A company that trades across the African continent operates with USD and USDt given local currency fluctuations. It needs to pay its vendors in Europe.
Solution
Universe Money will provide a blended solution utilising blockchain and on/off ramps to facilitate clients requirements.
Process
- For USD transfers, client is instructed to send funds locally to UP partner
- UP arranges to convert USD to USDt within the blockchain
- Where USDt already exists, client instructed to transfer crypto to designated wallet address
- USDt is then immediately exchanged for Euros on the blockchain
- UP issues client Euro iBAN in client’s business name
- UP pays clients vendors in Euros via SEPA from UP issued EURO iBAN, based on client’s pay-out report provided.
Timing
Sub 24 hours