Mon, Dec 09 2024
After acquiring System Pay Services in 2023, BVNK activated its UK EMI license, and it recently made a comparable move across Europe.
The worldwide B2B payments market is expanding quickly due to the rise of fintech, innovative technologies, and digital transformation.
Edgar, Dunn & Company (EDC) estimates that the space is currently valued at approximately US$113 trillion and is expected to reach an astounding US$137 trillion by 2027.
At the center of this expansion is London-based payments company BVNK, which combines blockchain technology with banks into a single API platform.
Now that the business has successfully gone live with its new European EMI licence, it is clear that things are only getting better.
Making payments across borders possible
BVNK markets itself as a next-generation business payments platform that combines digital and traditional banking to enable quick, safe, and borderless payments.
It makes it possible for companies to send and receive money instantly, anywhere in the globe, around-the-clock.
Since the bitcoin expert raised US$40 million in a Series A fundraising round headed by Tiger Global in May 2022, it has been quietly but successfully expanding its team and improving its platform.
Businesses may make and receive stablecoin payments, convert between currencies, and integrate cryptocurrency payments into their checkout process by utilizing the BVNK platform.
When combined with strong worldwide licensing and compliance knowledge, innovators can introduce innovative payment products in a timely and legal manner.
The world keeps getting bigger.
BVNK has been working to improve payment services for GBP and EUR, which were previously provided by partners, as part of its continuous expansion.
After acquiring System Pay Services last year, the company activated its UK EMI license, and it recently made a comparable move across the continent.
BVNK currently possesses eight licenses and regulatory permissions worldwide in the fields of digital assets and fiat payments.
"As businesses expand internationally, they must also have the capacity to make and receive payments on a global scale," says Simon Griffin, BVNK's Managing Director for Core Banking.
Merchants may send and receive payments in fiat and digital currencies with ease thanks to BVNK. We can now better serve the varied needs of our clients as an EMI throughout Europe and will be able to innovate more quickly going forward.
Additional advantages for clients
BVNK is able to offer named virtual IBANs (vIBAN) for EUR and GBP in addition to access to the region's payment schemes, such as SEPA, SEPA Instant, and Faster Payments, because it is a licensed EMI in the UK and Europe.
The company is now able to oversee the payments made by merchants to their partners and suppliers directly.
Customers will also benefit from a quicker response time for payment inquiries and an easier onboarding procedure. Additionally, it makes it possible for the company to handle more complex business needs, such as higher-value transactions.
As an EMI, BVNK guarantees complete segregation and security of all client e-money funds.
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