This article was first published on Insights – Ripple
More than three million Brazilians live abroad, almost one million foreigners live in Brazil and roughly 200,000 businesses have headquarters in the country—amounting to $1.5 trillion in global payment transactions to and from Brazil, in 2018. Yet, the process to send money in this region—and globally—is expensive and slow. In partnership with Ripple, BeeTech is on a mission to change this. The company is using RippleNet to revolutionize the customer experience and streamline how Brazil connects with the rest of the world.
BeeTech Co-Founder and CSO Alexandre C.R. Liuzzi knows first-hand the challenges sending and receiving international payments. A native of Brazil, Liuzzi attended university in the United States. His family sent payments to the U.S. for tuition, books, housing and more. The payment took days, if not weeks, to arrive and the high transaction costs left Liuzzi with little leftover funds.
Liuzzi’s personal experience mirrors the stories of many families and businesses around the world. At Swell, he took the stage and opened his discussion with the question, “Why, in an increasingly globalized world, are we limited by our own frontiers?”
In 2016, Liuzzi and BeeTech co-founders, Fernando Pavani and Stefano Milo, set out to create a scalable, cross-border processing platform that enables customers in Brazil to access payments, transfers, investment and credits with ease and low cost. During his Swell presentation, Liuzzi shared how BeeTech is changing the global payments industry for Brazilians with this platform and how Ripple’s technology is helping power it.
Liuzzi explained, “We’re not only a remittance platform, we’re giving access to financial services and removing frontiers to global payments like on-boarding frictions, high transaction costs and a lot of frustration in the process.” He continued, “Since we started, we have transacted more than $1.5 billion and ...
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