Remiit – International Payment Services Infrastructure
Remiit – When we are faced with globalization, barriers between countries has been reduced, the global interaction of people and goods easier. Mainly because of the development of the Internet, the rapid increase in the number of overseas remittance and payment transactions.
Despite the huge market stimulated monopolistic financial institutions, barriers remain high between users, transparency is still the same problem.
The first, “remittances” transaction, because, like the SWIFT network system is slow and inefficient and money transfer operators (multinational operator), such as banks and non-bank companies fintech limited in scalability and scalability.
Moreover, since this depends on our political and economic interests between the state read the “exchange rate” appears to discuss the cost of foreign exchange changes between different financial institutions.
Therefore, the participants (individual or business) has been paid already by barriers to entry into the “external payments” business constraints, closely related to the money transfer business.
In this case, there has been through in the technology-based innovation blockchain to try a lot of damage to the structure. The core technology of the first generation blockchain distributed by Ledger transparency and security technology. To blockchain second generation (as revenge), and intelligent core technology contract transaction scalability. Since then, it has brought increased capacity and speed of processing block is known, will first be applied to the payment and remittance business technology abroad.
However, there is still the primary stage innovative effort, the current reality is that put forward, various models.
The goal of this platform would REMIIT revolutionary innovation, as more effective and innovative structures, a catalyst for development in each country.
We briefly above, overseas remittance and payment There are no issues are discussed. This is due to the current economic structure and way of life, has been seen repeatedly continue to rise has been based on the true story of a company blockchain solution has worked for many problems. The central question raised by the high cost and slow speed of remittance transactions. These companies have put forward their own different solutions to this problem.
In further discussion of this issue, we need to turn our attention to a simple question: What is “money”?
“Remittance” simply means the money sent. However, this is the meaning of the words in a dictionary. From a business standpoint, remittance transfer includes not only simple, but also the payment, and further extends to the “When we send and receive something will happen.” REMIIT look at this issue from this point of view: the presence of foreign remittances from the large size of the market, which comes from foreign payment to reproduce the problem which is derived by “issues related to trade and use”
Aspects of “reliability (security) of, ‘We’re going to see a problem,” Effectiveness costs (commissions and efficiency) “and” infrastructure (there are a variety of services and scalability appropriate market) ”
REMIIT intend innovative company, “what happens when we send and receive something” from a new perspective. It is blockchain REMIIT own technology ecosystem-based entry point. At the heart of overseas remittance/payment, in fact, there is the process of sending money. REMIIT REMIIT intelligent design contract (RSC), effective process scale. In ecosystems REMIIT each participant is placed in the middle of a business relationship. To do this, the smart REMIIT contract (RSC) and REMIIT payment gateway protocol (RPGP) together have been expanded to “pay” with a remittance platform.
On this basis, the ecosystem, each participant can make a variety of channels to solve existing problems. In the end, the previous foreign exchange restrictions ecosystems will be addressed through a variety of channels, the market will expand, the business will grow.
How Does The Remiit System Will work?
Remiit will issue two types of tokens: REMI and REMD. REMI can be traded on exchanges or beyond the level set to REMD. REMD can exchange or Remiit Fiat in exchange cryptocurrencies dispersion own internal (REX), which is available only to participants in the platform. REMD also be used for the actual transfer. Linker (ie remittance operators and other participants at both ends) will have access to it can be used, among other clients REMD funds transfer adjusts smart REMIIT contract template, which will be automatically converted into legal tender local minimum guaranteed interest rate. hosting intelligent features will be included in the contract. The linker will reward them with REMI token effort, depending on how much time it takes to clear the transaction receives a larger amount.
The linker will provide a trade agreement, each will have its own communication channels, to sort out the problems as they come. Remiit will provide tools KYC / AML for all countries in the standard format. legal transactions and data will be stored either in the blockchain. The former will be used to establish the reputation of all participants, which will allow information to be presented before the KYC / AML of system memory, eliminating the need to resend. In addition to storage when the token, REMI wallet will allow users to view and manage all of these functions, and can also be used for direct payments. Then, Remiit payment gateway protocol by Remiit plan, the means at its disposal and systems integrators, overseas buyers through the system.
