- Arf, a provider of cross-border payments in the stablecoin sector, has confirmed that it has launched a new product called Arf Credit, which allows for lines of credit to be issued in the context of stablecoins.
- Arf works on a fiat-to-fiat basis and is currently working in around 60 countries across the globe, allowing for real-time transfers.
- “We developed Arf Credit as an API-based, transactional short-term working capital in USDC so that MSBs can use stablecoins without prefunding,” explained a senior figure at the firm.
Arf, a provider of cross-border payments in the stablecoin sector, has announced the arrival of a new product.
Arf says it is the first compliant cross-border payment system powered by stablecoins. Its new product is called Arf Credit.
Arf Credit is designed to provide working capital for money services businesses.
This move from Arf, however, is aimed to make that easier.
The company claims to be operating in over 60 nations around the world.
It claims to have built a system that allows for real-time transfers.
These transactions are made on what is described as a “fiat-to-fiat” basis, and it is designed to allow regulated stablecoins.
In a statement, the firm’s co-founder Kazim Rifat Özyılmaz said that the industry had an obligation to ensure that it managed risk appropriately.
He also said that it had to be sure that it could ensure growth of international money transfers took place.
“Of course, the industry must manage risks—but it also has to find innovative ways to enable the growth of cross-border transactions,” he argued.
The company’s chief executive officer and a fellow co-founder, Ali Erhat Nalbant, said that there were problems with the money transfer sector as it stood right now.
He argued that it costs money to operate the sector and transfer the cash.
“The real problem with the current cross-border payments industry is that when you’re successful as an MSB, you need more money to run it,” he said.
He added that Arf Credit was designed as an application programming interface system that would allow for working capital lines. This, he said, can happen without the need for firms to prefund.
“We developed Arf Credit as an API-based, transactional short-term working capital in USDC so that MSBs can use stablecoins without prefunding,” he explained.
He said that the company was “really excited” to have such levels involved in the sector.
“We are really excited to be a key player in enabling the cross-border payments industry to compliantly benefit from the blockchain and digital assets. It was a much-needed improvement in global payments,” he said.
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