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.  

 Token Information:

  • REMI AND RMD (REMI token for external exchange and RMD token for internal exchange)
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Team Members: 

  Website : https://remiit.io/
Whitepaper: https://remiit.io/static/remiit/images/Whitepaper_REMIIT_Eng.pdf
Telegram : https://t.me/remiit
Twitter:  https://twitter.com/remiit_ico
Facebook : https://www.facebook.com/remiit.io/ MY Bitcointalk ID :
https://bitcointalk.org/index.php?action=profile;u=1496760 

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