FreeBnk and E Money Network have joined forces to bring IBAN to the blockchain

In 2023, more than $74 billion in funds were sent using mobile money transfers, however, sending money overseas can still be a challenge. The banking industry’s stagnation, evident in its outdated practices, becomes particularly glaring regarding facilitating cross-border transactions within an expanding financial landscape. 

Cross-border fund transfers often involve long processing times, ranging from 1 to 5 business days. Banks also typically impose fees for outgoing wire transfers, which vary depending on whether the transfer is international or domestic. In cases where currency conversion is necessary, additional fees and unpredictable exchange rates also often apply.

This conventional financial infrastructure results in cross-border payments that are slow, expensive, and inefficient. And now, there is a growing demand for innovative approaches that can overhaul outdated systems and bring in efficient methods for international financial operations.

To help make international payments more effortless, FreeBnk, the fintech app offering affordable financial services for crypto investors has teamed up with E Money Network, a MiCA-compliant modular chain built for tokenizing real-world assets. 

This partnership allows FreeBnk users to obtain an IBAN (international bank account number) via E Money Network’s compliance-focus protocol, permitting them to conduct cross-border financial transactions and efficiently manage their funds. Through the partnership, E Money Network spotlights its adaptability across financial ecosystems by issuing IBANs to FreeBnk’s user base.

In the crypto sphere, achieving mainstream adoption is contingent on ensuring user-friendly experiences and regulatory compliance, two areas that crypto has notoriously fallen short in. IBANs grant FreeBnk users the ability to transact globally and send money securely.

IBAN availability represents a core element of FreeBnk’s commitment to providing convenient and versatile financial services tailored to meet the needs of the evolving digital economy. 

Speaking about the partnership, Yunus Emre Ozkaya, CEO of FreeBnk, said:

“This collaboration highlights our desire and commitment to bridging traditional banking with blockchain, allowing our users to easily navigate between fiat and digital assets. The opportunities in DeFi are endless, and we are excited to work alongside E-Money Network to bring this idea to life.”

This collaboration enhances FreeBnk’s capabilities by blending traditional financial features with decentralized finance elements, fostering increased inclusion and accessibility in the growing digital economy. 

Blockchain technology offers inherent advantages like transparency, security, and speed, which can enhance the often cumbersome and slow processes of traditional financial systems. Improving the operational efficiency of cross-border payments represents a step towards establishing a new standard for the future of finance.