Align insures against customer losses from cross-border funds tranfers
25 May 2016 | 2417 views | 0
Source: Align Commerce
Next-generation global payments provider Align Commerce today announced that it is enhancing protections for its small- and medium-sized business (SMB) clients sending payments internationally, by obtaining insurance to safeguard against losses as a result of a physical or cyber-security breach, theft, or operational errors and omissions.
These policies, together with Align’s commitment to operating robust regulatory and compliance programs, helps build customer confidence in using its modern cross-border payment solutions.
“Providing our clients with the highest degree of transparency and security is of the utmost importance as we continue to offer new and innovative ways to move money in an increasingly global economy,” said Align Commerce General Counsel and Compliance Officer Jay Hansen. “Securing these insurance policies from highly rated insurance carriers reflects the growing acceptance of our technology that puts control back in the hands of small business owners around the world.”
With its unique “multi-rail” platform, Align Commerce employs the blockchain electronic rail alongside wire and treasury management rails to route transfers from Point A to Point B in the most efficient manner possible without having to use intermediary banks - or pay the fees associated with them. Align brings the potential to save SMBs billions of dollars annually in bank wire and foreign exchange fees, with a transparent process and tiered pricing structure that offers a financially competitive alternative to the excessive fees of traditional bank wires.
“Our new transaction protections further strengthen Align’s promise to provide the best possible experience for our clients, built on a foundation of trust and security,” said Align Commerce CEO and Co-founder Marwan Forzley. “Align’s policies extend to all means by which Align elects to fulfill customer transactions, including the blockchain, which we believe is an industry first.”
Align’s increased client protections come shortly after it announced the establishment of corridors to some of the world’s most vital economic regions: China, Brazil and Mexico. The company launched in November with $12.5 million in Series A funding led by Kleiner Perkins Caufield & Byers, and enables payments to and from more than 60 countries globally.