SatoshiPay, a payment solution built on top of the Stellar network, announced today the beta launch of SatoshiPay B2B, a completely new service for instant global payments for businesses and organizations. While SatoshiPay’s first service focused on micropayments, this new B2B product is built to handle global payouts of any amount.
Using the Stellar distributed ledger network allows SatoshiPay to facilitate fast and cheap international payments. Cross-border payments can be sent to a local entity in the recipient country that is connecting local payment infrastructure to the Stellar network (so-called “anchors” in Stellar terminology). The anchor can then transfer the equivalent amount to the recipient using the local bank network, cash outlets or other payment infrastructure.
The B2B service will be able to offer instant bank account payouts to any country with respective local anchor infrastructure. Currently, that’s predominantly countries in Latin America, the U.S., and Africa, with more countries being covered as the Stellar anchor ecosystem expands.
“Our second offering in the B2B space aims at globally operating businesses, e.g. marketplaces, gaming or gig economy ventures, that are sometimes limited by the reach of today’s payment networks and can’t grow their operations to certain countries. Many of these sites therefore pay out using e-commerce vouchers or mobile phone credit instead, simply due to the lack of a better pay-out infrastructure. These companies would benefit from global token payouts via a blockchain-based payment wallet that can be used by anyone, independently of bank accounts.”
– The SatoshiPay Team
If interested to learn more, the SatoshiPay team is currently running a fee-free invite-only B2B beta pilot.