https://www.wired.co.uk/event/wired-money-2016
International money transfer needs to utilise blockchain technology in order to solve the problem of it being "expensive, slow and risky," says Epiphyte CEO Edan Yago at WIRED Money.
Yago said there are multiple constrictions and inefficiencies that exist when transferring money around the world. "When you start trying to perform transactions outside of the UK, they don’t interoperate." Yago went on to diagnose the "global problem" of sending money abroad: that money can be lost in counterparty transfers; multiple operational costs; and that the transaction can be slow. Cross-system transactions are limited by being "shackled to the same problem” and a solution needs to be offered.
Epiphyte, Yago's company based in San Francisco, seeks to solve this issue by using blockchain technology to create one open transaction system. By creating a unifying fabric, the company seeks to bypass many of the limitations that currently exist. According to Yago, Epiphyte provides a secure compliant gateway and offers a different way of thinking about money.
"We can offer an alternate route. In our world, a transaction goes from one person to another."
The company, allowing for more visibility in international transactions, has created an online system that is "riskless, basically instantaneous and very, very cheap." Unlike companies such as Western Union or MoneyGram, Epiphyte can transfer tiny amounts of money internationally without the large cost. The technology works via three different hubs, moving between different payment systems in order to move money quickly and safely.
Although there has been a lot of excitement surrounding the potential of blockchain in the fintech world, Yago dismissed the hype. He told WIRED Money: "We are blockchain sceptics. But we’re excited about this because it’s actually happening and it solves a real problem."
"We’re looking at a world where the internet of money exists. All that remains for us is to get online."
This article was originally published by WIRED UK
