Connect with us

Ripple and XRP News

Ripple Partner BeeTech Saves Customers $14Million in Transaction Fees

Tabassum Naiz

Last updated

 

on

According to an official blog post of Ripple, a Brazilian payment firm, BeeTech Global is saving its customers over $14million in transaction fees.

Speaking at the Swell 2019, BeeTech Co-Founder and CSO Alexandre C.R. Liuzzi explained his own story of struggling with the payment transfer activities when he attended university in the United States. It was reported that the payment which his family used to send for is tuition, books, housing and more – took days, if not weeks to get into his hand. Such payment also costs high transaction fees which “left Liuzzi with little leftover funds”.

Such pain points among businesses doing electronic payments were common which have led Liuzzi and BeeTech co-founder, Fernando Pavani, and Stefano Milo to build a scalable, cross-border processing platform for Brazilian. The aim behind BeeTech was to facilitate Brazilian with the “quick access to payment transfers, investment credits with ease and low cost”. During his Swell presentation, Liuzzi said;

“Since we started, we have transacted more than $1.5 billion and more than 200,000 transactions have been completed,” said Liuzzi.

More so, BeeTech witnessed the game-changing aspect of their payment activities following the partnership with Ripple. According to Liuzzi, by joining hands with Ripple, the company enabled real-time pricing and power immediate transaction settlement. He went on to say;

“With Ripple, we’ve standardized the process for integration across different rails and increased efficiency in the settlement,”

The firm is already at the heart of the Brazilian community and now they plan to expand across Europe and the U.S in 2020.

“We’re saving our customers more than $14 million in transaction fees. We’re talking about families who are sending money to their children studying abroad and small businesses whose main source of income comes from exports. This is huge for them.”, elaborated Liuzzi.

Image Source – Ripple blog