Cross-border Payments in GBP are now live on the Conduit platform
The British pound sterling (GBP) is one of the most influential currencies in the world and maintains its relevance on the global stage, symbolizing the UK’s long economic history and financial stability. It is the official currency of several Crown Dependencies and Overseas Territories, and its stability makes it a major player in international trade and finance. From businesses settling invoices to individuals, the GBP is a key currency for global transactions.
But even a currency with such a legacy can be held back by outdated payment systems. That's why we at Conduit are thrilled to announce another important upgrade to our platform: Businesses can now make payments in British Pounds (GBP) directly through our app.
What makes this feature so powerful for cross-border payments?
This new feature is about more than just adding another currency. It’s about leveraging the stablecoins and blockchain technology to make GBP payments as fast and cost-effective as possible. By integrating with the UK's Faster Payments System (FPS), we can ensure that your GBP payments are processed with maximum speed and compliance.
FPS allows for near-instant, 24/7 transfers of funds between UK bank accounts, making it ideal for quick, daily transactions. This integration offers the best of both worlds: the speed of instant payments for everyday use and the reliability of traditional transfers for critical business purposes.
Empowering businesses with next-generation GBP payments
This new capability unlocks new opportunities for businesses trading with the UK and other GBP-based economies.
Global Treasury Management
Businesses can now move money in and out in GBP with unprecedented speed. This is essential for optimizing international treasury operations, improving cash flow, and reducing reliance on credit, while ensuring that funds are always available where and when needed.
Faster Remote Payroll
When paying remote employees or contractors in the UK, the new GBP functionality enables instant payments, eliminating delays and high fees associated with traditional wire transfers. It is a game changer for businesses with a dispersed global workforce.
Supplier and Vendor Payments
From tech companies to retailers, many businesses have partners in the GBP-using regions. With Conduit, suppliers and vendors can be paid quickly and cost-effectively, strengthening business relationships and streamlining the supply chain.
Expanding into new markets
For businesses looking to grow their footprint, the UK is a vital market. The new GBP payment solution simplifies entry into the UK market, facilitates connections with local partners, and enables efficient transaction management through a modern platform.
Scale your business faster with seamless GBP payments
At Conduit, we are committed to making international payments streamlined and compliant. The addition of GBP is a significant step forward in our mission to create a truly global money network.
Using stablecoin technology, businesses can achieve greater speed and generate liquidity simultaneously through more cost-effective transactions with fewer layers and intermediaries.
Want to learn more about how Conduit can support your GBP payments? Contact us for a personalized demo.
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