Currently, efforts are being made to the commercial blockchain, so it is an important ecological role played by remittances and foreign payment REMIIT. Unlike when SWIFT code is taken for granted in the past, many companies fintech trying to develop programs and applications to solve the problems arising from the SWIFT code (the slow processes, high costs, etc.). Every new technology is introduced, it is not always accepted with full confidence. In the 1990s, for example, online banking is not reliable either. Since the 1990s, however, many e-commerce and technology, including Internet banking has been enabled through innovation. new technology, although in the first limit, increasing time and improve our Shenghuoshuiping. Now, another new technology that has come into the world: BLOCKCHAIN.
The first blockchain revolution is Bitcoin, as well as people who used to pay hundreds of millions of remittances. Blockchain second revolution in itself. Blockchain has been tested and used in various industries, and are connected to one another. The third is “smart contract” included in revenge blockchain system. Smart contract to provide electronic contracts, electronic voting, etc. on the basis, technology blockchain. As intelligence contract, the contracting process is transparent, some financial institutions of various projects through it. Moreover, not only financial corporate bonds from companies in other industries are also trying to blockchain application of technology in various fields. In this sense, the possibility blockchain commercialized in the near future. This technology, comparable to the Internet, you can make the world a fairer and more efficient financial sector in various fields. Until that new types of services and opportunities will be created there, we have to enjoy.
At this point in time, REMIIT trying to build a platform for connecting to overseas money transfers and payments, which is one of the most important pillars of the industry, the use of technology blockchain. REMIIT designed to provide creative than ever associated with each of the participants in a more free and more efficient than the opportunities and channels, and provides a simple interface, using technology blockchain. REMIIT will help the company to flourish in many channels not imagine a traditional monolithic field.
Remiit Smart Contract (RSC)
We have looked at the situation of the overseas remittance/payment market and the necessity of the REMIIT Eco System. Now, we will explain specifically what services are supported based on the information regarding Components mentioned in the Solution.
1. Remiit Smart Contract (RSC)
2. Remiit Payment Gateway Protocol (RPGP)
3. Remi token
4. Remiit service:
- RSC store (Linker matching system)
- RSC communication channel
- Reputation system
- Remiit LInker Protocol (RLP)
- KYC/AML solution
Remiit Payment Gateway Protocol (RPGP)
RSC will build large infrastructure scalability. REMIIT payment gateway protocol (RPGP) aims to promote the development and spearhead the development of international payment services infrastructure.
In addition to direct foreign remittances, foreign exchange transactions must be directly involved, requiring all companies to pay overseas. However, foreign exchange has been carried out in a closed system, the traditional financial system. As a result of so far been identified, it is a big loss for the participants and users of money transfer services.
While it is known is a remittance payment business is a natural connection, non-transparent system implies the market. Let’s see flow chart, and how we can expand this business connection.
RPGP core idea is to expand domestic payment function payment gateway (PG domestic) paid to foreign countries. To do this, we provide the PG (payment gateway) and related organic RSC structure. For example, foreign trade is through the payment gateway (PG) is made, the payment process itself seems to be the same as the domestic business, international money transfer payment process with RSC production, so that you can participate in various joints. In other words, a joint proposal RPG need RSC contract, users choose what they want to do business with, so that the process is transparent and cost-effective. The RPGP combination with RSC is completed the cycle flow of money (value), will become the core of the infrastructure foundation of a new ecosystem of financial services. Remiit committed to the design to solve the complex connectivity problems through blockchain continuous research and user experience (UX) simple interface to achieve a variety of participants.
REMI wallet can be defined as a token REMI client management. The interface through continuous improvement, making it easier and more intuitive to use REMIIT services, as well as a simple wallet function. Not only cryptocurrency (including, inter REMI other cryptocurrencies) remittances and management functions, and currency exchange and trading functions will be added, as well as the following additional functions and RSC will provide.
REMIIT organize their own intelligence and contractual framework in blockchain template for service providers overseas remittance smart optimize REMIIT contract (RSC) is. RSC as a template, which is generated by the development team REMIIT feedback from each of the study participants, as well as the results and recommendations. It will be a variety of payment mechanisms in the number and quality of applications, such as discretionary funds and pool. Constantly updated in terms of the RSC, business people expect to easily find the right template, the right to enter a special needs condition when their own situation. Under REMIIT also provides a low level (programmable) and high level (configurable) interface that allows exhibitors to easily create RSC conditions and adjustments, the ultimate goal is the activation RSC.
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