Bitspark is a remittance platform for money transfer businesses. Read our Bitspark review today to find out how it works.
What Is Bitspark?
Bitspark, found online at Bitspark.io, is an international network that makes it easy for money transfer service customers to send, receive, and manage remittance payments online or at 100,000 cash out locations worldwide. Bitspark is a B2B service catered to money transfer businesses.
The platform promises to simplify money transfers while businesses enjoy market leading exchange rates, enterprise-grade security, business analytics, compliance automation, referral opportunities, and a competitive commission structure.
Bitspark is based in Hong Kong. The company was founded in 2014. Its services are catered mostly to the Asian and Pacific regions. Bitspark claims to offer the largest network in Asia, and has partnered with local banks in the Philippines, Indonesia, Vietnam, Pakistan, and Nigeria in order to provide convenient service to customers.
How Does Bitspark Work?
How can Bitspark offer fees that are 2.5x less than other money transfer services? The company uses bitcoin and other cryptocurrencies to transfer money around the world.
Bitcoin and other cryptocurrency payments are transferred between intermediaries without the need for traditional banking networks and systems. It’s cheaper than traditional money transfer services.
Users don’t need any knowledge of blockchain to use Bitspark: it’s all conducted behind the scenes by Bitspark.
Using blockchain technology and the Bitspark platform, the company can give money transfer businesses the ability to send, manage, and receive remittance payments, manage customer due diligence, and receive detailed business analytics.
Bitspark offers all of the following features:
Bitspark lets users send payments to Bitspark’s linked locations worldwide, or receive payments from other MTOs worldwide.
The Bitspark mobile payment app integrates with businesses, letting customers top up their account in seconds, then pay the business a commission.
Bitspark keeps KYC/AML details securely stored on the cloud; customers can pre-approve KYC details for faster transaction times.
Users can integrate Bitspark’s global cash payment network into an existing app or software via the company’s customizable API.
Data And Metrics
Bitspark provides a wide range of data and metrics that businesses can access. As the Bitspark.io website explains, businesses can “Throw away the spreadsheet” and view their business’s performance through Bitspark’s suite of analytics software.
Multiple Currency Support
Bitspark operates in a number of the world’s largest national and digital currencies, and they’ve continued to add more currencies over time.
Bitspark has a competitive fee structure that claims to be 2.5x better for MTOs than the market average. There are no setup costs, so Bitspark only earns money when you earn money.
Bitspark uses a cloud-based platform to ensure your private data stays private. All communications are encrypted by default, and Bitspark maintains PCI-compliant data centers with continuous security auditing.
The intuitive Bitspark interface, available on both desktops and mobile devices, is localized to the language of your country and is designed to be as easy to use as possible.
How To Use Bitspark
Bitspark’s business platform is designed to be easy for money transfer remittance business operators to use. The cloud-based platform allows operators to send, manage, and receive remittance payments, manage customer due diligence, and receive detailed business analytics.
To use the platform, just login to your account at Bitspark.io, then fill in the required compliance details. Top up the account balance, and then begin remittance payments for customers. All payments are done via the account on the Bitspark website, so there’s no software to install, and it can work on any computer, tablet, or device you wish to use.
The Bitspark platform can also be used in conjunction with existing money transfer services, so users can test it out without needing to change from their existing platform.
Bitspark Limited is a Hong Kong-based company launched as part of the Cyberport Incubation program, which is a Hong Kong government-backed incentive designed to help tech companies grow.
Bitspark launched in November 2014.
Ultimately, Bitspark is a Hong Kong-based company catered towards license money transfer remittance businesses. The company operates a money transfer platform designed to be easier and more affordable than other platforms on the market.
Using Bitspark, monetary transfer operators (MTOs) can transfer funds efficiently around the world using a web-based platform. Bitspark also conducts customer due diligence, stores historical data, and provides detailed analytics for companies.
Overall, Bitspark wants to be the all-in-one solution transfer remittance businesses need to be successful. Currently, the platform is available in the Philippines, Indonesia, Vietnam, Pakistan, and Nigeria, although they plan to add more countries over the coming months.