NORTH BRUNSWICK, N.J.— Two companies are reporting a new partnership aimed at using the blockchain to deliver cross-border payments.
Axletree, which provides connectivity solutions for financial transactions, and Roxe, which provides payments apps aimed at leveraging the blockchain, said they are partnering to make use of Axletree’s marketplace and Roxe’s instant settlement network.
With this partnership, Axletree's clients will have access to a payment note on the Roxe blockchain network, which can settle a payment in seconds. Clients do not need to use cryptocurrency to access the blockchain network, The Paypers reported.
Axletree officials stated banks are under pressure to deliver the experience of domestic payments across cross-border transactions and blockchain has the power to deliver that capability, while also reducing cost across the payments value chain.