More and more countries require blockchain services to make international payments almost immediately and safely
Blockchain platforms continue to demonstrate that they can improve the performance of companies in different fields of work. In the case of international payments or transfers, blockchain demonstrates that it can facilitate the completion of these transactions.
In this sense, the network of Ripple Net, a payment platform based on the Ripple blockchain, will allow the payment routes of the Chilean company CurrencyBird to be expanded to 50 destinations. This Chilean company does not operate with cryptocurrencies and does not plan to do so right now, but it decided to use the Ripple blockchain in order to improve its internal work processes as an establishment for sending remittances.
The company released the news in local media and through its official blog. Thanks to this Ripple blockchain platform, the company will have a new tool to improve the necessary processes that allow international transfers from Chile, as it was confirmed by Ripple South America, through its press information.
Among the more than 50 destinations to which Ripple will allow transfers are Peru, Brazil, the United States, Australia, China and Canada. In this way, payment routes will be extended to other places in the world.
Fast and Transparent Payments
Ripple blockchain solutions have been characterized, so far, to achieve better prices and faster international transfers. Companies like CurrencyBird comment that the Ripple blockchain “allows the transfer of digital data with secure and sophisticated coding”.
Last March, both companies signed the agreement to work together and between that month and July they conducted the integration process to start operating with Ripple Net.
Some of the advantages that blockchain offers to the international digital transfer sector, compared to those of the traditional payments, are the possibility of offering greater agility in the processes, faster sending of funds and greater transparency, since the data of the transactions is stored securely and unchanged for user peace of mind.
The possibility of tracking transactions is another advantage of blockchain technology in general, as well as efficiency, which allows paying lower costs to conduct the process.
Growth in Operations
The Chilean company offers transfers to some 13,000 banking customers throughout the country. These users can transfer funds in dollars to Peru or in reals to Brazil.
In addition to conducting transactions in Chilean currency and foreign currencies, the company works with other companies to pay for imports. One of the most important advantages that blockchain has offered is to achieve the growth in the number of operations, according to what Teófilo de la Cerda, General Manager of CurrencyBird declared to local media.
Only from July to August the number of transactions has increased by 60% compared to those performed last year, thanks to the Ripple blockchain platform. Regarding the volume of transactions, the increase is 100% higher compared to the same period corresponding to last year.
Chile is one of the Latin American countries, such as Argentina and Colombia, which has most adopted blockchain technology. This is the example of only one of the traditional companies in the region that has begun to explore the benefits of blockchain technology, whilst there are still regulations and way to go.
By María Rodríguez