10/07/2018: Remiit

Remittances and across border payments are a huge opportunity market for new investors and startups to tap into.While there are very interesting options, starting with the traditional bank wires, services like Western Union and other remittance houses, and also Ripple’s own institutional services, there is still room for growth. All of these options lack something. Some offer great reliability and trust, but the associated cost is too high and the speed of the remittance is too slow. And others offer great speed and low fees but are not yet as trusted as the traditional options. Remiit aims to be the service that combines great reliability and low fees with a great remittance speed.
Remiit is a fast blockchain based overseas remittance and payment system that will permit frictionless pays and conciliation between multiple businesses and also between businesses and customers. Yet another remittance system, you could think; and you’ll be partly correct. But Remiit has a special design that makes it interesting: it is based on two collaborating subsystems: a smart contracts system that manages all the info and processes relate to the payment or the remittance in a transparent way, letting all people involved in the transaction to know the details and state of it.
Also, the smart contracts act as a manner of escrow when we talk about payments for physical merchandise that must be checked for arrival. This makes transactions more secure. The other element of the system is a payment gateway that acts as a message system for settlements made for transactions using the subsequent smart contracts.
The beauty of this approach is that these are two independent but complementary systems. Another good thing about this IO is that the user does not have to worry about the complexity of the system; at the forefront of the platform, there will be “linkers” institutions that use the system behind the scenes to provide the user with the easiest experience.
This is why we consider Remiit an interesting choice for an international payment gateway, all is maintained in a blockchain and users must fulfill KYC/AML requirements. If you want to know more about them and their business model, you can go to their website and find out how to invest in their project.

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