Bitcoin is often viewed as a new payment method that is here to replace the existing financial infrastructure. Whether or not that will ever take place, remains to be seen, as it is hard to imagine the world without bank accounts. However, Bitreserve is launching a new feature that will effectively let users bypass the need for a bank account altogether.
Bitreserve Connect – Bypassing Bank Accounts
This new feature is called “Bitreserve Connect”, which will serve as a publicly accessible API, developer community and app directory. Regardless of whether you are an individual developer or business, Bitreserve Connect allows you to integrate Bitreserve’s cloud money platform – and all of its benefits – into your existing financial service applications. In return, you will receive free and instant financial services and payment options for consumers around the world.
To put Bitreserve Connect into terms everyone can understand, one of its advantages is that any business can offer the ability to hold, send and convert money instantly to any user around the world. On top of that, this service will be completely free of charge, making it a very interesting option to look at for anyone offering any financial service right now.
But that is not all, as integrating Bitreserve Connect into your existing and future financial apps will enable accelerated development and a go-to-market for new ventures. Any business around the world is constantly on the lookout for new opportunities and expanding their reach, and with Bitreserve’s new feature, that process became a bit easier.
The biggest advantages come in the form of completely transparent transactions, which is something the financial world needs more of at this stage. Any amount can be traced in real-time, whether it is is being stored, sent or received. Bitreserve Connect allows your business to be among one of the first to embrace this revolutionary technology.
In terms of security, Bitreserve Connect offers you two very powerful tools. On the one hand, there is one-to-one reserve backing, which will help you protect and secure customer funds. Plus, business can incorporate Bitreserve’s AML & KYC security and infrastructure to meet all regulatory requirements.
“The needs of today’s consumers are constrained by the legacy system. These needs can finally be addressed as businesses are now able to innovate around money, creating apps in the cloud to change the ways in which money is able to move between people.” – Bitreserve Founder & CEO Halsey Minor told the media.
Initial Partners Revealed
Whenever a new financial service is announced, there are multiple parties lining up to be among the first ones to adopt this new technology. In the case of Bitreserve Connect, those partners are LiberyX, Bitwage and Easy Money. It goes without saying that this new feature can create a shockwave in the world of finance, and even remittance, as we know it.
Bitwage COO Jonathan Chester told MiningPool that:
“Sending money across borders is a nightmare. Paying employees in different countries means fees for the employer and the employee, plus it adds uncertainty of when wire transfers will actually come through based on differing banking systems around the world. Our integration with Bitreserve Connect is going to fundamentally change the game for people that don’t have access to basic banking systems, or are getting penalised in fees.
Bitwage can now serve employees and contractors in countries that are hard or near impossible to reach. Plus, we’ve added transparency, massive cost and time savings for both our employer and employee network around the world, and can now pay anyone in the world in one fell swoop. It’s an incredibly powerful thing and will change a lot of our customers’ lives for the better.”
Source: Press Release via Email