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Bottomline has completed its first live cross-border stablecoin payments using USDC through its Global Payments Hub and Cash Management platform.
The intra-company transfer shows how businesses can integrate stablecoin transactions into existing enterprise payment workflows.
Circle issues USDC through its regulated entities.
Bottomline’s platform allows treasury teams to manage domestic and international payments to any bank, in any currency, without logging into multiple banking portals.
With USDC integrated, finance teams can manage digital assets alongside fiat currencies and traditional payment methods under the same approvals, controls and audit processes.
The company said stablecoin payments are designed to complement existing payment methods, allowing finance teams to choose the most suitable option for each transaction from a single platform.
Its system also supports cross-border and cross-chain settlement.
For finance teams, one of the main benefits is near real-time settlement for select payment scenarios.
This is particularly relevant to cross-border transfers, which traditionally pass through several banks before reaching their destination.
“Our aim has always been to make stablecoin feel like any other payment method, something treasury teams can send and track from the same place they manage everything else,”
“Our aim has always been to make stablecoin feel like any other payment method, something treasury teams can send and track from the same place they manage everything else,”
said Colin Swain, Global Head of Product for Corporate Solutions at Bottomline.
Swain said the same approach applies to Bottomline’s banking clients, whose customers’ expectations are changing quickly. Banks need to introduce new payment methods without rebuilding existing systems, he added.
“Bottomline’s milestone demonstrates how stablecoin payments can complement existing financial infrastructure, giving treasury teams more ways to move money across borders through the systems they already use,”
“Bottomline’s milestone demonstrates how stablecoin payments can complement existing financial infrastructure, giving treasury teams more ways to move money across borders through the systems they already use,”
said Spencer Spinnell, Senior Vice President, Global Payments & Enterprise Partnerships at Circle.
Featured image credit: Edited by Fintech News Singapore, based on image by Dang Pham and rawpixel.com via Magnific
