It is true that the coronavirus pandemic has sped up the fourth industrial revolution and the way we do everything, with apps taking us to online meetings, classes and banking, to name a few.
During this process, traditional banking transactions have changed thanks to information technology and the creation of ‘central bank digital currency’ where the new technologies give more freedom of choice when dealing with money transfers.
The concept of escrow has been in existence for many years, mainly being used for real estate transactions, as a way for a third party to hold money until certain obligations had been undertaken by others. However, thanks to blockchain technology, third party escrow agents such as Velvet Platform can now oversee the proper and full completion of any deal in any trade.
Project managers and independent teams who collaborate on projects know only too well the complexities of the administration involved around managing invoices from suppliers, international payments for team members, and the legal regulations they need to adhere to (such as the EU’s General Data Protection Regulation (GDPR), anti-money laundering and anti-fraud laws and regulations), which can become a full-time job in itself.
There is also the issue of trust – will suppliers be paid; will the team receive its remuneration on completion of the job? Globally, coworking spaces all struggle with these challenges. This is why Velvet was established, to reduce the time spent on worrying how to get paid, enabling its clients to focus on how to deliver the work.
Velvet Platform offers a platform that is ideal for project managers and independently distributed teams. It offers a multi-currency payments platform, enabling clients to send and receive money for work, sales and projects. Using it as the third-party platform, the project money goes into escrow until it is ready to be paid out to the various stakeholders.
The burden and responsibility of managing the project management’s money are lifted, and the team can work more efficiently, knowing that an escrow agent like Velvet has taken over responsibility and is already holding the money before the project starts. There is no need to create a new entity or even establish a formal relationship and the costs are predictable, as opposed to multiparty transactions, all carrying fees and forex costs.
Velvet Platform and other companies in the group are fully licensed to provide financial services, using the most secure transaction tracking technology. This cuts down on the number of times money is moved from one account to another and saves on banking fees and other hidden costs. It also delivers a personal touch, as its clients will be working with a human account manager, as opposed to a bot and FAQ page. This helps clients set up the service to maximise their time, money and service needs.
Velvet understands that the way people work is changing and evolving worldwide, and you need a payment system that will change and adapt with you. Velvet is your multi-currency collaborative partner, no matter what your business is.