International Money Transfers Using Crypto Currency Protocols
Student: Daniel Paquin, 2015-2016
Sponsor: Oak Financial Software Corp., South Bend, IN
Oak Financial currently offers cash transfers from the US to Mexico through a company called InterCambio Express. The goal of this thesis is to research and develop other methods of transfers for its customers starting with the Ripple protocol. This protocol acts utilizes a foreign exchange marketplace that automatically finds the cheapest route for a given transaction at much less expense and processing time than traditional methods. Ripple transactions are updated every 5 seconds, 24/7/365. The cryptocurrency itself is merely means of transportation, authentication, and confirmation. To the user, United States Dollars will be exchanged to the target currency and travel across borders in seconds at an exceptionally low rate. Looking forward, Saldo.mx is a company that specializes in paying bills for Mexican residents which also takes advantage of the Ripple protocol. A part of the technical work will be offering Saldos' functions to its users.