Bitcoin is starting to make an impact on remittance services all over the world. Epiphyte, a London-based blockchain money transfer specialist, is working together with the FCA in the UK. The purpose of this collaboration is simple: exploring cryptocurrency-based remittances. Cross-border transfers can be made cheaper and far more efficient using Bitcoin.

The news regarding the FCA taking a closer look at Bitcoin-based money transfers is quite surprising. Epiphyte will explore this option within the Financial Conduct Authority’s sandboxed environment over the coming months. The first project will focus on alternative clearing and settlement mechanism, which will be provided to existing banking systems. It is not unlikely this concept will be embraced by SWIFT, among other providers.

Under the name SpecialFX, the new service is expected to launch rather soon. IBTimes mentions how SpecialFX could see the light of day as soon as within the next 14 days. Having regulatory backing and authorization is a major boon for Epiphany and cryptocurrency-based money transfer solutions.

A Bold Decision By The FCA

But there is more good news, as the FCA provided a dedicated case officer for this particular project. This seems to indicate the governmental body is keen on exploring Bitcoin remittance solutions. A positive development for cryptocurrency as a whole, although it is still a bit early to cry victory.

Edan Yago, CEO of Epiphyte, shared the team’s excitement as follows:

“The FCA, through their sandbox, is going to provide us with an opportunity to start working with these customers to transfer real funds, as part of the ordinary course of their business. So we are going to be providing this clearing and settlement platform to remittance companies, to FX companies, and potentially at a later stage – although I can’t go into detail about it now – to corporates and even retail customers.”

Epiphyte is no stranger to remittance solutions by any means. By using technology facilitating transfers funds over Ethereum and Bitcoin, the team is keeping all options on the table. Additionally, their solution is compatible with virtually any blockchain in the world. By leveraging blockchain security and offering high transaction speeds, this new solution could become a powerful competitor in the money transfer business.

Header image courtesy of Shutterstock