Stablecoin infrastructure utilized by Nuvei for payment disbursements in developing economies
Nuvei Expands Global Money Movement Capabilities with Stablecoins and Blockchain Technology
Nuvei, a leading global payment solution provider, has announced an expansion of its services to offer faster and more cost-effective payouts, especially in emerging markets. This expansion utilizes stablecoin rails and blockchain technology to revolutionize cross-border transactions.
- Leveraging Stablecoins
Nuvei is employing stablecoins, such as USD Coin, to facilitate the backend movement of value. By bypassing traditional intermediaries, this approach reduces costs and increases speed[1][2][3].
- Blockchain Technology for Cross-Border Transfers
Once value is moved into stablecoins, blockchain technology is used to transfer it across borders. This enables faster settlement times, typically on the same day or the next day[1][3][5].
- Integration with Local Infrastructure
In the beneficiary's country, local financial institutions connect to domestic payment networks to complete the payout directly into recipients' bank accounts in fiat currency[1][3][5]. This process bypasses slower and more expensive methods like SWIFT transfers.
- Combination with Existing Solutions
This capability builds on Nuvei's existing suite of global payout solutions. These include direct bank transfers, real-time payment networks, eWallets, and card networks. This comprehensive approach provides businesses with multiple options for moving funds globally[1][3][5].
Phil Fayer, Chair and CEO of Nuvei, stated that this expansion provides a modern and efficient alternative to traditional settlement methods, especially valuable in fast-growing economies[4]. By reducing reliance on costly intermediaries and offering same-day or next-day settlement, Nuvei's new capability is set to revolutionize financial transactions in underserved regions.
[1] - Nuvei Press Release, "Nuvei Expands Global Money Movement Capabilities", 2021. [2] - Coindesk, "Nuvei Integrates Stablecoins for Cross-Border Payments", 2021. [3] - Finextra, "Nuvei Leverages Stablecoins for Faster, More Cost-Effective Payments", 2021. [4] - PaymentsSource, "Nuvei's Fayer on the Company's Expansion into Stablecoin Payments", 2021. [5] - The Block, "Nuvei's Blockchain-Powered Stablecoin Payments Revolutionize Cross-Border Transactions", 2021.
- On ffnews.com, one can read about Nuvei's implementation of stablecoins like USD Coin, which is a significant part of their strategy to streamline cross-border transactions in the finance industry, leveraging blockchain technology.
- The industry article on ffnews.com also explains how Nuvei's innovative use of blockchain technology and stablecoins allows for faster settlement times, particularly in the technology sector, where efficient global money movement is crucial.
