REMIIT

5 min readSep 5, 2018

We hope to give you a portal for teleportation. This route is now not the most widely used way, this route is only for you.

If you choose the final destination of the route, we will give you the opportunity to open it.
An open route takes you to your destination in a short time and allows you to get your target.
Even the cost of going to a resting place is much cheaper than the price you know.
We hope to give you this method.

ABOUT THE COMPANY REMIIT

When we face globalization, various barriers between countries have diminished, and global interactions between people and goods have become more comfortable. Especially due to internet improvements, the range of foreign money transfers and commission costs is growing rapidly. Although such a huge market has encouraged monopolistic monetary institutions, barriers between customers are still excessive, and transparency remains an ongoing problem. First, “foreign transfer” transactions are slow and inefficient because systems such as the SWIFT network, while money transfer operators, such as banks and non-bank financial organizations, have restrictions on scalability and extensibility.

In addition, the “exchange rate” arising in the world financial discussion changed, because we considered the possibility of using political and economic hobbies between countries. In this situation, there are many revolutionary efforts to destroy inefficient designs using applied science, mostly based on block chains. The main technology knowledge of the first generation block units is transparency and security using distributed register technology.

OUR MISSION

Resolve Trust Issues between Businesses Enhance User Experience for End Users

Based on our experience as BluepanNet (MTO), we have discovered many issues in overseas remittances.

We want to resolve it through

Blockchain Integration

to the current commercial systems

Stabilizing the Token

with a sophisticated TokenEconomy

Develop an Infrastructure

for Linkers (e.g MTO, Financial Institution)

Problem

We have briefly discussed above that the existing overseas remittance and payment methods have a variety of problems. These are real stories attributable to the current economic structures and lifestyles, which have been viewed as problems that have been repeatedly and continually raised by numerous companies that have already worked on blockchain-based solutions. The core problems raised are overseas remittances having expensive fees and slow transaction speeds. These companies have each suggested various solutions against these issues.

Solution

REMIIT intends to innovate the business of “what happens when we send and receive something” from a new perspective. This is where REMIIT’s own Ecosystem based on blockchain technology comes into place. At the heart of the overseas remittances/payment, there lies the foreign exchange for remittance process. REMIIT has designed the REMIIT Smart Contract (RSC) to make the process to scale efficiently. Each participant in the REMIIT Ecosystem are placed at the center of the business relationship. To do this, the REMIIT Smart Contract (RSC) with the REMIIT Payment Gateway Protocol (RPGP) have combined to expand to “payment” through the remittance platform.

REMIIT Smart Contract

Configurable Smart Contract for small scale Linkers (ex.MTOs, Financial Institutions) to expand easily making partnerships with Linkers overseas through the Trust-Based Smart Contract

Payment Business

The market size of overseas remittances does not signify the “transfer” alone.

Overseas remittances are overlapped with the overseas payment market, which means there is a potential business expansion opportunity if some of the problems are resolved. The following example shows that the overseas remittances market and the payment are closely linked

Platform businesses

Platform businesses play as catalysts for international business. These facilitate foreign business players to connect end consumers to various sales agents for the invigoration of related international business. REMIIT allows each participant to have payment contact points in a more efficient way, which can increase competitiveness and speed up the expansion of the ecosystem.

Why Now?

Currently, various attempts are being made to commercialize the blockchain, so it is time that REMIIT Ecosystem plays an important role for overseas remittance and payment. Unlike the past when the SWIFT code was taken for granted, many fintech companies tried to develop various programs and apps to tackle the issues (slow process, high cost, etc.) derived from the SWIFT code.

Every time new technology is introduced, it is not always accepted with full trust. In the 1990s for example, online banking was not stable and reliable either. Since 1990s, however, e-commerce and many technologies including online banking have been enabled by innovation. New technology, despite its limitation at first, improves over time and improves our standard of living. Now, another new technology has come to the world: BLOCKCHAIN.

Remiitance Market Size

According to the World Bank, the amount of international remittances worldwide in 2016 was about US$613.3 billion, which has steadily grown by 2–4% every year. The amount of overseas remittances only from the United States exceeds US$130 billion each year. Second, this figure is three times that of Saudi Arabia ($44 billion) which has a large outflow of remittances.