People have the right to expect that more of their money reaches their families overseas. HC Remit brings down the cost of remittance for FIs and in turn for their customers dramatically and makes this possible.
SAN FRANCISCO, CA (PRWEB)
August 09, 2017
HashCash® today introduced HC Remit, a revolutionary remittance product that allows people to send money to their families back home just as easily as they send a text message.
HC Remit built on the blockchain technology powers the infrastructure of Financial Institutions (FIs) such as Banks, Money Transfer Organizations and Currency Exchanges and allows their customers to transfer money across borders instantly.
The sender and receiver are both identified with friendly addresses similar to an email registered on the HC Remit network. Money transfer happens using these friendly addresses instead of complex, error prone IFSC codes, Routing numbers and account numbers. The user is able to direct the money in his account to a recipient in another part of the world in their local currency with the touch of his finger.
“The product marks an era of the radically shifting remittance markets driven by technology. People have the right to expect that more of their money reaches their families overseas. HC Remit brings down the cost of remittance for FIs and in turn for their customers dramatically and makes this possible”, said Ishan Roy, Head of Products at Hashcash Consultants.
“The product is years ahead of the remittance applications in use. HC Remit can slash as much as 80% of the cost of remittance”, added Roy.
HC Remit Eliminates the need for Reconciliation between Transacting Banks
Reconciliation or the process of comparing accounts to ensure consistency adds to overhead costs at financial institutions. Today, financial messages (aka SWIFT messages) are exchanged between the sender and receiver’s bank with remittance transaction happening during the course of the day. Statements of account held by one bank with the other are also transmitted at regular intervals. These information are reconciled at the end of the day to make accounting entries at both banks.
HC Remit eliminates the need for this reconciliation. It creates…