Circle, a blockchain-based payments start-up, has introduced a new international remittance solution that will allow users to transfer funds between the US, the UK and Europe.
The new payment solution will allow customers to send and receive money instantly across borders in USD, GBP or EUR with no fees and no markup on foreign exchange rates.
Circle said that customers can receive payments into their bank accounts instantly through the introduction of near-instant withdrawals in the UK via Faster Payments to UK bank accounts.
Users can also withdraw the amount on same day into most European bank accounts via SEPA withdrawals.
To make instant transfer, customers on iOS need to enable Touch ID for authorizing payments and transactions, while eliminating the two-step verification codes.
The company, which operates its payment network using blockchain technology, credited its open source project Spark to enable consumer digital wallets to work together seamlessly over the internet.
Circle co-founders Sean Neville and Jeremy Allaire said: “Customers can now sign up and use Circle in seconds using a Facebook account. We’ve also made it easier to find friends who are already using Circle, including friends in your mobile contacts and Facebook friends.
“Spark is an evolution of our core infrastructure for transactions, currencies, identity, risk and all the business rules that leverage them.”
The company currently operates in the US, the UK, Spain and Ireland, and is available in early access release in Germany, France, Italy, Netherlands, Finland, Slovenia, Slovakia, Estonia, Austria, Portugal, Poland, Luxembourg, Czech Republic, Croatia, Liechtenstein.