The bitcoin Company has introduced its new Remittances API, which allows individuals and financial institutions to send instant payments to any bank account in Mexico and Brazil in less than 1 second, according to a press release sent to bitcoin Magazine. This API marks the company's expansion into international remittances, with plans to soon extend services to the US, Canada, Europe, Asia and Africa.
We are excited to launch our new Remittances API that enables instant cross-border payments for any app
A simple integration to send Mexican pesos or Brazilian reals to local bank accounts in less than 1 second
More currencies and countries coming soon!https://t.co/jiAeh1NhRF pic.twitter.com/R63Z3mNnb3
– The bitcoin Company (@theBTCco) March 22, 2024
“Breaking into the remittance market is a key milestone in our roadmap to providing easy-to-use native bitcoin financial services and has always been a compelling application for the bitcoin network,” said Ben Price, Founder and CEO of The bitcoin Company. With bitcoin, payments can be cheap, instant, inclusive and global.”
By leveraging the bitcoin network, The bitcoin Company's Remittance API offers a cost-effective alternative to traditional banking systems like SWIFT, significantly reducing the costs of international remittances. The API communicates with local payment networks in Mexico (SPEI) and Brazil (Pix), ensuring that funds are instantly deposited into recipients' bank accounts.
Historically, the remittance market in Mexico and Brazil has relied on expensive services such as Western Union and MoneyGram, which charge high fees. According to the World Bank, remittance payments to Mexico and Brazil cost 3.01% and 4.59%, respectively, with an average cost of international remittances of 6.18%. The bitcoin Company API revolutionizes this landscape by offering low-cost, instant, 24/7 cross-border payments.
“Cross-border payments as they exist today do not work,” Price continued. “Traditional remittance providers like Western Union are taking advantage of the world's most desperate populations by charging exorbitant fees to send/receive money. Cross-border payments are now trivial with our new Remittances API that leverages the bitcoin network. Our plans include “We are expanding to more regions and currencies to serve both business and consumer payments. We are very happy to help other developers enable instant, cross-border and low-cost payments in their apps with a simple API integration.”
This launch aligns with The bitcoin Company's vision to provide easy-to-use native bitcoin financial services and build a developer-friendly infrastructure that connects bitcoin to legacy financial systems. You can find more information about the Remittance API here.
