Peymo, an AI-powered hybrid banking platform, has launched Virtual Accounts, a new feature that uses stablecoin infrastructure to process international payments without relying on traditional SWIFT correspondent networks.
The launch addresses a persistent challenge in global finance: cross-border transactions that are slow, costly, and require multiple intermediaries. Peymo’s Virtual Accounts use cryptocurrency as the settlement layer while presenting recipients with a conventional local banking experience.
How the Product Works
Users can send funds internationally by initiating a crypto transaction within the Peymo app. Peymo then executes a local fiat payout in the recipient’s country, credited directly to their bank account in their domestic currency. The reverse flow is also supported: a user can share local receiving account details — for example, an Australian bank account number — and any domestic AUD transfer made to that account is automatically converted and credited as cryptocurrency in the user’s Peymo wallet.
The service currently supports receiving account details in over 120 countries.
Key Features
- Send crypto internationally — recipient receives local fiat currency via domestic banking rails
- Receive local bank transfers in 120+ countries, credited as crypto to the user’s wallet
- Transactions are processed in the account holder’s own name, without third-party intermediaries appearing in the payment chain
Context
Traditional international transfers typically travel through multiple correspondent banks under the SWIFT messaging network, a process that can take one to five business days and incur layered fees at each step. Peymo replaces this settlement chain with a stablecoin layer, offering near-instant processing and greater transparency over transaction status and costs.
The company says the product is designed for individuals making regular overseas payments, businesses managing international supplier relationships or payroll, and platforms requiring embedded cross-border payout capabilities.
Quote
“Cross-border payments haven’t evolved at the pace of digital finance. With Virtual Accounts, we are removing the friction entirely — enabling users to move value globally, instantly, and in their own name,” said Tomas Bartos, CEO of Peymo.
