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You are at:Home » Blockchain can simplify and secure international B2B payments for SMEs: Clavis Fintech founder
Opinion

Blockchain can simplify and secure international B2B payments for SMEs: Clavis Fintech founder

Arun ShakyawarBy Arun ShakyawarFebruary 27, 2023Updated:February 27, 2023No Comments2 Mins Read
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Blockchain can simplify and secure international B2B payments for SMEs
Blockchain can simplify and secure international B2B payments for SMEs
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Small and medium-sized enterprises (SMEs) stand to gain greatly from using blockchain technology to facilitate international business-to-business (B2B) payments, according to Kazi Monirul Kabir, founder of Clavis Fintech.

Traditional B2B payments rely on correspondent banks to handle transactions, incurring fees for almost every step along the way. By contrast, blockchain can simplify the payment process and reduce costs by cutting out correspondent banks. Kabir noted that blockchain is also more secure because each transaction is unique and traceable.

SMEs are key drivers of the global economy and are becoming increasingly relevant during the post-pandemic recovery. Kabir stressed that they need all the help they can get, and that blockchain can facilitate frequent, smaller payments.

Unfortunately, SMEs have been slow to adopt blockchain, largely due to a lack of viable alternatives to traditional banking. To encourage adoption, Clavis Fintech plans to launch a B2B blockchain payment platform, with a minimum viable product to be released in May and the full platform later this year.

Kabir said that blockchain can also help simplify complex global logistics and supply chains. With blockchain, e-commerce platforms can easily manage multiple suppliers and payment partners, focusing solely on sales.

Kabir noted that the business landscape is more conducive to blockchain adoption than ever before. However, SMEs remain hesitant due to a lack of priority and alternatives in the traditional banking system.

Clavis Fintech aims to become an enabler for people finding new ways to earn a living during the post-pandemic entrepreneurship boom, especially digital nomads who are being ignored by traditional banks. Kabir believes that the contestable space in B2B payments is huge and that Clavis Fintech can become one of the leaders in the space.

Read Also: BOTS, Inc. Launches New B2B Services Based on OpenAI and ChatGPT

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Arun Shakyawar
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Arun Shakyawar is a Tech writer based out of Los Angeles. He holds an Engineering degree in Electronics and communications, and an MBA in marketing. He specializes in TMT. Before writing full-time, Arun worked as a management consultant with leading consulting firms. As a consultant he developed interest in blockchain technology, and now actively tracks blockchain and digital asset markets. Arun can be reached at arun@alexablockchain.com.

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