Why Currency Exchange is the new Foreign Exchange in the world of FinTech

The finance sector is evolving rapidly with new technologies being introduced in the market daily.

The need to be at the forefront of financial innovation is increasing. And the pressure of staying ahead of the curve is building up, especially if you own a fintech business.

Customers from all over the world want to use your services, but they come with their preferred currencies and payment methods. So you’re left dealing with international and diverse transactions. This diversity can lead to a complex, time-consuming, and costly process.

Combining two key services, can open up more opportunities: foreign exchange + crypto exchange = Currency Exchange

But why should you care about these services? Why do you need to incorporate them in your fintech?

Let’s find out!

Benefits of Currency Exchange

Businesses are starting to expand overseas, to stay competitive in the market. So they integrate currency exchange to avoid the high exchange rates traditional providers offer.

But fintech businesses operate globally from the get-go. That’s why using currency exchange is important.

It allows you to transact in the currency of your choice, with much lower exchange rates. You can facilitate payments for your customers regardless of what currency they use.

It enables cross-border transactions and financial inclusivity. Integrating them into your fintech will expand your reach significantly.

You might be thinking, sounds great!

But how do I incorporate them into my business?

Well, you can use a currency exchange platform with the ideal characteristics for your needs. And the best platform is a single-application solution.

What is this?

It’s a platform that integrates all aspects of business financial management, including global transactions, without complexities and added costs.

Let’s take one such platform as an example.

bOS, by uQualify, is a single application solution that allows you to make or receive payments in 160+ currencies, including the common and exotic ones.

So you can do business with partners all over the world, no matter what currency they use.

The transaction speed and security offered by bOS will save you significant time and reduce the risk of errors. And the excellent exchange rates offered will increase your profit margins substantially.

Benefits of Crypto Payments

Now let’s talk about crypto payments. Businesses from multiple industries have started accepting crypto as a form of payment. And a large number of crypto owners want to pay in crypto.

So now it’s the time to incorporate crypto payments in your fintech.

By offering crypto payments you’re staying ahead of the curve while providing an additional payment method with unparalleled security, transparency, and speed to your clients.

Crypto payments allow you to anticipate the needs of your customers, adapt to the changing financial landscape, and ensure your business stays relevant and competitive.

And since the majority of clientele of fintech are tech-savvy, you’ll see an increased demand for crypto payments in the future, if you haven’t already.

There are two ways to incorporate crypto payments into your business.

You can either set up a peer-to-peer (P2P) interface or find a crypto payment provider that will take care of everything.

Since setting up a P2P interface requires a lot of time, knowledge and resources, most fintech owners choose the simpler route, finding a crypto payment provider.

This is because when working with a provider you can accept a wide range of digital assets without worrying about volatility and ways of storing them.

And the ideal partner is often the one with a single application solution.

Let’s look at an example.

bOS, the single application solution mentioned before, enables you to pay or get paid in multiple cryptocurrencies with the best available conversion rates in real-time.

And if your client wants to pay in crypto but you want to get paid in fiat, it can be easily done with bOS, risk-free. Because payments are instantly converted from crypto to fiat, shielding you from volatility risks.
Or of course, you can choose to store them in a secure custodial wallet and send and receive crypto easily via TRC20 or ERC20 mainnets.
Integrating Currency Exchange and Crypto Payments

Now that you know why currency exchange and crypto payments are essential for fintech businesses, let’s see how you can easily integrate them into your operations.

As mentioned before, using a single application solution is the most efficient way to get access to these services. Because they are much safer, and faster and offer lower transaction fees.

And we’ve used bOS as an example for good reason.

Using bOS for your currency exchange needs means getting access to over 160 currencies to transact with. So you can do business with partners all over the world, no matter what currency they use.

You can easily transact globally, without the complexity and costs associated with traditional methods. And you can trade in both crypto and fiat and settle cross-currency invoices simply and efficiently.

And if you’re looking for more than payments, with bOS you can do so much more.
You can repatriate funds at competitive exchange rates and even access FX financing to effectively manage your finances.

Using bOS for your crypto payments means avoiding safety issues and volatility risk. Your clients can pay you in their preferred crypto and you get paid in your preferred fiat. In simpler terms, bOS is the intermediary between you and your client.

If you’re worried about security, don’t be. uQualify, the business behind bOS is fully regulated and employs a team of experts who are ready to help with anything you need.
So you’ll have a dedicated management team on your side 24/7. A team that will work closely with you to understand your needs and tailor all solutions to meet your requirements. So, when you look for currency exchange and crypto payment services, look for bOS.
It’s got everything you need to succeed in this interconnected world and more.
You can join bOS here: https://bit.ly/3U6i79K

Charlie Rexstrew, Head of Trading, uQualify

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