Crypto Remittance

Crypto Remittance

Facilitates global remittance of funds by converting them to BET which is then transferred to various accounts. The settlement procedures are rapidly carried out eliminating the requirement of complex procedures and intermediary functions.

Today, the process of transmitting money from one point of the world to another involves a number of intermediaries and as a result a series of additional costs and increased time. We harness the power of Belrium’s blockchain technology to make it possible to transfer money almost instantly and at a fraction of the cost as a result of a majority of the intermediaries being eliminated from this process.

Advantages of Crypto Remittance

 

Reduces Settlement Time

  • Payments and remittance settlement can happen rapidly allowing people to access their capital when they need it.
  • Time and cost efficiencies could support large amounts of small transactions or micro transactions within a trusted network

 

“Trusted” Third Party Elimination

Storing transactions in an automatically shared, tamperproof database could eliminate the need for complicated procedures and clearing houses and ensure that banks have their records in sync.

Eliminates Error Handling

Provides real time tracking of transactions in a decentralised manner with no double spending or transaction.

 

Supports Smart Transactions

  • Blockchain supports smart contracts , transactions that include multiple assets, transactions that include multiple parties and two-way transactions.
  • This will allow the unbanked not only access to bank accounts but access to global capital markets as well by providing all types of value transfers.

Cost Reduction

  • Blockchain can cut operational costs which banks are targeting, giving real benefits while reaching out to the real customers and not just bank accounts.
  • Santander predicted that blockchain technologies could reduce banks Infrastructure costs attributable to cross-border payments, securities trading and regulatory compliance by $15-20 billion per annum by 2022.

Secure Transaction Ledger Database

Secure transaction ledger database is shared in an established, distributed network.