Sending payments internationally can be a real pain — the costs are high and the wait is long. At times, it feels like you’re throwing money down the drain.
- Average fees for international wires are $52 . Whether you’re sending payment to a person or company — or receiving payment — paying those fees each time you process a cross-border transaction or invoice can be prohibitively expensive. On top of fees, the exchange rate and transfer fees also add up.
- For remittances, a typical money transfer can cost up to 10% in fees and 7 days to process. In 2014, $592 Billion were remitted, and the remittance industry is ripe for disruption.
With the right tools, payments leveraging Bitcoin as the rails takes minutes or less and the transaction fees are much lower, which is important to both individuals and global businesses. But even then, fraud is a concern, so catching fraud quickly is critical.
Blinktrade saw these challenges and an opportunity to help communities around the world. In order to support these communities, they needed a way to quickly identify fraud, in particular double spending. Double spends are attempts to spend the same funds twice. Blinktrade also needed a way to quickly confirm remittances and other payments for customers who are sensitive to currency fluctuations. As a result…
