Customer Stories — Andean Wide
Sphere helps Andean Wide provide faster, cheaper, and more reliable remittances for business operations in Chile.
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Overview
Customer: Andean Wide
Location: Chile
Monthly Transfer Volume w/ Sphere: $3M
Customer Since: 2023
Challenge
Andean Wide, a leading remittance business in Chile, faced significant challenges with slow and unreliable international payments. The traditional banking system’s transfer times and opaque processes severely hindered their ability to scale. Over a year, they lost hundreds of thousands of dollars due to intermediary banks withholding funds. This situation necessitated employing a dedicated team to track and investigate lost wires, further straining their resources.
Without fast transfer speeds, Andean Wide’s business operations were limited by the amount of capital available for 1–2 day remittance cycles. The inability to make near-instant transfers resulted in decreased transaction volumes and forced them to turn away potential customers. Previous attempts to overcome these challenges, such as using the Silvergate Exchange Network (SEN), failed when the bank collapsed, pushing Andean Wide back to slow and costly international wires.
Crafting a Solution, Together
Jose Chavez, CEO of Andean Wide, was introduced to Sphere through his search for solutions similar to what Silvergate had offered. Despite Sphere being in its early stages, Jose was impressed by the team’s dedication, rapid updates, and bug fixes. This promising interaction led Andeanwide to partner with Sphere.
Sphere’s innovative solution for on and off-ramping with stablecoins incorporates FedWire transfers, transforming 1–2 day international wires into sub-30-minute transfers for participating banks. After a few successful tests, Jose committed to moving the majority of his volume through Sphere. This shift enabled Andean Wide to provide faster, cheaper, and more reliable remittances, significantly enhancing their business operations.
Product Highlight
Product Used: Sphere Payouts
Andean Wide primarily uses Sphere’s Payouts product to on-ramp from USD to USDT and off-ramp USDT to USD. This seamless integration has allowed them to solve the problem of slow and costly international wires, providing near-instant transfers and improving overall efficiency.
Results
Increased Efficiency: The ability to make sub-30-minute international transfers has drastically improved Andean Wide’s operational efficiency.
Cost Savings: Sphere’s cost-effective solutions have reduced transaction costs, contributing to significant savings.
Enhanced Reliability: The stability of using stablecoins has mitigated currency risks, allowing Andean Wide to focus on business growth rather than managing financial uncertainties.
“Our collaboration with Sphere has had zero friction. The team works incredibly fast to make our integration a smooth and efficient process. Excited to be long-term partners.”
— Jose Chavez, CEO, Andean Wide
Looking Toward the Future
Chavez has ambitious plans to scale Andean Wide to over $100M in monthly volume. Without Sphere’s solutions, the capital required to achieve this goal would be prohibitive. At their peak, when Silvergate was functional, Andean Wide reached $70M in monthly volume. Jose aims to conquer the Chilean market first and then expand throughout Latin America, starting with Colombia, Peru, and Panama.
Conclusion
Sphere has played a critical role in transforming Andean Wide’s remittance operations, providing faster, cheaper, and more reliable payment solutions. As Andean Wide continues to grow, Sphere will remain a vital partner in their journey, helping them scale and innovate in the competitive remittance market.
Interested in learning more about how Sphere can transform your payment processes? Learn more on our website or request access today.
Telegram: Angel Herrera
@AngeldeSolana
Email:
team@spherepay.co
