PALO ALTO, CALIF. (PRWEB) JULY 10, 2021--Cross-border payments have remained the most effective application of blockchain technologies. Today, remittances contribute a significant flow of funds into the developing world, exceeding foreign direct investments, and official development assistance.
Premier Maltese Bank engages HC Remit, a HashCash product, for cross-border remittance. The global blockchain development company, HashCash Consultants woos financial institutions with a wide range of products and services powered by blockchain. Cross-border Remittance Software - HC Remit is the most promising among them.
Blockchain technology revolutionizes international payments methods by offering an efficient, transparent, yet secure platform to facilitate the process. It allows worldwide financial transactions on a distributed network of computers. It simplifies the entire transaction process by eliminating intermediaries and offers nearly instant payment solutions globally while reducing the cost significantly.
“The prevalent payment methods inconvenienced the people on many levels. To begin with, they involve third parties incurring additional expenses. Secondly, the process takes up days to reach the beneficiary. Finally, it is unnerving for the unbanked rural residents to receive the funds,” explains Raj Chowdhury, Founder, and CEO of HashCash Consultants.
Blockchain-powered HC Remit addresses all of the stated issues and is rated highly by worldwide financial institutions and crypto exchanges where it successfully operates to date. The Maltese Bank is one of several to implement the HC Remit. Prior to this, HC Remit has been installed by banks in UAE, Singapore, and Australia.
The fund transfer instrument has self-executing programs layered on a blockchain that perform designated tasks upon meeting conditions.
“HC Remit employs smart contracts that automate critical business processes. It also ensures secure and authentic transaction handling,” adds Chowdhury.
Malta is a developed economy that is reputedly crypto-friendly and is known to offer refuge to crypto-oriented ventures that are banned from operating in certain countries. Malta, however, does not recognize crypto as a legal tender.
Financial institutions have much to benefit from the implementation of this alternate mode of fund transfer that reserves the potential to uproot its fault-ridden predecessor technologies. Blockchain-enabled platforms bring along cost-effective, instantaneous and auditable remittance transactions.
HashCash is a global software company. HashCash Blockchain products enable enterprises to move assets and settle payments across borders in real-time for Remittances, Trade Finance, Payment Processing, and more. HashCash runs a US-based digital asset exchange, PayBito & digital asset payment processor, BillBitcoins. HashCash offers custom exchange and payment processor software solutions, ICO services, and customized use cases. HashCash propels advancement in technology through Blockchain1o1 programs and its investment arm, Satoshi Angels. HashCash offers solutions in AI, Big Data, and IoT through its platforms, products & services. HashCash solves the toughest challenges by executing innovative digital transformation strategies for clients around the world.
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Source: Company press release.