The 2015 Deloitte Top Technology Talent Competition that was held recently has been won by TransferB, a startup looking to disrupt the international money transfer market using Bitcoin. The outstanding performance by the company has even been praised by Deloitte Ireland as it considers it an efficient and promising solution.
Nonetheless, TransferB, a company led by UL and UCC students that enables faster money transfers for foreign nationals, was quite optimistic about the outcome in its favor. According to the observers TransferB that is a Bitcoin-leveraged remittance service can undercut the high fees charged by firms such as Western Union and MoneyGram.
At the same time it can provide a more efficient and faster way of sending money across national borders. Winning the 2015 Deloitte Top Technology Talent Competition was merely another feather in the cap of TransferB as the company has already started talks with leading Bitcoin firms and is looking to conclude strategic partnerships with these companies.
Once the partnership is announced it will enable the conversion of Bitcoin into local fiat currencies. Talking about the latest win at the 2015 Deloitte Top Technology Talent Competition, Nagle said that the competition has benefited them immensely by allowing them to gain first-hand experience of life at Deloitte.
This according to him will also allow to examine the impact that technology can have on society and businesses, through the development of the business idea. Nonetheless, Nagle says that the idea emerged from his keen interest in Bitcoin and Blockchain technology. It was then supported by Kelleher’s desire to provide affordable financial services to the poorest countries in the world.
Efficient and Fast Remittances
Harry Goddard, Partner, Technology at Deloitte and judging panel member, explained the reasons that motivated the jury to select TransferB as the winning project and said that the judging panel members felt that Claire and Peter’s technology could deliver demonstrable value and efficiencies to customers who were transferring funds internationally.
He further added that in addition to having a revolutionary idea, the judges were very impressed with the validity of the business plan and sophistication of their implementation strategy.
Using Bitcoin, TransferB can offer remittance charges for 2% with each transfer being processed between 1 and 24 hours. It’s a significant progress compared to the 8% average fee charged by traditional money transfer services, with waiting time usually varying between 3 and 5 days.
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