Brazil's BeeTech Global Uses Ripple's RippleNet Remittance Service To Outpace SWIFT And Western Union Costs

BeeTech Global Makes Remittances Faster And Cheaper Using Ripple’s Technology

The Brazil-based payment company BeeTech Global is allowing users to send and receive payments in a faster and cheaper way than with traditional companies. In order to do so, the firm leverages Ripple’s technology making the whole remittance process more efficient.

BeeTech Global Enhances The Remittance Market

There are different services available for individuals that want to process cross-border payments. One of the most popular companies offering these solutions is Western Union. However, this company is using a technology that makes transactions slow and very expensive for users.

Ripple has been trying to offer better services to financial institutions and banks around the world. This is why BeeTech Global decided to embrace Ripple’s technology to enable small international businesses to pay out salaries of their workers around the world.

Additionally, the services that BeeTech Global is currently providing are very useful for families that want to send funds abroad or to other individuals in other countries.

Nevertheless, there are other traditional financial companies such as SWIFT that are starting to implement blockchain technology to improve their services. SWIFT is a direct competitor to Ripple and the current market leader. It works with already more than 11,000 firms around the world and the number of companies continues to increase.

Ripple has a very small market share but it is growing fast. With companies such as BeeTech Global adopting Ripple’s services, customers will move towards these firms that offer better services than legacy firms.

SWIFT has recently teamed up with several firms, including HSBC and the Singapore Exchange, to try a new blockchain-based system for transferring funds around the world. This is a decision taken trying to not lose part of its market against fintech startups that are implementing more innovative solutions with blockchain technology and digital assets.

Ripple has also released to the market a new service called xRapid that works with the XRP virtual currency. In this way, companies and firms are able to reduce even further the costs and transaction times for transferring their funds.

Today's Top Coin Market Price Prediction: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC)

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Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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