RowanPay has launched a blockchain network, according to a press release.
The idea behind this is to help retailers with common issues like high conversion fees, slow processing times, card skimming, and chargebacks.
RowanPay hopes to change that by shifting traditional payment processing with the new blockchain technology, the press release said.
The network integrates seamlessly with traditional payments and merchants are processed within 24 hours, according to the press release. It will also support B2B and cross-border payment processing.
According to the release, the RowanPay network has been rebuilt from scratch and focuses on “security, speed and scalability”.
The data is encrypted and the blockchain is immutable so data cannot be changed.
The release says RowanPay will start its escrow project later this year.
The rise of blockchain and cryptocurrencies will be able to fix some of the weaknesses of regular cross-border transfers, taking a more global approach and exposing the weaknesses like lack of visibility, lengthy processes and high fees.
Cryptocurrencies and digital currencies are able to solve these problems by turning off the middleman of the interbank system and making things run faster.
Cryptocurrency transactions can also help with B2B payments, with accounts receivable teams able to improve the visibility and predictability of incoming payments. However, not many AR teams have adopted crypto because they are not “business friendly”. Existing digital offerings require numerous steps and long identification numbers.
Crypto can also be a valued asset for the trucking sector. TruckPay reports that it may allow people to do business in places where the fiat currency is unstable.
And despite B2B business skepticism about how well crypto will work, recent transactions and projects by the digital currency initiatives (CDBC) of various countries’ central banks and high profile companies like Tesla shopping their way could potentially change course.
NEW PYMNTS DATA: BUY NOW, PAY LATER, CONSUMER STUDY
About: Buy Now, Pay Later: Millennials and the Changing Dynamics of Online Credit, a collaboration between PYMNTS and PayPal, explores the demand for new flexible credit options and the way consumers, especially in the millennial demographics, are paying online. The study is based on two surveys of nearly 15,000 US consumers.