Blockchain-powered Payment Remittance Platform: How can it Facilitate Cross-Border Transactions?
Remittance is a fund-transfer transaction that involves moving the funds between two accounts within the same or other financial institution.
The global remittance industry is reckoned to hit $1 trillion by 2022 and $1.4 trillion by 2025.
In a cross-border transaction, Society for Worldwide Interbank Financial Telecommunication (SWIFT) is charged with moving the messages along the payment chain. The correspondent banks handle all of the debits and credits across accounts based on the messa…