Align Commerce is an online international payment provider based on blockchain technology. The firm is relatively new but still, as it claims to be, t
Align Commerce is an online international payment provider based on blockchain technology. The firm is relatively new but still, as it claims to be, the first that enables worldwide money transfers using the blockchain settlement rail. The company offers a payment platform that makes no distinction between local and global transactions nor between different currencies. Thus, charging no fees for international transactions. Align Commerce aims at facilitating transfers between small and medium-sized businesses by bypassing the costly and cumbersome bank-to-bank payments.
It all started in the beginning of 2014 in San Francisco when the company was founded by Aldo Carrascoso and Marwan Forzley. The platform was first launched in October the same year on a private beta mode which eventually evolved into a public beta in April 2015. Back then, the services of the firm were available in 34 countries that have now grown into 60. In November 2015 Align Commerce raised 12.5 million in a funding round that will be invested in the development of their technology and the expansion beyond the above mentioned 60 countries.
But will people actually abandon traditional bank payments and make use of this new network? According to Marwan Forzley, one of the CEO’s of the company and a previous Western Union e-commerce general manager, the answer is definitely positive. Although he denies commenting on the number of companies that are utilising their platform nor the amount of money operating within the system, it is clear that the customers of Align Commerce currently account for thousands. In view of the quick pace with which the blockchain technology expands, its full advantages are yet to be discovered.
The benefits of such an alternative to regular bank payments are obvious and numerous. Firstly, it is a lot more economical since banks’ transaction fees which are especially high in international payments are avoided. In addition, the exchange rates of currencies are most of the time almost twice as low as traditional currency conversions that banks provide. Secondly, cross-border wire transfers in the network of Align Commerce are far more efficient and effective. The completion of long forms before making a payment is now obsolete. You only need to fill your name, business and email, link them to your bank account and you are ready to make transactions faster and cheaper.
Lastly, the blockchain technology is secure because it is based on cryptographic principles that make your personal information hardly accessible by third parties. What is more, you can track your transaction in real time and be able to find and follow your money 24/7 completely online. This system ensures that your payment always reaches the recipient and vice versa. The only thing left for us, the customers, is to take the biggest advantage possible of this revolutionary business-to-business type of payment.