Global payments are a remarkable industry prone to disruption. More specifically, there is a growing need for more competitive solutions in this regard. Cryptocurrencies have not succeeded in making a major impact just yet, but the blockchain just might. That is what Remitware hopes, at least. Their new program has quite a lot of potential, assuming the team can deliver on its promise.
Making global payments better and cheaper is not an easy feat by any means. Various companies have tried and failed to do so. Moreover, there is no impact by cryptocurrencies to speak of these days either. Remitware has some very bold plans to shake up this industry by embracing blockchain technology. It is part of their MoneyOS project to provide safe and compliant international payments. It is evident there is something that needs to change in this industry sooner or later.
Blockchain Technology and Global Payments
Right now, global payments are dominated by payment cards and wire transfers. Neither solution is convenient, efficient, or cheap. MoneyOS aims to change all of that by relying on blockchain technology. Financial institutions can build their own cross-border payment tools. It is a very real threat to any and all existing payment solutions in this market. Whether or not anyone will give this solution a try, remains to be seen.
Blockchain technology is not the only tool wielded by this company. They also provide intelligent algorithms to make sure transactions are processed quickly at low costs. Partnerships with financial services play an integral role in this process as well. With the best route to send money, global payments become a lot more convenient for all parties. It is a good idea on paper, but whether or not it can work, remains unknown.
All of this shows global payments will be disrupted sooner or later. Whether that will be through cryptocurrencies, seems highly unlikely. The blockchain makes a lot more sense to the financial sector right now. It is an interesting play on things, to say the least. More native solutions to move money around the world can be beneficial to the right parties. We can only hope the consumer reaps the benefits of this technology as well.
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