In this exclusive Fintech Review interview, Adam Swartzbaugh, CEO of Almond FinTech, discusses transformative cross-border payment technology. Almond’s blockchain-driven Settlement Optimization Engine (SOE) addresses critical speed, transparency, and cost challenges in cross-border payments. The SOE optimises transaction routes and provides near-instantaneous settlement for financial institutions globally. Almond standardises cross-border communication and leverages AI to streamline international transfers efficiently. It is setting new standards in cross-border transactions with cutting-edge technology and a focus on accessibility. Let’s dive in.
How does Almond FinTech’s proprietary technology enhance the speed and transparency of cross-border transactions for financial institutions?
Almond’s proprietary Settlement Optimization Engine (SOE) is transforming how the world thinks about cross-border payments through blockchain-driven protocols. All centered around enhancing speed and transparency for financial institutions.
By establishing standardized cross-border communications between institutions globally, we’re measurably reducing the friction historically experienced with cross-border payments.
You can think of the SOE like Google Maps for cross-border payments. In the pre-Google Maps world, if you were to travel somewhere right now, your tendency might be to take the interstate. But there are thousands of permutations of routes that you can take. With this in mind, Google Maps analyzes myriad factors (distance, tolls, fuel efficiency, construction, traffic, etc) and selects the best possible route.
Our SOE works the same way. It looks at all available blockchain networks, digital currencies, and exchanges, and then optimizes a routing between two countries given market trends, rates, fees, and liquidity.
This is made possible through our proprietary and turnkey Almond Transfer Protocol, which enhances global financial connectivity in a first-of-its-kind manner.
For financial institutions, this results in a lower cost of moving money internationally, a payout speed that’s real-time, and a settlement speed that occurs in just minutes for their customers. From a transparency perspective, institutions gain a clear and upfront understanding of how our technology and protocols work.
What specific challenges in the cross-border payments industry does Almond FinTech aim to address, and how?
Today, moving funds across borders is still incredibly inefficient.
In fact, the speed is slower than getting on a plane, flying literally anywhere in the world, and delivering cash by hand. While there are many factors behind this, it’s largely due to underdeveloped financial infrastructure. Today’s cross-border payment solutions also lack transparency. You see the final output, but not the process of how the technology works behind the scenes. What’s more, financial barriers continue to impact quality of life for people globally. More than one billion individuals worldwide don’t have a checking or savings account. One-third of adults don’t have access to a bank.
This isn’t just an unfortunate reality, it’s an epidemic.
Through identifying the optimal cryptocurrency, the optimal blockchain, as well as the optimal exchange for each individual settlement, our SOE empowers financial institutions and their diverse customer sets with the fastest, most cost-efficient cross-border funds transfer technology available — regardless of location.
Describe how Almond FinTech ensures the affordability of cross-border transactions for end-users.
Almond’s SOE puts end-users at the core of our mission. With a focus on cost efficiency, our SOE delivers market-beating rates by providing optimal timing and routing for each settlement, increasing institution margin and pass-through savings no matter where a user is located.
What innovations make Almond FinTech’s platform unique from other cross-border payment solutions in the market?
As a blockchain-driven solution using advanced AI/ML and Quantum drivers to enable Parallel & Sequential Multi-Currency Settlement capabilities, our SOE empowers financial institutions and their diverse customer sets with the fastest, most cost-efficient cross-border funds transfer technology available. Unlike other current solutions in the market, our SOE looks at all available blockchain networks, digital currencies, and exchanges in near real-time, then optimizes a routing between two countries given market trends, rates, fees, and liquidity.
Our SOE technology has also been recognized widely for its innovation, winning multiple awards including CrossTech’s “Pioneering Global FinTech” award. Almond is also a four-time recipient of Harvard Innovation Lab’s and Qubic Lab’s “Impact Innovation Grant.”
Can you elaborate on the security protocols Almond FinTech employs to ensure transaction integrity across borders?
From advanced encryption technologies to rigorous data protection protocols, we ensure your transactions are fast, secure, and safe. Almond helps customers experience peace of mind, knowing financial operations are guarded by industry-leading security measures. At Almond, security and compliance are foundational to our mission of fostering secure and transparent cross-border payments.
