Open banking payments provider Noda has tapped crypto-to-fiat banking platform BVNK to meet surging demand for stablecoin payments from customers across Europe.
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.
In 2022, Noda says it began to get more requests from clients for stablecoin settlements due to faster settlement times. While industry volatility in 2022 saw the stablecoin market contract, today volumes are almost back at their 2022 peak and now account for 10% of all cryptocurrencies. Around $30 billion in trades are made every day using stablecoins, with on-chain settlement reaching more than $7 trillion in 2022, surpassing the volumes of major card networks.
To meet customer demand, Noda has deployed BVNK’s Virtual Accounts and Global Settlement Network to convert two 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.
Noda’s chief operations officer, Anastasija Tenca, comments: “Increasingly our customers want access to faster settlement and stablecoins provide that. BVNK has the API technology and easy-to-use product interface we were looking for, they provide us with the right rates, and they understand our needs when it comes to enabling innovative new payment flows..”
Jane McEvoy, VP platform partnerships, BVNK adds: “We’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.”
