Stellar’s disbursement platform, first developed for people in Ukraine, is now open to the world.
The blockchain network announced the launch of the open source bulk disbursement tool on Twitter/X Wednesday (Aug. 16), saying it allows digital asset payments to and from anywhere in the world.
1/ Today, we’re excited to share the open-source release of the Stellar Disbursement Platform.
From paying gig workers anywhere in the world to delivering digital aid, anyone can power global payments using digital assets with this publicly available, bulk disbursements tool.
— Stellar (@StellarOrg) August 16, 2023
“Our team took this on as a labor of love — building a tool to power digital aid disbursements in Ukraine and now, the open-source turnkey payment solution for faster, cheaper and transparent digital disbursements for everyone,” wrote Stellar CEO Denelle Dixon in the post. “Gig workers, global payroll and creators, this is for you.”
Today we unveiled the magic that makes @Stellarorg‘s aid disbursements possible, the Stellar Disbursement Platform. After a year of hard-work and patience, it’s live and now available to anyone through the power of open-source! Our team took this on as a labor of love – building… https://t.co/YJ60YZ9KiR
— Denelle Dixon (@DenelleDixon) August 16, 2023
According to the announcement, the tool lets users send money to others in seconds, make payments to suppliers, contractors or payroll, and monitor delivery in real time.
“Plus, you can also tap into Stellar’s extensive network of global on- and off-ramps, in over 180 countries where recipients can convert their digital currency into cash,” the company said.
The concept holds a broad appeal, with 26% of consumers saying they would be willing to pay extra for instant disbursements.
“Drill down a bit, and we found that they are even more likely to be willing to pay extra for borrowing disbursements, insurance payouts and income disbursements,” PYMNTS wrote in April. “Borrowing seems to top the list, where more than half of consumers would pay for instant capabilities here.”
Meanwhile, Stellar has pointed to the usefulness of its new offering for gig workers, and reporting by PYMNTS found that many of these workers want to be paid faster, as they are more likely to face financial insecurity than salaried employees due to the part-time nature of their jobs.
“Compounding that issue is the reality that they are much more likely to be paid late,” PYMNTS wrote last month. “Three-quarters of gig workers said they want to be paid by their employers more often than the traditional bimonthly pay period to offset these financial challenges.”
Companies could have a much easier time recruiting if instant payroll was offered to gig workers and contractors, as they look for work more often than salaried workers and are more likely to be enticed by these benefits.