bit4coin, the Dutch bitcoin platform uses the Sutor Bank banking platform to optimise payment processes between importers and exporters. The Fintech uses the API bank account of Sutor Bank for the bitcoin-based payment process that sets up an interface (API) to the payment system of bit4coin. Companies can now use the service under the new ‘Kable’ brand.
‘The Sutor Bank account enabled us to integrate our bitcoin platform via the API and develop a fast and lean payment process, which ideally makes use of the benefits of bitcoin as a transfer currency’, explains Dolf Diederichsen, bit4coin’s founder.
‘We want our banking platform to support digital financial processes in all their forms. We are pleased to have found an additional partner in bit4coin who addresses the strong customer demand in international trade with our product’, explains Robert Freitag, managing partner of Sutor Bank.
Kable optimises the payment process between exporters and importers by using bitcoin. When, for example, an importer within the Sepa zone orders 10,000 external smartphone batteries for 80,000 euros from a Chinese manufacturer, the importer transfers the amount to Kable’s account at Sutor Bank. Within seconds Kable automatically converts this amount into bitcoin and transmits it to Kable’s partner in China. The payment is confirmed within a few minutes. Conversion into Chinese Yuan and transfer to the supplier’s bank account takes less than an hour.
The entire process takes only four hours instead of the several days it usually takes now. At the same time, Kable transactions are substantially cheaper than a bank transfer. The speed of the process ensures that the frequent bitcoin rate fluctuations have no negative impact.
Kable is a typical example of ‘Business Process Banking’. Business Process Banking enables bank processes to be directly integrated into the business processes of the company. Business processes are therefore directly connected to acquisition and exchange of value. This makes them faster, cheaper and more transparent.
Sutor Bank’s banking platform offers Fintech startups and other digital companies the products, processes and systems they need from a licensed bank for the implementation of their business model. The platform covers all essential banking areas: savings and investments, payments and money transactions such as loans. Partners have access via an interface (API) to the product services of Sutor Bank. Sutor Bank strives for a partnership- based relationship. As a rule, partners are not required to pay in advance for integration into the banking platform. The goal is to amortise cost through a successful, long term working relationship.
About bit4coin and Kable
bit4coin was founded in 2013 and is specialised in providing blockchain solutions for private customers and companies. For example, corporate customers can implement innovative payout solutions or transfer models via bitcoin. The ‘Kable’ brand was established in 2016 especially for import-export payments and inter-company transfers.
About Sutor Bank
The Sutor Bank, founded in 1921 and based in Hamburg, is one of the few independent banks in Germany. Its asset management service offers an uncomplicated introduction to capital markets, provides private investment consulting, and manages numerous foundations. Sutor Bank develops financial products for financial service providers and undertakes the technical and administrative management of securities accounts.