X-Border Payments Optimization Tracker: Can Blockchain Give SMBs A Global Payments Roadmap?

When it comes to reaching the global marketplace, size doesn’t matter as much as it used to.

Developments in cross-border payments solutions are opening borders and removing obstacles between nations and SMBs that engage in international trade. As more cross-border payments solutions become available, companies of all sizes are finding it easier to compete in the global marketplace.

But while advancements in cross-border payments are allowing companies to reach partners in new regions of the world, there are also signs that companies are growing reluctant to conduct business in the international market because of a tense political climate.

Notable news from the X-Border space

Around the world, cross-border payments companies are discovering opportunities to deliver their products to new markets. In Latin America, payments provider allpago expanded into Argentina, gaining access to 34.5 million online shoppers. Across the globe in Asia, Computop and AsiaPay are collaborating to help local merchant process payments securely.

But while cross-border payments made positive developments in some areas, a new report from Payvision cautions that many businesses are less interested in engaging in international trade. Payvision’s annual cross-border eCommerce survey found an “unstable” political environment around the world is causing many companies to reconsider how much international trade to pursue.

Blockchain-powered payment rail technology is one such solution helping SMBs stay competitive in a rapidly changing global marketplace by helping smaller players get around fees and bureaucracies imposed by banks. For the January X-Border Payments Optimization Tracker cover story, PYMNTS spoke with Align Commerce CEO and Cofounder Marwan Forzley and Chief Revenue and Marketing Officer Frederick Crosby about how the company’s payment rail solution is attempting to help level the playing field for smaller companies and how more oversight could prompt more companies and countries to offer blockchain solutions.

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ABOUT THE TRACKER

The PYMNTS X-Border Payments Optimization Tracker is the framework for evaluating players in the cross-border payments landscape, and the quarterly index tests the readiness of the companies to serve a global audience.