How It Works
Step-by-Step Process of Making a Crypto Cross-Border Payment!
FiatXchange platforms has made it easier for users to manage their digital and fiat assets in one place.
Follow these steps to understand how a crypto cross-border payment is processed using FiatXchange innovative platform:
Account Setup
A user or business first sets up an account with FiatXchange, undergoing necessary know your customer (KYC) and anti-money laundering (AML) compliance checks.
Fiat to Crypto Conversion
Users deposit fiat currency USD, EUR, or GBP into their FiatXchange account. FiatXchange then converts these funds into the desired cryptocurrency, using stablecoins like USDT or USDC to ensure value stability.
Payment / Transaction Process
The user enters the recipient's wallet address and specifies the amount to be sent. Once availability of funds are verified, the transaction is processed to the blockchain network.
This is done without traditional banking intermediaries, significantly speeding up the process.
Receipt and Conversion
The recipient receives the cryptocurrency in a few hours. They can convert it back into their local fiat currency using FiatXchange on/off-ramp services or keep it as crypto in their crypto wallets.
By leveraging blockchain, smart contracts, and DLT, FiatXchange ensures that cross-border payments are faster, cheaper, more secure, and transparent, making them an ideal solution for today’s globalised economy.