Our platform is built using the industry’s strictest global governance, privacy, and security standards. Regulatory compliance in all jurisdictions where partners are, including regular contact with Central Banks and other regulatory authorities. Finally, a rigorous Know Your Business (KYB) policy ensures all Almond Network Members are fully licensed in their jurisdictions, including full AML/CTF/Sanctions compliance.
How does Almond’s single protocol set simplify integration for financial institutions compared to traditional systems?
Almond’s single protocol set measurably increases integration and accessibility for institutions globally. By standardizing cross-border communications, the Almond SOE reduces the friction historically experienced with cross-border payments. This results in easier adoption, faster time to impact, and better control and flexibility throughout the technology lifecycle.
The SOE layers easily into a partner financial institution’s existing infrastructure. Because the solution is not consumer-facing, the user experience is unchanged. The consumer uses their preferred bank, mobile wallet, remittance provider, or other licenced money transmitter to initiate a cross-border transfer. This is done through the institution’s existing mobile or web app, or physical branch. Once a transfer request is received, the SOE identifies the best route and shares the corresponding rate with the institution and consumer. The consumer then elects to proceed with the transfer at the quoted rate.
The complexity and inner workings of the SOE are not visible to the consumers. From their perspective, funds are sent and received in the desired local fiat currencies as usual, but in real-time, with the best available rate, and with more payout options.
What’s more, our Almond Enterprise Portal is an advanced solution for offering transparency, control, and comprehensive insights for operational excellence. The Almond Enterprise Portal is an intuitive front-end solution designed to empower financial institutions with transparency, control, and insights all in one place, allowing for data-driven decision-making to steer their financial operations towards excellence with complete confidence — leading to swift and seamless adoption, anywhere in the world.
It’s a cutting-edge solution that emphasizes simplicity, flexibility, and impact above all — making implementation easier than ever.
Explain how Almond FinTech’s platform is adaptable to different global regions and expanding markets.
Almond serves financial institutions across the globe, currently operating in 15 countries including regions with some of the most significant needs for better and more readily available cross-border payment options.
Because our SOE tool leverages AI/ML and Quantum drivers to enable Parallel & Sequential Multi-Currency Settlement, institutions anywhere in the world can easily start using our technology within minutes. We’ve also taken intentional measures to future-proof our SOE — every blockchain built, asset created, and exchange opened increases optionality to optimize routing and reduce dependencies. Our team of experts is also on-call and works closely with our customers to ensure smooth adoption while empowering institutions to get the most out of the technology.
What role does user feedback play in Almond’s development of new features or refinement of existing ones?
Feedback is essential. Collaboration is a guiding pillar. We put our customers first and we mean it. We take careful steps to ensure we’re delivering features and benefits that actually make a difference and get our customer sets excited. Whether we’re rolling out a new feature or proactively gathering insights, we keep the line of communication open with institutions and end-users. Ultimately, our goal isn’t just to build innovative technology, it’s to build innovative technology that helps make a measurable impact.
How has Almond FinTech’s platform impacted financial institutions’ customer outreach in terms of cost-efficiency and accessibility?
The Almond SOE helps institutions reach more customers and drive revenue. Cost optimization capabilities optimize institutions’ internal funds flows across borders; extending external payout and settlement network. This focus on cost efficiency provides control and flexibility, driving revenue, customer acquisition, retention
and engagement. Cross-border payments are only becoming more important as customers increasingly demand and expect the ability to send and receive money swiftly and safely. With Almond, institutions are generating a decidedly-better cross-border experience for customers, making it easier than ever to find and retain customers while boosting their bottom-line.
To date, over $2.5M has already been transferred across 11 corridors using Almond.
What are Almond FinTech’s future goals for technology innovation in cross-border payments?
Almond’s SOE is built both for the challenges of today and for the challenges of the future.
Our immediate plans include expanding our network coverage to regions across the country that maintain high rates of financial inaccessibility while continuing to use the latest ML/AI and Quantum capabilities to ensure a frictionless experience for all customers.
The cross-border industry is ever-evolving and so is the technology and data around us. Inspired by innovation, our product will continue to scale alongside developments in blockchain — ensuring we’re using best-in-class solutions that deliver the greatest impact. In the immediate future, we’re exploring opportunities to implement Parallel Multi-Currency Settlements and Sequential Multi-Currency Settlements, as methods to further optimize speed, transparency, and cost.