Cambridge provides cross-border solutions and currency risk management.
Steamchain, meanwhile, is a tech platform working on cutting costs for currency conversion, currency fluctuation risk and burdensome document flows, the press release says.
“We see a unique opportunity to partner with Steamchain and their forward-thinking payments technology,” said Don Banowetz, vice president of enterprise sales at Cambridge Global Payments. “This partnership delivers a unique offering for the shipping and logistics industry to leverage Cambridge’s comprehensive globally delivery capabilities alongside Steamchain’s innovative platform to move money around the world fast and efficiently.”
Dan Biggs, CEO of Steamchain Corp., said the company was excited to partner with Cambridge Global Payments “as it aspires to bring reduced costs to any company conducting international commerce by simplifying the process of sending or receiving cross-border payments, with a cost effective, fast and smart solution,” the release says.
Global B2B trade can be a thorny thing, with numerous cross-border rules and regulations, and B2B transactions traditionally going through specific payment systems for them.
The landscape will likely continue to evolve — there are hundreds of different payment methods out there, with around 300 that a merchant could feasibly consider must-haves.
According to Limonetik CEO Christophe Bourbier, one of the chief things to consider for a B2B marketplace is the simplicity of the payment — which is sometimes hard to come by due to the sheer volume of payment choices. But he said the ease of use will be very important in terms of access to payment flows and new upcoming innovations.
Bourbier said B2B payments were an important thing to consider in terms of companies looking to break into the world’s marketplace.