According to the founders of RemitBloc, today’s platforms are hampering progress to financial inclusion due to high fees and long transmission times.
“Moving money across borders, should not be as slow and expensive as it is. The economy of today is a global one and transferring digital assets should be simpler than it is."
SALT LAKE CITY (PRWEB) December 14, 2020
When RemitBloc® launched the beta phase of its digital asset management platform this month, it did so with a lofty goal top of mind: advance global adoption of cryptocurrencies to support financial freedoms for individuals and businesses alike. According to the organization, today’s platforms are hampering progress to financial inclusion due to high fees and long transmission times.
“Moving money across borders, should not be as slow and expensive as it is. The economy of today is a global one and transferring digital assets should be simpler than it is,” explained Foster.
So, what is standing in the way of that evolution? Foster sums it up in one word: Access. Cross-border functions typically can involve multiple correspondent banks resulting in transfer time lags. Then there’s weekends and geography-specific holidays, making banking services unavailable for as much as 120 days or more in any given calendar year. Which limits capacity by as much as 30 percent.
Trends data shows that the industry averages for transmission times across borders is three to seven days. Likewise, the industry average for associated transfer fees is seven percent. RemitBloc is utilizing the power of the blockchain and its proprietary exchange to reduce costs to two and a half to three percent while minimizing pricing volatility of cryptocurrencies through use of Stablecoins. Equally noteworthy is that it supports instantaneous transmission of funds.
And the need for a more reliable platform like RemitBloc appears to be significant. Since around the year 2000, the limitations of traditional banking and money management in serving the general public were beginning to show. Society was demanding digital options for managing and spending their money, and economic experts around the world reasserted the importance of those in spurring financial inclusion in the economy for individuals, businesses and overall communities.
“The banking and finance community needs to put its expertise to work to automate processing of digital payments in real-time at a reasonable cost. And we need to ensure that it is done securely, in compliance with regulatory requirements. RemitBloc aims to lead that charge,” said Foster.
RemitBloc was developed by KnowByLity, a leader in comprehensive mobile and desktop platforms along with customer experience platforms. For more information, go to http://www.kblHoldings.com.
About KnowByLity:
KBL offers comprehensive mobile and desktop platforms tailored to clients' varying needs along with customer experience platforms. Its software solutions ensure white label programs are rich in features and functions, simple to use, graphically appealing, and above all else, compliant with all financial services’ regulatory requirements. For more information on KBL and its solutions, please visit http://www.kblholdings.com.