Xfermoney — FAQ Series 1
What is P2P Remittance?
In P2P Remittance, one person sends money to another person without needing a third-party broker. In P2P Remittance, most of the times actual money not really crosses the border. It can be explained with one simple example.
Person A wants to send US$ 1,000 to UK from America to Person C
Person B wants to send US$ 1000 to America from UK to Person D
It will match two people (orders) as a pair and charge fees, for example charges $5 from each party, then the transaction would look like this:
Person A would send (via Xfermoney UK) AUS$ 1000 to Person D.
Person B would send (via Xfermoney US) AUS$ 1000 to Person C
The money got transferred locally within the border.
What is XferMoney?
Xfermoney is founded in May 2017 by a small group of like-minded individuals who have been fans of blockchain for years and carry vast experience in the forex and payments industry.
XferMoney is a secure, transparent peer-to-peer (P2P) foreign currency exchange platform built on blockchain to enable instant, reliable international money transfers.
Platform is designed to disrupt and replace the traditional way of money transfers by connecting participants directly to exchange money and cut down the middleman, banks or brokers plus costs associated with them.
What are the benefits for participants?
XFM works as a mean to reward or get rewarded for participation in the platform and each fund transfer activity has an associated cost specified in XFM. As fund transfer transactions are carried out on the platform, we will be charge a nominal fee from the participants involved in the transaction.
Demand for the XFM token shall grow its value and as company grows, every stakeholder will reap the benefits. Since the XFM tokens are limited so its price will increase with increase in number of transactions.
How accessible the system would be?
Xfermoney offers improved accessibility to money remittance services for users. Whereas, many traditional remittance methods still involve varying degrees of physically accessing the bank and/or complex procedural requirements, we will provide a straightforward no-frills service that harnesses the internet and internet-enabled mobile devices to facilitate the transfer of funds from potentially any location that has internet access. It would be built around interactive, mobile-friendly interfaces that emphasize the customer experience. We will have easy registration process but KYC due diligence in place.
How will we ensure best rate in the market?
There are several reasons for us to provide the service at negligible charge. One obvious reason is that we are not keeping any spread here for our own margin. It will be very transparent system. Order will be matched with asked and bid price on our platform with our built-in algorithm. Second reason is that we don’t need to establish our own financial infrastructures or devices like financial institutions and banks. This would result in huge operational cost savings which will ensure that for our platform sustainability we need not to charge a hefty amount. On top of this, our choice of technology will result in instant settlements and fully automated funds routing.
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