How Greenburg Pro paid its global contractors on time and boosted cash flow with stablecoins
Greenburg Pro is a global consultancy firm specialising in IT. As well as providing research and strategy services, the team runs large scale IT projects for clients: from day-to-day IT support to software integrations and app development.
The challenge: paying global contractors on time
To support its clients, Greenburg Pro manages hundreds of IT contractors around the world. Greenburg Pro’s Operations Lead, Martin explains: “We are effectively an outsourced team for our clients in Europe and the UK – in some cases we run entire IT departments for them. That means we have call centre operations, warehouses and software engineering teams in different countries.
To keep things running smoothly, Martin and his team need to make regular payments to global contractors, for example in Bangladesh and India.“Those countries are not the most accessible in terms of payments,” explains Martin.
“It can take a week for funds to get there, which meant that in the past we either had to send the money a week in advance or make that person wait for a week: neither is ideal.”
The solution: stablecoin payments with BVNK
Greenburg Pro began to investigate stablecoin payments as a potential solution. “Many of the countries where our contractors are based are advanced in terms of accepting digital currencies,” Martin explains, “so our people on the ground were actually asking to be paid in stablecoins.”
To make this work, Martin and his team needed to find a payments partner to help them convert euros and pounds to stablecoins and send USDT payments across the blockchain. They received a recommendation from an FX partner who had used BVNK’s Global Settlement Network. “It started off as a chat, but the more we understood about BVNK, the more we realised they could help solve our global payment challenges, and it really grew from there,” says Martin
Greenburg Pro now uses BVNK’s Global Settlement Network to convert around 3 million euros each month into USDT stablecoins, and pay out to contractors around the world in just a few hours.
“It used to take a week, but now our global contractors are paid the same day, and our cash flow has greatly improved. Most importantly, if a client calls us up and needs to pay its people today, we can help them to do it with the help of BVNK. If the banks are closed, the average person still needs money in their pocket. USDT and BVNK are the solution.”
Saving time and money
Beyond settlement time, has Martin and his team found other efficiencies through the BVNK partnership? Martin adds: “We’re happy with the transaction pricing from BVNK, but more than that there is a real time-cost saving for us. If I have to wait days to make a payment for example, I'm exposed to exchange rate risks and fluctuations, and I have clients that are upset. All of that is a cost. It's a cost of my time, or my team’s time. So, there are real world financial benefits to working with BVNK.”
Finding a trusted partner
For Martin and the Greenburg Pro team, finding a partner they could trust to help them move money was crucial. Martin explains: “Many businesses in this industry are faceless. Web-based services are great, but the follow up service isn’t always there. It’s so important for us to know that if there’s an issue or question, there is a team there to support us. We absolutely have that confidence with BVNK.”
Greenburg Pro is now looking at how they can use BVNK’s network for other payment flows, for example converting local currencies like Malaysian Ringgit (MYR), Australian Dollars (AUD) and Thai Baht (THB) into USDT stablecoins.
“From the start, the BVNK team took the time to listen and understand our needs. We started with small volumes, but over time we realised we could rely on BVNK and so the partnership has grown. The team’s communication and responsiveness makes a real difference.”