Our Platform was built to eliminate the outdated wire mechanism and modernize the international payments method for our clients. Wire transfers are problematic from the get go for both, the sender and the receiver. The process of going to the bank, standing in line, and filling out wire forms – each requiring the bank account details of the recipient, swift codes, routing numbers, and a ton of other personal information on both ends – not only threatens the security of both parties, but is a costly and slow way of paying. Just when you thought you were done, you find out that if not completed by a certain hour, the payment will have to wait until the following day, and may take up to five days to get there, depending on your destination. Sound Familiar?
If you’re receiving a wire from abroad, your account is charged wire fees automatically. That gives you even less control over your financials. Wires are essentially the dinosaurs of today’s payments ecosystem. That is why we cut them out!
The blockchain technology is solely used to speed up settlement times by eliminating the intermediary. All the wire and fx fees that are normally charged during your transaction occur when your payment hits the intermediary bank account. We eliminate all those extra fees by using the blockchain.
Once the money arrives from the sender’s bank, we utilize our technology to convert the currency and deliver it directly to the receiver’s bank account. The sender and receiver are able to track their money every step of the way.