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 a real-time statement as and when the remittance transactions take place. The blockchain based product further offers a view of this accounting statements to both banks at the same instant.
HC Remit Minimizes SWIFT Costs
Cost of sending Financial messages over the SWIFT network gets expensive. Sending messages over HC Remit network is free of cost. The format of messages used by the HC Remit network is contractually honored by all network participants and admissible in the court of law.
HC Remit Allows a Bank Real-time Visibility of its Account Held with Overseas Bank
Today, Banks do not have real-time visibility of the balance available in their account held with a overseas remittance partner bank. A low balance may lead to a decline of a remittance transaction and the loss of reputation with a customer.
HC Remit allows banks real-time visibility. The product accommodates rules to top-up the account balance if it goes below a certain level, thus ensuring a system that is always up to service the customer.
HC Remit is Designed to Work with Compliance and Regulatory Environment of Banks
HC Remit integrates with KYC and AML verification modules of banks through readily available APIs. Customer data is always confidential and never leaves the bank’s secure zones.
Banks have the Choice to Set FX Rates
HC Remit offers banks the option to set their own FX Rates for their customers. Market makers or third party FX providers are also available on the network.
HC Remit works better than Host-to-Host (H2H) Infrastructure
Building individual H2H connectivity for each bank is expensive. Maintaining such infrastructure is even more so. HC Remit provides standardized blockchain protocol and infra that is reused to on-board network participants on this scalable information exchange platform.
Setting up a H2H connectivity assumes implicit trust between the two financial institutions. Blockchain based infra provided by HC Remit helps banks securely interface with any other financial institution without the need for trust.
HC Remit Runs 1000 Transactions per Second and 84 Million Transactions a Day
HC Remit is production tested for 1000 concurrent transactions per second and ability to scale up to 84 million transactions a day. This is likely the only blockchain product of its kind that can handle this volume and concurrency of transactions.
HC Remit Opens up new Remittance corridors for Banks
The advent of the internet opened up a new channel of doing business with higher efficiency. The emergence of mobile and smartphones gave it another leap. HC Remit, built on Blockchain technology is ushering the next technology wave for the financial industry.
Banks and FIs joining HC Remit network are opening up a new channel of doing business with unparalleled efficiency. They are finding new partners and territories not accessible before. The relationships they are building as early movers on the network are boosting their bottom line.
“HC Remit is a blockchain remittance product that supports the remittance models in use today. Be it the Pre-funding model, Nostro-Vostro Model, Netting or Correspondent banking model, the product can handle it. But with the advantage of lower cost and higher efficiency”, says Raj Chowdhury, a prominent blockchain expert and Managing Director of HashCash Consultants.
HashCash offers a test net where Banks and Exchanges can sign up to try out the product and find the right remittance partner on the network. HC Remit is built on Stellar Open Source Blockchain Protocol which has zero license cost.
About HashCash Consultants: HashCash Consultants is a Blockchain company registered in USA and India as HashCash Consultants, LLC and BlockBase Consultants Pvt. Ltd respectively. HashCash builds banking products that integrate with blockchain platforms such as Stellar, Ethereum, Corda and Hyperledger Fabric. It partners with banks globally to integrate their core banking systems to blockchain products and platforms. HashCash’s product portfolio includes, HC Commerce, HC Remit, HC Pay and HC Trade Finance.