OneHypernet and Alliance 21 signed a Memorandum of Understanding (MOU) today for the development of a cross-border payment solution for the settlement of invoices between Alliance 21 and their global network partners. The digital payment solution will use the latest blockchain technology by R3 to consolidate global payments within Alliance 21 networks of partners to provide them with a simplified solution that helps all parties overcome high bank charges and improve their cash flows, by reducing the number of payment points and associated charges.

Alliance 21 will extend this payment solution to its overseas network partners (also known as alexFRIENDS), on its ALEX.world portal. ANNEX A provides more information on common challenges SMEs face in reconciling their payments between themselves and their network partners.

The digital cross-border payment solution is expected to roll out by 2Q2022. Alliance 21 expects at least 30 of its network partners to benefit from the rollout of the cross-border payment solution, which is expected to strengthen Singapore’s position as a global financial and trading hub.

“OneHypernet uses confidential computing and enterprise blockchain technology to connect Alliance 21’s network of partners on a single global ledger, enabling a real-time shared view with standardised protocols and data privacy. When data privacy is preserved, all payments within the network can be included for multilateral netting. This greatly reduces the number of cross-border settlements between the partners, resulting in better cashflow and savings of up to 96% of cross-border fees,” said Tan Jin, Co-founder, OneHypernet.

“Alliance 21 is extremely delighted to be partnering with OneHypernet on this milestone Proof-of-Concept that will enhance the capabilities of our ALEX.world platform and provide tangible benefits for all our network partners from all over the world. We have always believed in pushing the boundaries of technology to solve our business and operational issues, and expand our business through strong alliances and partnerships.

OneHypernet’s solution will provide a strong value-added feature to our platform, and we look forward to this co-operation to take our companies to the next level. We would also like to express our heartfelt thanks to Enterprise Singapore for their amazing support they have provided to Alliance 21 for our ALEX.world platform,” said Mr Benjamin Ong, Founder and CEO, Alliance 21 Group.

For more information on the digital cross border payment solution, SMEs can visit www.OneHypernet.com  

Source: OneHypernet via PR Newswire