A project using Bitcoin technology to make international financial transactions faster has been selected the winner of the 2015 Deloitte Top Tech Talent competition.
Students Claire Kelleher and Peter Nagle were recognised for their submission, TransferB, which will enable a faster and more effective transfer process for foreign nationals looking to send money home.
University of Limerick maths student Kelleher and UCC Management Information and Managerial Accounting Systems student Nagle project came from an interest in the technological merits of Bitcoin and blockchain technology and the ethical issues surrounding the high charges levied on money transfers to some of the poorest regions in the world.
This year €35 billion is expected to be collected in remittance charges. Average commission charges are 8% and waiting times are typically between three and five days. By leveraging Bitcoins Blockchain technology, TransferB can provide a more efficient and cost effective mechanism for global remittance. TransferB can offer remittance charges for 2%, with each transfer taken place within 24 hours.
As part of their prize, the team will go on an all-expenses paid trip to one of Deloitte Digital studios in the US, followed by a six-week internship with Deloitte Ireland this summer.
Commenting on the win, Kelleher said: “All [the] ideas that were presented throughout the competition were amazing. It has been an invaluable experience and will definitely stand to us.”
Nagle added: “The competition has benefited us immensely by allowing us to gain first-hand experience of life at Deloitte, while also allowing us to examine the impact that technology can have on society and businesses, through the development of our business idea.”
Both Nagle and Kelleher will graduate from their respective courses later this year.
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