REMITT SOLUTION OF CURRENT INTERNATIONAL REMITTANCE SYSTEM
What is REMITT
REMITT is a block chain based foreign remittance payment system that consists of smart contract system and payment gateway. REMITT will solve trust issues between overseas businesses and will improve end users experience. It will allow business owners to easily integrate REMITT system with commercial system. It will increase the adoption of block chain technology through which businesses will be able to easy integrate their payment system with REMITT. RSC (REMITT Smart Contract) will allow financial institutions to easily make partnership deal across region borders. RPG (REMITT Payment Gateway) will provide payment processing system without banks and intermediate party.
Problems In Remittance System:
As you know that with the introduction of internet throughout the world payment barriers across different countries has been lowered. The market size of international REMITT is increasing and potential of this market size is $650 billion. This huge market is still under the control of some financial institutions who are charging huge transactions fees to users. International Remittance transactions processed by banks usually take days and exchange rate depends on country to country politics. To fix out these problems REMITT will provide solution to international remit users to send payments instantly to their friends and family without the involvement of banks and institutions.
Solution of Current Remittance System :
Current remittance system has a lot of issues like reliability and security issues; in the current system in order to send money to other country, you should have a trustable party. Throughout the whole process centralized financial institutions charges good amount of fees on transaction and also speed is slow. International remittance system like SWIFT has a lot of security issues and biggest hack attack happen on his network of about 81 million. KYC is required to verify overseas business parties that consume time and effort. Current remittance systems are not transparent; we do not know why they are charging you fees.
REMITT Ecosystem is created to solve out these issues with the help of block-chain technology. They will offer low commission remittance payments across countries and also existing businesses will be able to link their payment system easily with REMITT. Each user will be allowed to communication with other user easily via message channel and also escrow service will be provided that will build trust between parties. They will build their own exchange REX Decentralized exchange to stabilize the price of token. Banks and existing payment providers will be able to extend their international remittance business easily with REMITT.
- REMI AND RMD (REMI token for external exchange and RMD token for internal exchange)
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