In 2022, Noda began receiving requests from clients for stablecoin settlements due to faster settlement times. At the time of the announcement, stablecoins account for 10% of all cryptocurrencies, as per the press release. While industry volatility in 2022 saw the stablecoin market contract, volumes are almost back at their 2022 peak. Around USD 30 billion in trades are made every day using stablecoins, with on-chain settlement reaching more than USD 7 trillion in 2022, surpassing the volumes of major card networks.
To meet customer demand, Noda needed a regulated partner that could provide a multi-currency account and enable digital asset payments. Noda selected BVNK and now uses BVNK’s Virtual Accounts and Global Settlement Network to convert 2 million euros into USDT stablecoins every month, to pay out to merchants. Noda has moved 90% of its stablecoin settlements to BVNK’s global payments platform.
Commenting on this partnership, officials from Noda said their customers increasingly wanted access to faster settlement and stablecoins provide that. BVNK has the API technology and easy-to-use product interface they were looking for, they provide them with the right rates, and they understand the needs when it comes to enabling innovative new payment flows. Noda can now offer its customers the stablecoin services they have been asking for, and for the company the process is much simpler and more efficient than previous solutions they have tried.
BVNK’s representatives said they’re happy to work with Noda to offer new payment options to their customers. They’re seeing more and more demand for stablecoin payments, particularly for cross-border payments, because they can be settled instantly, and often at a lower cost than traditional bank payments.
Noda enables businesses in ecommerce, travel, gaming, and financial services to accept direct bank payments online via open banking, as an alternative to card payments. They also work with regulated fintech partners to provide other payment services, including collections, reconciliation, and payouts.
What does BVNK do?
BVNK is a global payments platform for businesses. They bridge traditional and decentralised finance to make payments borderless, fast, and secure. Using their platform, businesses can send and receive payments anywhere in the world.
More information about Noda
Noda is a global, multi-currency open banking solution for seamless business transactions. It currently operates with 1,650 banks across 27 countries, encompassing 247 bank brands with over 30,000 branches. Headquartered in the UK, Noda has additional offices in Spain, Latvia, Lithuania, and Cyprus.
Noda enables merchants to receive direct bank payments from eCustomers via Open Banking as an alternative to cards. Merchants can implement Open Banking payments quickly via Noda API, making use of their intuitive UX and lower fees.
