PayNation Introduces Crypto-Payment Portal for B2B Payments
PayNation announced on Friday, March 14, that its new Crypto-Payment Portal is now available to streamline B2B transactions. According to the company, the portal leverages cryptocurrency to offer businesses a more efficient method for processing large transactions.
“With its built-in speed, security and transparency, cryptocurrency provides businesses with an efficient way to process larger transactions more quickly and at a lower cost,” stated Perryn Holtrop, PayNation’s CEO, in a press release released Friday.
To expedite its launch, PayNation collaborated with Blokko and Velocity Transactions. This partnership allowed PayNation to incorporate technology designed to provide maximum value to clients while minimizing disruptions to their established systems and infrastructure, the company stated. The new solution offers fast transaction times, security features, and access to a wide variety of digital wallets.
PayNation’s solution offers quick settlements in cash, without requiring businesses to directly handle cryptocurrency. Additionally, businesses do not need to understand blockchain technology to use the portal. The system mitigates volatility by converting the transaction amount into local currency at the time of payment. Furthermore, it provides security through multi-layer authentication and end-to-end data encryption, the company added.
Gustavo Jimenez, CEO of Blokko, said in the release, “We are pleased to partner with a team that recognizes the revolution of payments in the B2B space globally, and who is taking the lead in rolling out a safe, seamless, scalable crypto and cross-border payment solution today.”
PYMNTS reported in November that blockchain technology and digital assets could set the stage for new standards in B2B payments and cross-border transactions.
Coinbase, a cryptocurrency exchange, highlighted in October that more companies are using its Coinbase Prime platform for crypto payments. Stablecoins can expedite and reduce the cost of B2B payments and treasury management, by settling instantly, including cross-border, and may also provide rewards to holders, the company pointed out.
“An increasing number of Fortune 500 companies are approaching Coinbase to explore crypto payments,” noted Stephen Capozza, Coinbase Director of Institutional Sales, in a press release at the time. “Many are quickly moving from proof-of-concept exploration to full adoption.”
Further, it was reported in November that Mastercard’s Multi-Token Network (MTN) integrated with J.P. Morgan’s Kinexys Digital Payments to facilitate cross-border B2B transactions using blockchain tools.
