API Remittances for all institutions and all their clients
About
Applicant name: Bitex
Innovation Name: Remittances API by Bitex
Innovation Type: Solution
Website: https://api.bitex.la/docs/
Mission: API Remittances for all institutions and all their clients
Innovation Description: Solution for individuals to send money between multiple countries and to different people, from local currency to local currency.
It is a service in which financial and remittance entities, among others, can offer their customers access to local currency quotes to more than 50 countries, 24/7 availability, recipient KYC and payment to destination in 24 hours with non minimum fees; all 100% programmable through our API technology.
Innovation Inspiration: Our mission is to connect value networks in Latin America and since that is not happening today, we designed this API solution that allows to join countries in a simple and programmable way.
We identified a need to solve a frequent problem in the region, to make remittances in a simple, fast and secure way, through the financial institution the user trusts. In addition, financial institutions do not provide solutions for this type of need, due to lack of infrastructure and little knowledge of the business.
By using a unique connection to our API, the institution delivers a remittance service with the characteristics already mentioned, developing only a front-end for its users. The user is from the institution and uses our technology to add a product to their solution offering.
The user quotes, uploads recipient data and executes the remittance easily and online. Bitex performs recipient KYC and executes the payment in 24HS to the account or wallet indicated by the user.
Who benefits from the innovation most? The entire network of participants benefits. Bitex is a connector of value networks through its technology, therefore it facilitates a reliable, secure and fast service to the end user, and allows institutions to add a product that previously did not have, through an API of easy connection and implementation.
We believe that the main beneficiary is the end user, since we democratize the remittance service for anyone who wants to offer it to their users, whether they are banked or unbanked. This generates greater competition, lower fees and financial inclusion for foreigners with needs to send money to their families.
What are you most proud of about your innovation? We are proud to build a technological solution with almost unlimited growth potential. For the first time there is a connection channel that does not differentiate, countries, institutions or end users.
Everyone who wants to provide service to their customers can connect and provide a quality service.
We are convinced that this is a game changer for the industry.
The main challenge was to adapt the solution so that, independently of the regulatory framework, its application is viable. We solved it by understanding in detail the regulations of the region and by parameterizing the solution for each need.
Status of Innovation: In-market
Innovation Active Since: 06/01/2020
Applicant Type: Private Company
Headquarter City: Buenos Aires
Headquarter Country: Argentina
Year Founded: 2014
Main Category
Main Category Choice: Remittance Synergies
Why do you think you should win this category?:
Our innovation is relevant to the category because it allows any institution to provide the solution in a competitive manner and with state-of-the-art technology.
We solve the problem by connecting payment networks, independent of the country and the regulatory framework.
Our case study is based on a first success story of a joint venture with Transbank, the main card acquirer in Chile. Their Onepay wallet already has a remittance service available for any card holder in Chile. The quotation, the KYC of the payer and recipient and the payment request are made in an integral way through our API. (WEB in Supporting Links)
The remittance market in Chile is 1.5 billion per year.
The market size in the first stage is 5.5 billions of intra-latam remittances.
We are a team with experience in the traditional banking industry and the development of top level technology on blockchain.
Secondary Category
Secondary Category Choice: Remittances For Social Impact
Why do you think you should win this category?
Understanding that the remittance industry is a need for foreigners with low purchasing power, and taking into account that the traditional market abuses this situation due to its general monopolistic characteristic, we believe that our solution is relevant to this industry since we break the traditional paradigms.
Today, through Bitex anyone can offer remittances with costs below 50% regardless of the amount sent, providing a quality service and technology that ensures the excellence of it.
Team Members
Full Name: Juan Martín Aguado
Role: Chief Business Officer
Linkedin: https://www.linkedin.com/in/
Full Name: Francisco Buero
Role: Chief Operations Officer
Link: https://www.linkedin.com/in/
Full Name: Tomás Rojas
Role: Chief Technology Officer
Link: https://www.linkedin.com/in/
Full Name: Eduardo del Pino
Role: Chief Executive Officer
Link: https://www.linkedin.com/in/
Supporting Links
Holding Webpage: http://bitex.la
Cash in/Cash out entity: http://remitex.online
API Integration Guide’s: http://api.bitex.la
Joint Venture Onepay Transbank: https://www.transfieretbk.cl/
Entry Representative
Full Name: Juan Martín Aguado
Role: Chief Business Officer
