CEO and Founder of Align Commerce, “businesses spend over $50 billion on wire and foreign exchange fees,” and his startup hopes to change that by using the Bitcoin blockchain as intermediary instead of the current, inefficient legacy systems in place now.To do this, Align Commerce has announced the launch of the beta version of its service the Align Commerce Payments Platform, now available in 34 countries.Using the platform, customers and businesses will be able to pay in their local fiat currency and businesses can receive in their local currency without having to interact with foreign exchanges.

As Bitcoin is a global phenomenon that does not stop at borders, Forzley envisions using it as a method for transferring wealth in the same manner that wire transfers do now.The usual transfer of money across borders, according to Forzley, can take up to seven days and can be compounded with complexity and multiple fees.“The blockchain offers a ready alternative,” says Forzley.“The Align Commerce Payments Platform is the first in the industry to use this global rail to help small and medium-sized businesses quickly collect and receive payments in their local currency while avoiding high wire fees and various hidden fees.” Using the technology of the Bitcoin blockchain, Align Commerce claims that it can cut down payment processing time down to as little as one or three business days, down from as many as seven.A second benefit of using the Bitcoin blockchain is that it brings a sense of transparency to transactions.Current legacy systems use a closed system of multiple banks and each step can be fraught with a lack of communication.

With the blockchain, funding, sending, and receiving, all occur on the Bitcoin ledger and can be followed from one address to another predictably by those who know the addresses and transactions.As a result of using the Bitcoin blockchain to transfer funds between businesses, Align Commerce can brag lower fees—due to less intermediary steps—higher speeds, and greater transparency.For developers, the Align Commerce Payment Platform has released documentation on using its API.The payment platform can integrate with a number of common ecommerce systems such as Ubercart, WordPress ecommerce, Zencart, and others.The Align Commerce Payment Platform is currently available for sending and receiving money in Austria, Belgium, China, Cyprus, Estonia, France, Germany, Greece, Hong Kong, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Philippines, Portugal, Slovakia, Slovenia, Spain, and the United States.And businesses can receive payments, but not send them, via the platform in Bulgaria, Canada, Croatia, Czech Republic, Denmark, Hungary, Mexico, Poland, Romania, Sweden, and the United Kingdom.