- Axletree Solutions, which is a provider of bank connectivity and financial integration, has announced that it will work alongside Roxe to offer blockchain-powered international money transfer services to its customers.
- The two firms will work together to offer Axletree’s customers access to Roxe’s ‘Instant Settlement Network’ system on a value-added basis.
- “For banks to keep up with the disruptors in the fintech industry, they must adapt and embrace the latest technology,” said a senior spokesperson for Roxe.
Axletree Solutions, a provider of bank connectivity and financial integration for global international money transfer providers, has confirmed that it will strike up a new pairing with a payments network.
The firm said that it will work with Roxe, which offers blockchain-powered cross-border payments services.
The new arrangement will see Axletree offer Roxe’s ‘Instant Settlement Network’ to its customers as a value-added service.
Axletree will act as a payment node on Roxe’s network, giving its clients the chance to get faster payment settlements for international money transfers.
It is expected that Roxe’s technology will see money transfers get made in a matter of seconds rather than days.
In a statement, a senior figure at Axletree said that banks were facing lots of pressures currently – especially when it comes to making and settling domestic payments.
Andrew O’Garro, who is the senior vice president for Strategic Solutions there, said that customers wanted more.
“Banks are under pressure to deliver the experience of domestic payments across cross-border transactions.”
He also said that blockchain could transform the way that people experience payments – and take costs down for all participants.
“Blockchain has the power to deliver that experience and also reduce cost across the payments value chain,” he added.
He concluded by saying that clients had a wider range of choice thanks to the integration with Roxe.
“With the Roxe Instant Settlement Network now part of the Axletree marketplace, we will be able to offer our clients greater choice, speed, and full traceability on their cross-border payments,” he said.
For Roxe, meanwhile, a leading figure there said that demand for the sorts of speedy and cost-effective payments that the company could offer was on the rise.
Josh Li, who is the chief business officer of Roxe Inc., remarked that the fact that clients want “instant gratification” could be having an effect on demand.
“The demand for fast, affordable payments is on the rise as customers grow increasingly accustomed to instant gratification in a digital world.”
He added that one way for banks to stay ahead of the curve was to make sure that they took on cutting-edge technology.
“For banks to keep up with the disruptors in the fintech industry, they must adapt and embrace the latest technology,” he added.
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