The Bitcoin Company The new Remittances Application Programming Interface (API) allows individuals to send money back home. financial According to a Bitcoin Magazine press release, institutions can send instant payments in less than 1 second to any account in Mexico or Brazil. The API is the first step in the expansion of the company into international remittances. Plans are to expand services soon to include the USA, Canada and Europe.
We're excited to launch our new Remittances API powering instant, cross-border payments for any app 🚀
One easy integration to send Mexican Pesos 🇲🇽 or Brazilian Real 🇧🇷 to local bank accounts in under 1 second⚡
More currencies & countries coming soon!https://t.co/jiAeh1NhRF pic.twitter.com/R63Z3mNnb3
— The Bitcoin Company (@theBTCco) March 22, 2024
“Disrupting the remittance market is a key milestone in our roadmap to provide easy to use Bitcoin-native financial services and has always been a compelling application for the Bitcoin network,” Ben Price is the founder and CEO of The Bitcoin Company.” With Bitcoin, payments can be cheap, instant, inclusive, and global.”
Remittance API by The Bitcoin Company leverages the Bitcoin network to offer a more cost-effective option than traditional banking rails such as SWIFT. This reduces international remittance fees significantly. APIs communicate with payment networks located in Mexico (SPEI), Brazil (Pix) to ensure funds are instantly deposited on recipients’ accounts.
Western Union and MoneyGram are two of the most expensive services used in Mexico and Brazil. World Bank data shows that remittances to Mexico and Brazil are 3.01% and 4.59 % respectively. The average cost for international transfers is 6.18%. Bitcoin Company API is disrupting this market by offering low-cost instant cross-border payment.
“Cross-border payments as they exist today are broken,” Price continued. “Traditional remittance providers like Western Union are taking advantage of the world’s most desperate populations by charging exorbitantly high fees for sending/receiving money. Cross border payments are now trivial with our new Remittances API that leverages the Bitcoin network. Our plans include expanding to more regions and currencies to service both business and consumer payments. We’re so happy to help enable other developers to turn on low-cost, cross-border, instant payments in their applications with a simple API integration.”
The Bitcoin Company’s mission is to create a Bitcoin-native, easy-to-use platform. financial Build developer-friendly infrastructure that connects Bitcoin to legacy financial systems. Find out more about Remittance API. here.
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Source: bitcoinmagazine.com
