Independent Reserve, a digital asset firm licensed under Singapore’s Payment Services Act, has expanded its platform to facilitate real-time cross-border payments for businesses. This new service allows companies to make payments in fiat currencies or stablecoins, streamlining transactions with overseas suppliers, international payroll, and fund transfers between corporate entities.
Businesses can now fund their accounts in Singapore Dollars (SGD) or United States Dollars (USD) and pay recipients in their local currencies, supporting over 20 currencies, including most G10 and several ASEAN currencies. Payments can be sent instantly to bank accounts, e-wallets, or cards, enhancing transaction efficiency.
Additionally, businesses can accept customer payments in stablecoins like USDC or USDT directly into their Independent Reserve accounts. By integrating their systems through an API, companies can automate and track transactions, simplifying reconciliation processes.
Lasanka Perera, CEO of Independent Reserve Singapore, highlighted the demand for stablecoins in cross-border payments, stating, “Stablecoins have found clear product-market fit in cross-border payments. They allow businesses to settle transactions around the clock and rotate capital across markets more efficiently.”
This service aims to reduce the friction associated with cross-border settlements, which often involve multiple intermediaries and processing delays. By connecting digital asset settlement with local payment rails, Independent Reserve ensures same-day payment settlements, regardless of the number of countries involved. This development promises to enhance the speed and simplicity of navigating different currencies and payment systems for businesses operating across multiple markets.
