REMIIT Releases MVP For B2B Money Transfer Technology

The blockchain remittance platform REMIIT has come one step closer to commercializing its blockchain powered remittance, releasing their MVP of its REMIIT Smart Contract.

The MVP video released on Friday illustrates the process of B2B funding between the Money Transfer Operators (MTOs) and remittance transaction of an end user sending money from South Korea to the Philippines. In addition, the MVP allows the validation check under the transaction supervisory system on whether the data recorded by MTOs are forged or not.

REMIIT’s CEO Stevie An said, “We have filed a patent application for the ‘method and apparatus for recording transaction details on the blockchain ledger of an environment in which funding and remittance are separated’ which is the core technology of REMIIT’s B2B remittance platform” and that “in this B2B remittance platform, all transactions between the MTO and banks and also all transactions between the MTOs can be recorded on the blockchain ledger to transparently manage all the data.”

Stevie also mentioned that “the B2B remittance platform also includes a supervisory system that allows third parties to easily analyze data recorded on the blockchain and resolve any problems through the supervisory system when problems arise during the remittance process.”

REMIIT is aiming to launch its B2B business supplying and selling the remittance platform while at the same time building REMIIT System ver 1.0 which will be the product prior to the remittance platform network by the end of the year. Also, REMIIT announced they will launch their Derivatives Exchange in the first quarter of 2020.​

​For more info contact: contact@remiit.io

A survey by Travelex reveals that 24% of consumers refuse to go cashless

January 8, 2019 ( PR Submission Site ) The study conducted by Travelex explores consumers’ attitudes towards cash and cashless technologies in the UK, Australia, Brazil and South Africa.

In Brazil and South Africa, where the majority still uses cash, there is a stronger desire for more widespread use of cashless technologies such as payment cards and digital wallets.

60% of consumers surveyed from these countries state that they have worries about cash theft, reinforcing the idea that convenience is not primarily the ulterior motive for cashless implementations.

In the UK and Australia, where cashless technologies are more commonly used, 80% of consumers say that they are comfortable using cash. However, respondents across all countries always carry cash and are unwilling to go that last extra mile and never use cash again.

“While the proliferation of cashless payment technologies has generally led to a reduction in cash usage across developed economies, banknotes have unique properties that consumers value, such as security against fraud,” said Michael Batley, Head of Strategy, Travelex.

“As long as this is the case it’s unlikely that any attempts to abandon cash completely will succeed. Even Sweden’s bid to go cashless, touted as a successful model, has seen pushback. Ultimately, only consumer demand will drive the change towards a truly cashless society and our research indicates this is further away than many realise.”

The report is available on request. Please email press@travelex.com

To view more about Travelex and their services, visit https://www.travelex.com.au/