New technologies are constantly being created and refined to improve the lives of people across the globe. In 2007, Apple launched the iPhone, drastically changing the way people consumed information and communicated with one another. Since then, this technology has advanced so much that nearly everyone has a handheld, internet-connected computer on them at all times.
Blockchain technology and AI have both been in existence for a long time, with the first blockchain launching in January of 2009 and the origins of AI being traced all the way back to the 1950s. Today, both technologies are being iterated on to improve the lives of many across the world. For example, Félix, a WhatsApp-based solution to send cross-border payments to Latin America, is leveraging blockchain technology and AI to improve remittances.
Simplifying Remittances from the US to Mexico and Latin America
In this video, Manuel Godoy, Co-Founder & CEO of Félix, chats with Circle Director of Developer and Ecosystem Marketing, Sam Sealey, about how Félix is revolutionizing remittances from US to Mexico and other Latin American countries. They speak on the intricacies of remittances, the importance of trust and accessibility, and the role of digital dollars in cross-border payments.
The entire discussion covers:
- Manuel’s personal journey and the importance of access to stable capital
- Understanding that remittances are more than just cross-border payments
- The challenges of traditional remittance methods
- Inspiration behind building Félix
- The inner workings of Félix and the FélixBot
- How Félix has grown since its inception
- The role of USDC in remittances
- The value of innovating with AI for LatAm
- Félix’s upcoming features and future plans
Watch this interview to learn more about how Felix leverages AI and blockchain technology to improve cross-border payments.
What are Remittances?
It is important to understand that while the original definition of a remittance is simply any payment, the term has evolved over the years.
According to Godoy, a remittance is often used to describe a payment sent to family or friends in the home country of someone who immigrated elsewhere to pursue financial opportunity. Some would refer to this as someone immigrating to the United States to pursue “the American dream.” After the person reaches a level of financial security or economic freedom, they need to figure out a way to send money back to family and friends in their home country.
Originally, this was done by the person visiting a financial institution and initiating a remittance in person. The financial institution would then transmit the money to a local office in the target country via telegraph. The process has since become more digitized, as a remittance can now be initiated and transmitted via the internet.
How Félix is Improving Remittance Using Blockchain and AI
Félix is leveraging AI to make their app easy, conversational, and intuitive, and they are using blockchain to enable users to send remittances faster, easier, and more cost effectively. Here is a basic breakdown of how it works:
- The user reaches out to Félix via WhatsApp
- Félix’s chatbot takes the information of the transaction with a human touch
- Natural language processing (NLP) and other AI features simplify and automate the transaction
- If the automations don’t cover all needs, a member of the Félix team steps in to help the user complete the transaction
See how Felix is using USDC as a Swift alternative to improve remittances from US to Mexico.
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