US-based fintech provider Velmie has launched a blockchain-powered remittance platform to boost cross-border payments.
The solution now supports more than 30 currencies worldwide, with an advanced currency conversion engine powered by live market feeds and revenue optimization algorithms. Customers can use a mobile wallet application to set up accounts, send money to friends from the address book, execute QR payments, manage payment cards and a lot more.
Blockchain is well suited to processing remittance payments because transactions are highly secure, with records verified by a network of computers versus by one party or bank, and transactions visible to all parties versus held in a central database. The key benefits for individuals and businesses making cross-border payments on blockchain-powered mobile wallets are that costs are substantially lower, and the payment far quicker than conventional bank international payments or money transfers, the company has stated.
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