UK: Bitwage ocially launches Bitcoin payroll service

steemitblogs (45)in #bitcoin • 7 years ago

After expanding its service in Europe in early 2017, Bitcoin's Bitcoin payroll service provider has ocially announced its presence in the UK on Monday 3.7.2017.

Bitwage announces presence in the UK

Bitwage ocially launches Bitcoin payroll services in the UK, offering solutions for remote employees who can receive paychecks in a variety of currencies including Bitcoin . When using the service, employees are paid by Bitcoin without requiring the employer to use cryptoccureny to pay or register Bitwage. Simply an employer needs a Bitwage bank account details to transfer money.

Bitwage says there are more than 13,000 registered employees and has handled more than $ 21.6 million in international salaries. Users can invoice employers or clients in the U.S., U.K., UK, and the European Union. The wage received is the ratio between the different bank accounts and the Bitcoin wallet .

On Monday, 3.7.2017, the company announced the launch of its UK service:

"Now we can pay workers anywhere in the world from companies in the UK through their bank partners, which means that customers can receive pay through Faster Payment, Bacs, Chaps or Swift in bank accounts in the UK. "

Bacs, Faster Payments and Chaps accounts are supported

Founder Bitwage and chairman Jonathan Chester said the company has tested the Beta service. According to him, the ability to receive pay in pounds (GBP) has existed before, but still not done in distant places. Without partners in the UK, the service would not be able to reduce costs. Chester details:

"Before that, we had a bank partner with a GBP trust account in Ireland that could accept Chaps, but did not accept Faster Payments or Bacs, which is a costly solution for potential clients. We are, therefore, very rarely using. We are currently working with some clients to beta-test local services in the UK. "

Chaps is a form of payment made by some foreign exchange banks (British settlement banks) in 1984. This is an online form of inter-bank payment applied to the transfer. The amount of money is large and secured within a day. There are currently 26 direct participants, including the Bank of England and more than 5,000 participating organizations in indirect form. Payments are transferred via Swift and settled in days. In 2016, Chaps' sales hit a record of 39 million deals worth £ 75.6 trillion.

Bacs is responsible for clearing and settlement of UK automated payment methods, direct debit and direct Bacs credit. The company handled 6.220 billion US bank account transactions in 2016, worth £ 4.8 trillion.

Faster Payments is an initiative of the British family using the Bacs system to reduce the payment time from three days to several hours between the accounts of different banks. Although, Chaps focuses on day-to-day service for large transactions, Faster Payments is adjusted for smaller amounts of payments.

List of Bitwag's growing services

In April, Bitwage launched the IBAN to pay salaries in European Union countries. Currently, Bitwage ocially launches service in the United Kingdom where employees can be paid in USD, GBP and Euro. In addition, Bitwage can accept Canadian dollars, Australian dollars, Swiss Francs, and Japanese yen

Payments for employees are more diversied and done quickly during the day. Supported cryptocurrency types include Bitcoin , Ether and Litecoin , as well as the US dollar, Euro, Pound, Brazilian Real, Philippine Peso, Mexican Peso, Argentine Peso, Indian Rupee, Copper VND Pakistan, Naira Nigeria - hryvnia Ukraine .