New York, April 24, 2023 (GLOBE NEWSWIRE) -- SendFriend, a B2B fintech company creating embedded solutions for cross-border payments, announced today that it rebranded as Diameter Pay. The company also announced reaching a milestone of $60 million in payments processed so far in 2023.
One of the first companies to settle payments on the blockchain, SendFriend was founded as a fintech company focused on financial inclusion. Last year, it evolved into a B2B payments platform, offering embedded cross-border payments to international banks, after securing a $2.9M European Union R&D grant that same year. Today, the company operates as Diameter Pay and serves institutions that have traditionally been excluded from the USD-dominated global financial system such as emerging Asia, especially China, continuing its focus on inclusion.
“Diameter Pay is a response to today’s global marketplace, which desperately needs safe international fund transfers but often fails emerging, fast-growing regions for arbitrary risk or geopolitical reasons,” said Founder and CEO David Lighton. “The rebrand to Diameter Pay illustrates our commitment to being the shortest distance between opposite sides of the globe for money movement. A diameter stretches across the width of a globe, but isn’t seen on the surface–just as we aim to do through our technology. Having now surpassed $60M in payment processing across the globe in 2023 as an embedded solution, we’re doing just that."
The phenomenon of correspondent banks “de-risking” from regions such as the Caribbean, East Asia, Africa, and Latin America has been disruptive to local institutions and economies, with the number of active USD correspondents plummeting from 100 to 65 in the last decade. Meanwhile, McKinsey & Co. projects cross-border payment revenues will grow 35% between today and 2027 to a staggering $238 billion annually. In an increasingly complex legal, regulatory, and technology environment for the US and the world, with unexpected influence from geopolitics and supply chains, global trade will grow but with more investment in safety and security.
Diameter Pay addresses risk by adding a layer of compliance automation to its processing capabilities and US bank relationships in order to meet sanctions and AML controls. Diameter has served banks’ underlying clients in diverse industries including pharmaceuticals, manufacturing, extractives, financial services, shipping, and hospitality–with an emphasis on safety.
Looking ahead, Diameter plans to deploy API-based automation for all of its payments as well as additional layers of compliance automation in transaction monitoring and screening based on machine learning in the coming year. This work comes on the heels of its 2023 acquisition of DigiPli, a provider of regtech solutions. The company is also onboarding multiple new clients, which represent undisclosed processing volumes.
For more information visit https://diameterpay.com.
About Diameter Pay
Founded as SendFriend, Diameter Pay is a global payments-as-a-service platform, enabling seamless and compliant payments for banks and financial institutions. The company offers on-chain settlement products in addition to its traditional payment channel offerings. The company was founded at the Massachusetts Institute of Technology to reinvent the cross-border payments industry. It has leading partners and investors such as the European Union, Techstars, the Barclays Accelerator, and others and is led by a team of subject matter experts and technologists from the leading institutions in the world. To learn more, visit https://diameterpay.com.
