The most significant burning pain in the global remittance industry is maintaining bank accounts to send and receive funds. Also the balancing, settlement and liquidity management among multiple bank accounts add additional costs for MTO´s.
Enabling global remittance helping millions
Spark is a remittance platform for money transfer operators (MTO). Leveraging the BitShares platform and features like instant transfers, smartcoins, and the decentralized exchange Spark enables MTO to send, receive and mange remittance payments including access to the global network of over 100,000 cash out locations.
The Challenge
Money transfer operators and financial service providers often face the problem of losing bank accounts, high FX fees, local delivery at the last mile. Losing your banking relationship in one of your operating countries could mean the end of your business. The Spark team was looking for better payment network that solves these issues.
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Financial service providers and MTO currently use inefficient and expensive money transfer networks to send money overseas. Some trade pairs have insufficient liquidity or one side payment corridors which create additional rebalancing problems.
The Solution
Building on the BitShares blockchain enables Spark to transform the remittance industry from within. With the BitShares blockchain, Spark no longer needs to prefund the recipient end of a remittance transaction, freeing up capital to be put to better usage elsewhere. Thanks to the instant transfers and pegged assets of the BitShares blockchain, Spark skips the intermediary networks and leverages the P2P Bitshares DEX for currency exchange. Additionally, using Blockchain technologies Spark is able to significantly reduce the risk of losing bank accounts enabling MTO’s to conduct their money transfers without a bank account– alleviating one of the constant concerns for money transfer businesses globally.
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Using the the BitShares blockchain platform enables business like Spark to use segregated, consolidated, hosted or decentralized accounts – matching their business model. Losing your pre-fund accounts just gets harder with Blockchain accounts. Further through instant transfers and settlement remittance companies can improve their cash flow and reduce their pre-fund balances significantly.
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One of the BitShares blockchain biggest advantages is smartcoins = fiat-pegged cryptocurrencies. With a 1:1 peg to USD, EUR, CNY and more business benefit from the price stability plus all benefits of Blockchain payment rails. MTO and business can use the BitShares currencies for instant payment, savings, and investments worldwide. Through the BTS collateral, the BitShares blockchain also solves many of the rebalancing and illiquid market problems common in remittance and international money transfer.
The results in numbers
2.5 times
better MTO commission
100,000
cash out locations
5
serving nations
3 billion
impacted lives
The Result: Transforming the remittance industry
Within the first months of launching with the BitShares blockchain, Spark could lower their operations costs significantly, pay out higher commissions to their business partners and open new payment corridors. – an achievement the team credits to tbe BitShares blockchain that offers the greatest benefits to a remittance company looking to utilize cryptocurrency as a means to send money quicker, cheaper and to more locations.
The BitShares blockchain is allowing Spark to leapfrog years of development time and to expand their global remittance network in record speed. Transfers, settlement, trade, and more are entirely outsourced to the BitShares blockchain and shared with other exchanges and financial institutions.
BitShares blockchain opens doors to new opportunities
Building on the BitShares blockchain opens your business to an interconnected global community of financial services. Connect with millions of new users, skip the intermediary networks and trade frictionless with your business partners in real-time.
Open access to the next generation financial backbone. Connect your business and build new products and services on the fastest blockchain tailored to serve you, the users. What door will you choose?
New Corporate Clients
Join Remittance Business
Access New Financial Products
Investment and Trade Opportunities
“From all the superior benefits that the BitShares blockchain and Decentralized Exchange has to offer, the ability to create fiat-pegged cryptocurrencies is a critical piece of Spark – our strategy to transform the remittance industry. It gives us all the freedom and benefits of cryptocurrencies together with the stability of a currency like the US Dollar.”
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