How to use blockchain for cross-border payments

In this video, I’m going to show you how you can move money easily across borders, using distributed ledger technology and stablecoins.

Let’s imagine you run a freelance marketplace, and you need to move money from your head office in Germany to pay 30 freelancers in the Philippines.

Getting your euros from Germany all the way to those freelancers’ bank accounts in the Philippines, as Philippine pesos, isn’t easy…

Luckily you have a global payments partner to help move the funds using DLT. That’s us! BVNK. So let’s get started.

First up, you log into your BVNK account and fund your euro wallet. Enter the starting currency – Euros, the transaction amount,  and the currency you want to convert it to – Philippine Pesos.

BVNK gives you a quote and you accept it right away, locking in the rate. And that’s all done. We settle you in Philippine Pesos to your BVNK account, and adjust the balance of your Euro wallet.

Note that you can also automate this process using an API. Feel free to explore them on docs.bvnk.com.

Now let’s take a look at what’s happening behind the scenes.

If this payment had been made using a banking network, like Swift, it would have taken 3 or 4 days, moving from bank to bank to bank. Instead, BVNK converted the euros into USDT stablecoins. And sent those stablecoins to the Philippines

We then converted USDT into Philippine Pesos using our global settlement network.

All of that took just a few hours.

And since we settled you in Philippine Pesos, you don’t need to worry about holding crypto assets on your balance sheet.

So that’s how you move money globally using DLT.