MAIN NEWSLETTER SIGN UP

Layer2 Financial and Evita Partner on B2B Cross-Border Payments

cross-border payments

Layer2 Financial has partnered with Evita to streamline and optimize the processes around B2B cross-border payments.

This collaboration brings together the capabilities of Layer2 Financial’s banking-as-a-service (BaaS) and payments infrastructure technology and Evita’s B2B cross-border payments solution, the companies said in a Wednesday (Dec. 20) press release.

“Evita’s decision to partner with Layer2 was driven by their exceptional speed, agility and ability to navigate complex compliance layers,” George Goognin, founder of Evita, said in the release. “The partnership enables us to manage compliance efficiently, and paves the way for ramping up USD [U.S. dollar] operations.”

Evita specializes in large transactions, such as facilitating transactions related to luxury cars, Italian furniture and other high-value items, according to the press release.

The company also focuses on markets in which traditional financial institutions fall short, providing an alternative to major banks, the release said.

Evita provides its clients with faster and more cost-effective payments by using its own liquidity and direct local payment rails, per the release.

With the new collaboration, the company will leverage Layer2 to open For Benefit Of (FBO) accounts for its clients, which will enhance Evita’s ability to operate with U.S. dollars and enable clients to have individual U.S./Native accounts, according to the release.

These capabilities will simplify wire instructions and reduce the likelihood of errors, the release said.

“In an environment where many banks now shy away from crypto, George [Goognin] is a vocal advocate for its transparency, trackability and safety in the financial system,” the press release said. “He believes that the collaboration between these two companies will help rebuild trust as digital and fiat currencies are poised to reshape the landscape of large, cross-border transactions.”

PYMNTS Intelligence has found that small and medium-sized businesses (SMBs) that are expanding their focus to include international deals have found a lack of access to necessary financial services to be a key constraint to their attempts to develop a clientele around the globe.

Twenty-seven percent of SMBs said the complexity of cross-border payments is a hindrance to their ability to grow, according to “International B2B Payments: A Guide for Entrepreneurs and Digital Businesses,” a PYMNTS and Payoneer collaboration.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.