THE PROBLEMS
Reliability and Security Issues
-Using the SWIFT network is not only time-consuming, but a considerable amount of fees are generated among the participating financial institutions.
-In order to establish business alliances between money transfer operators, trust is essential, and verification of this trust requires a great deal of time and effort.
-This situation eventually creating a giant monopoly among financial institutions because individuals or businesses have to go through the SWIFT network.
-This is the reason why operators (except for monopolistic financial institutions) have difficulty in expanding its business and improving its services.
-One recent example is the 2016 Bangladesh bank robbery that involved the SWIFT network and amounted to US$81 million.
-Players wishing to participate In overseas remittances business are required to cooperate with partners from other countries.
Cost and Effectiveness
-Sales of allied players participating in the overseas remittances business are also less cost-effective.
Commissions for overseas remittances increase because remittances are made via the SWIFT network, which goes through several brokers in between.
Infrastructure Issue
-Currently, small and medium-sized companies join the overseas remittance/payment market, yet it is hard to find a platform where users can compare and select cheaper and safer overseas remittances service information.development. If the users are provided with information regarding fees of foreign currency exchange in a transparent manner, apart from the exchange rate which is also an important factor in overseas payments, users would find a more reasonable and reliable service to make the payment.
THE SOLUTION
RSC (REMIIT Smart Contract)
-SMART CONTRACT (RSC)" which will connect to the extended network (B2B).
RSC provides the interfaces to various participants in the remittances/payment process to leverage smart contracts in a more organic manner. We offer low-cost commission (B2C) to business participants in overseas remittances at various levels as well as "REMIIT
REMI-REMD 2-Tier Token System: How to solve the Crypto Paradox
-REMD gains the foundation of stability for internal business operations and secures liquidity by building the REMD Decentralized Exchange (REX). First, REMI has a control function for the stability of REMD as a buffer for external markets and a tool for policy implementation in the internal market.
Expansion to REMIIT Payment Gateway Protocol (RPGP)
-If the overseas remittances process is effectively invigorated with the RSC and issuance of the REMI Token, we will be able to expand the entire business area up to the payment infrastructure. Through RPGP, payment providers and participants in related businesses can explore overseas business by linking to RSC. In this regard, REMIIT has designed a protocol (RPGP: REMIIT Payment Gateway Protocol) to organically link RSC that covers payment transactions
Remiit Smart Contract (RSC)
REMIIT builds its own smart contract framework over blockchain and provides a REMIIT Smart Contract (RSC) template optimized for overseas remittance service providers. REMIIT also provides a low-level (programmable) and high-level (configurable) interface, so that participants can easily create an RSC and adjust conditions, ultimately aiming to activate the RSC.
Remiit Payment Gateway Protocol (RPGP)
-The REMIIT Payment Gateway Protocol (RPGP) is designed to drive the expansion of the international payment business and spearhead infrastructure development.
REMI Token Economy
-REMD, a token for internal business transactions, can be issued through the conversion of REMI, and the issuance of additional REMI is subject to the terms of the issuer (mainly business participants). First, the REMIIT token must be priced through exchanges that exist outside the ecosystem, that is, it is exposed to external volatility. REMD, a token for internal business transactions, can be issued through the conversion of REMI, and the issuance of additional REMI is subject to the terms of the issuer (mainly business participants).
Remiit Service
REMIIT is committed to provide Linkers with the means to easily access various components and to define a standardized interface. To support various interworking methods according to the degree of freedom of the technical infrastructure of the Linkers, REMIIT Linker Protocol (RLP) is provided. Linkers with various expertise levels of business can operate on the REMIIT platform in their own way according to their operating requirements.
Remi Wallet
-REMI wallet can be defined as a client managing the REMI token.
Website: https://remiit.io/
Whitepaper: https://remiit.io/static/remiit/images/Whitepaper_REMIIT_Eng.pdf
Telegram: https://t.me/remiit