Introduction: The “global village” created by the Internet has restored the original sense of distance in the face of the huge obstacles of cross-border payment.
Nowadays, with the rapid development of economic globalization, the economic ties between the countries of the world are closer, global trade is constantly taking place, and there are more and more scenarios for cross-border payment. However, due to the large number of intermediate links involved in traditional cross-border payment, high handling fees and poor timeliness of collection and payment, which causes inconvenience to cross-border merchants in cross-border payment.
Traditional cross-border payments are slow and expensive
Traditional cross-border remittances are mainly rely on remittance companies, post offices, banks and some offshore fund. In international trade, cross-border payment faces with both expensive and slow problems. Each fee does not seem to be high, but it has not been a small number in the long run.
The traditional cross-border payment settlement method is exemplified by the world’s leading express remittance company“Western Union”. Even though it has the largest and most advanced electronic exchange financial network in the world, the fastest time to pay for cross-border payments is 2 to 3 days. If you use ordinary bank wire transfer, it takes 3-7 days to wait. And the cost of each transaction is 30 to 40 dollars.
While technological advances such as the Internet have changed most communications and business models, these cumbersome processes have hampered economic growth and created additional costs for large administrative and compliance departments.
The trend of globalization is irreversible. What new technologies will empower cross-border payments in the future?
Globalization is irreversible, Atox supports for cross-border payments
Although in the short term, Sino-US trade war, British Brexit and other isolationism phenomena emerged, the globalization trend of cross-border trade is irreversible. Because the Internet and new technologies have connected the global market, the demand for cross-border trade, export e-commerce or cross-border payments is increasing.
The market is looking for safe, efficient, and low-cost cross-border payment methods, so the blockchain, known as the fourth technological revolution, can produce explosive chemical reactions with cross-border payments in this era of “blockchain”?
The answer is yes. The application prospects of blockchain technology applying in the financial field, especially cross-border payment, are widely optimistic. At the tuyere of such a great age, AtoX was born.
AtoX builds a common decentralized trading system based on blockchain technology, providing users with real-time payment and settlement services in cross-border and any currency worldwide. Cross-border payment will become extremely convenient and low-cost to enhance the cross-border remittance service experience while promoting value transfer and settlement efficiency.
AtoX aims to be the first brand of cross-border settlement, to contribute to the global settlement industry, to create a vertical ecological chain and an open ecosystem, to achieve the interconnection and sharing linkage of the whole industry. From the view of time, AtoX’s lightning payment initiates a transaction, and complete it in 3 seconds, eliminating too many operations and cumbersome process, so that you can easily pay at any time and anywhere.
It’s inevitable that blockchain technology has brought about a convenient reform of cross-border payment and settlement. As a new star in the field of public blockchain, AtoX relies on the characteristics of blockchain technology to provide efficient payment and settlement services and other related services for merchants and consumers around the world, so that trading methods have a better trust mechanism, making lower transaction costs and more smaller resistant.
www.atox.io