Immigrant workers who regularly send home money would agree, that remittances using conventional methods are a pain. Not only does it require 4-5 business days, but also incurs a high fee.
If we try to imagine a task that we may accomplish on the go, something as simple as sending an email it is because of the standardized norms involved in the process. For example, an email address is of the structure username@domain. This is a constant irrespective of the service provider.
The same cannot be said about traditional cross-border payment services. If we want the process to be efficient, fast, defined, and scalable, there has to be a base-level data requirement.
A Sector With No Standards
When it comes to cross-border payment solutions, a network without standardization is one ridden with inefficiency and redundancy. Everything in this space is negotiated on a bilateral basis or mandated by a central operator. This might sound dramatic but a revisit to the email analogy will verify, the constant sense of palpable discord.
Looking at it historically, there have been a number of different standards followed with various levels of consistency for cross-border payments. Resultant, transactions that are supposed to be seamless and routine create friction and confusion owing to incompatible or insufficient data formats. In a speech by an official of the Bank of England on the CPMI Building Blocks and Focus Areas for Enhancing Cross-border Payments, 60% of payments demand some sort of human intervention. This intervention raises the cost by 25 to 30% of the actual cost of processing the payments. What is even more fundamental is the real definition of the settlement finality. In the absence of consistent standards, each institution on a network will put up varying expectations. This gives rise to contractual complexities and differing experiences across multiple partners.
HashCash Consultants a global blockchain development company provides remittance and corporate payment software disrupting this space.
HC Remit is a cross-border payment software designed by HashCash Consultants.
The blockchain-powered remittance software:
- Replaces EOD recon with real-time reconciliation of transactions
- Removes SWIFT cost using free SWIFT blockchain-based messages which integrate seamlessly with the client’s current infrastructure
- Onboards new banks to the client’s cross-border network faster as opposed to traditional remittance systems
- Automates critical business processes using Smart Contracts
- Ad-hoc funding to reduce liquidity costs for Pre-funded accounts
- Lower maintenance and recurring costs for your remittance system
- Safe, secure, and authentic transaction handling
HC Remit may be used to transact and record asset and currency movement across borders. It can replace traditional systems such as SWIFT and payment gateways with their blockchain-enabled counterparts for cost-effective, instantaneous, and auditable remittance transactions.
HC Corporate Payment
HC Corporate Payment Software is yet another HashCash native built to convenience B2B payments. It provides clients with a platform for faster, more secure, and transparent B2B Payments. It digitizes the end-to-end trade process and unites all involved parties on a single network to drastically cut down processing time.
The payment platform eases remittances by:
- Reducing processing time through secure, online exchange of documents and instant settlement.
- Managing working capital efficiently through live tracking of the account balance.
- Real-time reconciliation and information sharing with other parties on the network.
- Automatically reconcile transactions with other financial institutions.
- Automate critical business processes through smart contracts.
- Protect your data through encryption and blockchain immutability.
To sum up
HashCash Consultants provide cross-border payment solutions through blockchain-enabled solutions that turn out to be several times more efficient and convenient compared to the conventional models that entail a series of lags and drawbacks.
The cross-border payments sector is an important revenue earner to a number of countries worldwide. Modernization of this space should positively impact the economy globally.