A global service needs local rails

Launch of AUD payment rails will bring higher speed and lower costs

Global solutions are essential for companies operating across fiat and crypto currencies, whether you are a crypto native business or exchange, or a merchant company receiving and remitting in both fiat and digital currency. But a truly global payments service is also local, enabling a business to receive and remit funds with local suppliers and clients through local payment rails.

BCB already provides local payment rails in Europe and earlier this year we launched local rails in the US. In our latest step in building a global end-to-end service we are launching local rails in Australia, through the Bulk Electronic Clearing System (BECS).

The launch addresses growing client demand and will offer two major benefits:

• Faster settlement – transactions initiated during Australian business hours will be settled same day.
• Lower cost – transfers via BECs will be 75% more affordable than the current payment methods using SWIFT.

By offering a rapid local payment method, BCB clients will be able to improve their service and satisfaction among their local customers and suppliers. The solution will streamline a wide range of transfers from employee salaries to operating expenses and on and off-ramping client funds in local fiat currency.

Australian authorities have announced plans to introduce a licensing requirement for crypto exchanges. As a regulated entity ourselves, we welcome this step, recognising that regulation and security are essential to the maturation of crypto and its wider adoption. Integrating low cost and high-speed fiat payments is an essential element in the evolution of cryptocurrency, bridging the gap between traditional and digital finance.

Our AUD local rails launch will enable Australian crypto native businesses and companies using crypto in any part of their services to plug into local currency payment rails seamlessly. It will also provide a valuable bridge for international companies looking to expand their operations into Australia.

The launch of AUD payments through BECS is just the start of our ambitious strategy to develop a range of local payment rails in Australia, and we are already at work on plans to introduce an instant payments service in AUD through the New Payments Platform (NPP). We plan to build SWIFT international capabilities into this product in 2025 as well as incorporating it into our BLINC network for instant settlement, 24/7/365.

Fully integrating local fiat payments with crypto currency is an essential element in the growth of digital asset markets and is equally as important as building systems for cross-border transfers.

BCB Group may be a global fiat/crypto service provider, but we know that being truly global also means being truly local.

To find out more about BCB’s AUD local rails contact your customer services representative via your dedicated channel or [email protected]

Disclaimer

The information contained in this document should not be relied upon by investors or any other persons to make financial decisions. It is gathered from various sources and should not be construed as guidance. The information contained herein is for informational purposes only and should not be construed as an offer, solicitation of an offer, or an inducement to buy or sell digital assets or any equivalents or any security or investment product of any kind either generally or in any jurisdiction where the offer or sale is not permitted. The views expressed in this document about the markets, market participants and/or digital assets accurately reflect the views of BCB Group. While opinions stated are honestly held, they are not guarantees, should not be relied on and are subject to change. The information or opinions provided should not be taken as specific advice on the merits of any investment decision. This document may contain statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, new legislation and regulatory actions, competitive and general economic factors and conditions and the occurrence of unexpected events. Past performance of the digital asset markets or markets in their derivative instruments is not a viable indication of future performance with actual results possibly differing materially from those stated herein. We will not be responsible for any losses incurred by a client as a result of decisions made based on any information provided.