Money transfer start-up TransferB wins the 2015 Deloitte Top Technology Talent Competition

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.

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.

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.