We've briefly discussed Previously The present overseas remittance and payment approaches possess many different issues. The heart issues raised are abroad remittances having costly fees and Slow trade rates.
Reliability and security issues
- The participating financial Associations that makes foreign remittances time-consuming and pricey.
- Safety issues can also be a Serious danger due to hacking.
- So as to establish company Alliances between cash transfer operators, trust is vital, and confirmation of the trust needs a fantastic deal of time and energy.
- People Don't Know that The agents add trade fees in the foreign payment procedure because individuals Usually concentrate their concern about the"exchange rate" between nations.
Cost-effectiveness(Commission and efficiency) issues
- Commissions for Abroad Remittances growth because remittances are created through the SWIFT system, which extends through several agents between.
- Revenue of allied players Engaging at the overseas remittances company will also be less cost-effective.
- Technological investments for Security also lead to high prices.
Infrastructure issue (right to have various services and market scalability)
Presently little and medium-sized businesses combine the overseas remittance/payment marketplace, yet it's tough to discover a platform where consumers can compare and pick more economical and safer international remittances service info.
Solution
REMIIT has Made the REMIIT Smart Contract (RSC) to produce the procedure to scale economically. Each player From the REMIIT Ecosystem are put at the middle of the company relationship.
RSC (REMIIT Smart Contract)
We Provide low-cost commission (B2C) to company participants in foreign remittances at different levels as Well as"REMIIT SMART CONTRACT (RSC)" that will connect into the Prolonged network (B2B). Bright contracts at a more natural way.
REMI-REMD 2-Tier Token System: How to solve the Crypto Paradox
We called this contradictory scenario that the'Crypto Paradox' and made the outside cryptocurrency REMI along with also the inner cryptocurrency REMD to fix the external price changes and also the duality of this inner company ecosystem. With the support of REMI, REMD increases the basis of equilibrium for internal company operations and optimizes liquidity by creating the REMD Decentralized Exchange (REX).
Expansion to REMIIT Payment Gateway Protocol (RPGP)
During RPGP, payment participants and providers in related companies can explore overseas company by connecting to RSC.
Remittance Market Size
The quantity of foreign remittances just from the USA surpasses US$130 billion annually. Secondly, this figure is three times that of Saudi Arabia ($44 billion) that has a huge outflow of remittances. Money Transfer Operators for example present industrial banks, Moneygram and Western Union accounted to a complete share in the worldwide remittances market, 94 percent as of 2014. In 2014, 6 percent of those remittances overseas were through cryptocurrencies. As of July 2015, Venture Scanner 1 recognized 42 international fintech companies that are associated with foreign exchange and remittances. Ripple CEO)", the sector is growing exponentially, the blockchain-based abroad remittance infrastructure is confronting the gold age.
Remiit Payment Gateway Protocol (RPGP)
The REMIIT Transaction Gateway Protocol (RPGP) was made to induce the growth of their global payment company and spearhead infrastructure growth. Along with this direct international remittances, foreign exchange transactions have to be involved in most companies that need overseas payment. Funding, this non-transparent system has hidden the marketplace. The core idea of RPGP would be to enlarge the payment purpose of National Payment Gateways (national PG) to overseas obligations. Gateway) and RSC are linked.
Remiit Linker Protocol (RLP)
First, REMIIT Supplies a Straightforward Port for Linkers to run business with numerous elements within REMIIT. Second, we plan to specify standardized communication protocols involving Linkers. Formerly, Linkers Should understand and utilize the support Infrastructure made by additional Linkers to be able to join their companies.
KYC/AML Solution
Overseas remittance consumers are expected to supply personal information based on the requirements unique to every Linker. To begin with, the KYC/AML results of every Linker are listed in the blockchain. With this objective info, preceding KYC/AML outcome is readily available for checking and confirmation. Additional users can manage their personal data efficiently by designing the KYC/AML procedure with the Linkers that need different data from users.
Remi Wallet
REMI wallet can be Described as a Customer managing the REMI token.
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