What is Almond?
Almond is a B2B technology provider offering a blockchain-based funds transfer infrastructure to connect financial institutions and their users globally. Almond enables people to send money across borders using their existing local mobile wallet or payment service – with or without a bank account.
Who are Almond's customers?
Our customers are financial institutions, including banks, mobile wallet providers and credit unions around the world. Our initial regions of interest are Southeast Asia and North America.
What is Almond’s product?
We offer a suite of APIs that enable
1. Peer-to-peer transfers
2. Digital-currency based international settlements
3. A white labeled, web or mobile user interface
How does a user access Almond?
We are a B2B service for financial institutions. Individuals can send and receive money through the Almond network by accessing it through their existing financial institutions’ web or mobile interfaces.
How does Almond work?
Almond manages float accounts per each financial institution partner in each country. P2P transactions are executed by moving funds between the end user accounts and float accounts in real time. The float accounts are constantly monitored and periodically settled as needed. In order to settle the accounts, Almond utilizes local digital currency exchanges to buy, transfer and sell select stable coins, thus moving funds across borders efficiently. While the settlements happen using stablecoins, the end users send and receive funds in their local fiat currency.
Is Almond a financial institution?
No, we are a technology provider. We work with licensed financial institutions that hold funds and perform KYC on end users. Almond does not hold funds in fiat or digital currency at any point during the funds flow.
What are the benefits of Almond?
Last-mile access: Users are connected through their own financial institutions. There’s no need for them to download a new app or visit a branch.
Simple integration: Our APIs are intuitive and well documented. It takes an average of 3 weeks to integrate a partner into our network.
Real-time transfers: Users can send and receive money within seconds, while tracking the process on their existing apps.
Transparent and affordable fees: We reduce our partners’ transaction costs significantly compared to using traditional banking rails.
Built-in AML compliance: Every partner and transaction on our network is screened to prevent money laundering.
No upfront float requirement: Our partners can start enabling transactions without pre-funding international float accounts.
Automated settlements: Our partners can keep their accounts funded and minimize floats through automated settlements.
How does Almond make money?
Almond charges a small fee to the sending financial institutions per transaction. The settlements through Almond are free.
Why the name Almond?
Almond trees are often the first to bloom, and they are often considered symbols for growth, prosperity, and renewal. We hope the work we do will also yield these qualities to those we serve in this region and throughout the world.