A7 launches crypto-to-bank international payment service

The Russian fintech company A7 has launched a new global payment service, A7 International, designed to facilitate cross-border transactions despite ongoing international sanctions. The service allows customers to make payments using the USDT stablecoin via the TRON network, while recipients receive funds through the conventional SWIFT messaging network in currencies including U.S. dollars, euros, Chinese yuan, and UAE dirhams.

A7 was established by Promsvyazbank, a Russian state-owned defense bank. According to Pyotr Fradkov, chairman of Promsvyazbank, the service aims to meet market demand for fast, low-friction global money transfers. The platform reportedly carries a 0.3% commission.

The expansion follows previous efforts by the network, including the launch of the A7A5 cryptocurrency in Kyrgyzstan, which is promoted as a stablecoin pegged to the Russian ruble. A7 is currently looking to expand its international footprint into Africa, with existing operations in Nigeria and Zimbabwe, and planned launches in Togo.