Remiit is a money transfer and billing platform. Blockchain connects many different companies and users through a contract system based on credential based credentials. REMIIT strives to enable business scalability in the money transfer business and offers users a cheap and transparent process with value stability through a two-level token system. REMIIT wants to create markets and ecosystems that enable local businesses to grow while offering transparent money transfers to users.
= Remiit as a catalyst for globalization =
REMIIT will create faster and more transparent payment and transfer systems while enabling money transfer operators (MTOs) and financial institutions to create trusted cross reference communities. prestige
= This platform is based on blockchain =
REMIIT’s Reputation Rating System, which is the main feature of the platform, allows these operators to focus on their money transfer activities with MTO or other partners and make secure transfers.
The REMIIT project vision is to enable MTOs worldwide to expand to developed countries and grow as a reliable provider of money transfer services on the market.
= Problem =
They briefly mentioned above that remittances and payment methods available abroad cause many problems. This is a true story related to the current economic structure and lifestyle, which is considered a problem where many companies have worked on blockchain based solutions. The main problem raised was expensive money transfers and slow transaction speeds. These companies have proposed different solutions to this problem.
= Reliability and confidentiality issues =
They can’t put money on something they can’t trust! The most important factor in transfer and settlement is “reliability”. However, “reliability” of a monopolistic (centralized) system causes many problems.
= Profitable =
In a centralized financial system, costs only increase because of market monopolies by the limited number of actors. Here, profitability does not only involve reasonable prices, but also efficiency.
= Ecological Remiit System =
REMIIT to disrupt the entire global money transfer market in REMIIT blockchain technology called Smart Contract (RSC), algorithms and configurations that are optimized for money transfer services. In this system, depositors experience a transparent fund transfer process. In addition, REMIIT Payment Gateway Protocol (RPGP), an innovative payment system, will be combined with RSC to extend services to payments. the system based on REMIIT Eco System, not only payment service providers will be able to diversify their business business, but the problem will be overcome only the transfer of money and paid in advance.
= Market size of money transfer =
According to the World Bank, the number of international remittances in the world in 2016 was around $ 613.3 billion, a growth of 2 to 4% per year. The amount of remittances from the United States exceeds $ 130 billion per year. Second, this figure is three times higher than Saudi Arabia ($ 44 billion), with a large amount of remittances. That is why Western Union, the largest transfer brokerage company in the world (20% market share) and MoneyGram (5% market share), are located in the United States. Currently, money transfer operators such as today’s commercial banks, Moneygram and Western Union, occupy an absolute share of the global money transfer market, at 94% in 2014.
= Scalability of money transfer business: company payment =
Large-scale marketing does not only mean “transfer”. Remittances abroad overlap with overseas payment markets, which means that there are opportunities for business expansion if certain problems are resolved. The following example shows the market for sending money abroad and payments are closely related.
= Smart Remiit Contract =
REMIIT builds its own blockchain smart block framework and provides the REMIIT Smart Contract (RSC) model that is optimized for overseas shipping service providers. RSC was created as a result of the REMIIT development team, as well as suggestions and comments from different participants. This will continue to be updated in terms of quantity and quality for different fund transfer mechanisms, such as free and global funding, etc. Easily find the right model for their situation. Special needs
= Remiit Payment Gateway Protocol =
RSC laid the foundation for key scalability. REMIIT Payment Gateway Protocol (RPGP) is designed to accelerate the development of international payment activities and the development of key infrastructure. In addition to sending money directly abroad, foreign exchange transactions must be indirectly related to all companies requesting payments abroad. However, foreign exchange transactions are always carried out in a closed system of conventional financial systems. The results have been identified so far, it is a huge loss for the user and the recipient of the rights.
= Chip distribution and funds =
= Team =