Stablecoin payment provider BVNK has enabled Swift payments onto its platform, allowing payment providers to make fiat-to-crypto transfers.
Hosting various stablecoins on its platform, such as USDT, USDC and PYUSD, BVNK has brought Swift’s payment infrastructure to simplify the process of exchanging fiat currencies to digital currencies.
BVNK cited an increasing demand from payment service providers to move money faster. Swift’s integration enables firms to convert their preferred currencies to stablecoins and make near-instant settlements to payout to clients and partners.
Maxim Ivanov, Director of Product at Core Banking, said: “We know that modern businesses want financial flexibility so they can work in the most capital-efficient way.
“They want to move funds faster around the world, for less cost and risk. By bringing together bank and blockchain payment rails and currencies in a single platform, we enable this for our customers.
“Adding USD and EUR via Swift means that our customers can really take full advantage of stablecoins to speed up their money movement, wherever they are based – and they can easily get back into fiat currencies if and where they need to.”
The Swift service is also pertinent to FX trading platforms too, seeking to streamline the transaction process for its customers to receive funds from local payment providers, which can now be automatically converted on BVNK’s platform.
Businesses accepting stablecoins in international markets via BVNK’s crypto payments gateway, can convert funds automatically to US dollars or Euros and send to their bank accounts via Swift.
The head of payments at a leading FX trading platform, commented: “As a global business, we work with numerous payment service providers across various regions and currencies.
“With the increasing demand for fast and convenient transactions, settlement from our PSPs in stablecoins has become essential. Thankfully, BVNK stepped in, providing us with a seamless solution to receive stablecoins, convert them to USD—our primary currency—and transfer them directly to our bank accounts via Swift.”
