How Noda met client demand for stablecoins and automated its payout process with BVNK
Noda is a payments provider that enables businesses in ecommerce, travel, igaming, and financial services to accept direct bank payments online via open banking, as an alternative to other payment methods.
The challenge: supporting stablecoin settlements
As well as enabling direct bank payments for clients with its own license, Noda works with regulated Electronic Money Institutions (EMI) and banking partners to provide other payment services, including collections, reconciliation, and payouts. In 2022, Noda began to get more and more requests from clients for stablecoin settlement. To deliver it, Noda needed a trusted EMI partner that could provide a multi-currency account and enable stablecoin payments on their behalf.
“Some fintechs we spoke to couldn't support the stablecoin payment flows we needed. For those that could, it wasn’t always easy to make these payments, and required a lot of effort from our team.”
The solution: BVNK’s Virtual Account and Global Settlement Network
The company now uses BVNK’s Virtual Accounts and Global Settlement Network to convert around 4 million euros into stablecoins every month and pay out to their merchants. After just a few months of the partnership, Noda moved 90% of its stablecoin settlements to BVNK. “BVNK has the API technology and easy-to-use product interface we were looking for, and they provide us with the right rates,“ adds Anastasija.
“Another small but important thing is that BVNK takes its commission directly from us, meaning our customers always get the exact amount that we promised them. This wasn’t the case with other partners before, and the change has made our customers much happier."
“BVNK has the API technology and easy-to-use product interface we were looking for, and they provide us with the right rates,” adds Anastasija.
Fast communication and support
Beyond product fit and pricing, customer service has been a key differentiator, says Anastasija – and one of the factors in Noda’s decision to route more transactions through BVNK.
When Anastasija and her team provided feedback to BVNK, expressing the need for additional features on BVNK’s platform — such as a search tool and the ability to download transaction reports, BVNK’s team responded. “Our feedback was taken into consideration quickly and those features were launched soon afterwards,” says Anastasija.
“Overall, BVNK’s approach is different to most payment services providers. While most banking partners have an approach to treat partners from the position of power, with BVNK we have always felt that we’re a valued client.”
“The communication from the BVNK team has been rapid and clear, from the support we received during onboarding and the regular calls to discuss pending issues, to the help we get with ongoing issues and requests.”