[ANN] [ICO] MMRS - Money transfer and cash withdrawal on blockchain

[shchand]

In what countries I can use app for this moment?

"We have working TaxFree4U app that provides the service in the following countries:
France
Germany
Italy
Spain
United Kingdom
Finland

You can download the application at this link:
https://itunes.apple.com/ua/app/bank4you/id1069036395?l=ru&mt=8
https://play.google.com/store/apps/details?id=uk.bank4you.client"

[shchand]

how can this compete to Western union or other cash service ?

Bank4YOU Group plans to open wholesale accounts with mobile network operators negotiating maximum
discounts against guaranteed airtime purchases of $200,000 to $500,000. Operators will also
benefit from increased subscriber activity as new customers join as a result of Bank4YOU Group’s local
marketing activities. The service will support intra-operator transfers so individuals on different networks
can still engage with each other using their Bank4YOU mobile wallets. Customers would be able to
transfer money to other countries with minimal commission fees and without being at the mercy of
restricted opening hours or the challenges faced when dealing with traditional financial institutions.
Business users will also have the opportunity to reduce their transaction costs and potentially execute
free payments to their suppliers.

[tania30]

How many BFY tokens will be sold during the ICO? And what will be with unsold ones?

[martincic]

Such a project certainly has a lot of competitors. Do you afraid of failure?

[shchand]

How many BFY tokens will be sold during the ICO? And what will be with unsold ones?

The number of emitted tokens is 300.000.000 BFY and  80% of the whole sum will be sold during ICO . The project will be fulfilled regardless of the amount collected. Tokens will be distributed according to the amount collected. Shareholder will continue the project on his own funds, regardless of the ico results.

[shchand]

Such a project certainly has a lot of competitors. Do you afraid of failure?

In our model we took into account the international experience in this issue and made a state of art application that will allow account balance funds withdrawal in local currency of partnering mobile
network operator or in MMR tokens. Even if there are any restrictions to it, it can be done this way in the majority of the civilized countries.
With the help of blockchain technology we can also take law aspects into consideration.

[maxel83]

What do you mean saying "With implementation of private blockchain..." R U going to design your own platform or what?

The arrangement of a private Blockchain system may even still further (in comparison with a public Blockchain one) lower the remittance fees within the network 24 It is proposed to organize a private Blockchain system as follows: the virtual Bank4YOU Group’s divisions (private nodes) will serve as nodes for transaction verification within the consortium of Organizations participating in the system of international payment transfers. They will provide fast and cheap validation of transactions made by other network members. It is assumed that as the popularity of the system grows, mobile operators will have an economic incentive for placing the peer-to-peer nodes of the system in their data centers. This can significantly reduce the transaction costs associated with money circulation.
In order for participating peers to be convinced of the unfalsifiable nature of the data inside the private Blockchain system, it is proposed to record reference points into the public Blockchain systems (Bitcoin, Ethereum). Any member of the system will therefore be able to verify at any time the data stored in the system. A private Blockchain system makes it possible to renounce the deployment of an expensive IT infrastructure for financial transfers while ensuring the necessary level of trust between the consortium entities

But the blockchain idea is about publicity not privacy, isn't it?

[illusionspeak]

Will proposed system have more advantages than others?

[Vylentinka]

My question is about whether this product is highly needed for the global market?

[tengkukaya]

My question is about whether this product is highly needed for the global market?

And what answer are you expecting to hear ?

[and1975]

How can you ensure to suggest lower fees in comparison to other services or programs ?

[shchand]

Will proposed system have more advantages than others?

The proposed system will have all the advantages of the existing systems i.e. solving problems they deal with, as well as offering users an additional convenience or an economic advantage.

[shchand]

How can you ensure to suggest lower fees in comparison to other services or programs ?

Thanks to the technological advantages of the blockchain technology, a lower remittance price is ensured than with the alternative services. The remittance fees in the Ethereum network, for example, are regulated in a special way so that they are always low regardless of the price of the Ethereum. This makes it possible to oer lower fees, even when compared to the mobile money technology (for example, M-PESA charges a fiat fee of $0.40 for P2P remittances and a withdrawal fee of $0.33 for withdrawals under $33), especially if there is no need for an instant execution of the transaction. In the event of increasing the transaction confirmation time to five minutes, the fee is significantly reduced. As can be
seen, the remittance price in a public Blockchain Ethereum is much lower than that of any of the systems under consideration.

[MustDream]

Can i take money from the Card4YOU - from the ATM?

[shchand]

Can i take money from the Card4YOU - from the ATM?

Yes sure , withdrawal of funds in local currency is available.

[Vylentinka]

My question is about whether this product is highly needed for the global market?

And what answer are you expecting to hear ?

Maybe they conducted some marketing research etc ...

[tengkukaya]

My question is about whether this product is highly needed for the global market?

And what answer are you expecting to hear ?

Maybe they conducted some marketing research etc ...

We believe so, indeed . According to the WP and a team i think they will succed

[and1975]

How can you ensure to suggest lower fees in comparison to other services or programs ?

Thanks to the technological advantages of the blockchain technology, a lower remittance price is ensured than with the alternative services. The remittance fees in the Ethereum network, for example, are regulated in a special way so that they are always low regardless of the price of the Ethereum. This makes it possible to oer lower fees, even when compared to the mobile money technology (for example, M-PESA charges a fiat fee of $0.40 for P2P remittances and a withdrawal fee of $0.33 for withdrawals under $33), especially if there is no need for an instant execution of the transaction. In the event of increasing the transaction confirmation time to five minutes, the fee is significantly reduced. As can be
seen, the remittance price in a public Blockchain Ethereum is much lower than that of any of the systems under consideration.

Yes the fees are really small ... and what about other advantages ?

[shchand]

What do you mean saying "With implementation of private blockchain..." R U going to design your own platform or what?

The arrangement of a private Blockchain system may even still further (in comparison with a public Blockchain one) lower the remittance fees within the network 24 It is proposed to organize a private Blockchain system as follows: the virtual Bank4YOU Group’s divisions (private nodes) will serve as nodes for transaction verification within the consortium of Organizations participating in the system of international payment transfers. They will provide fast and cheap validation of transactions made by other network members. It is assumed that as the popularity of the system grows, mobile operators will have an economic incentive for placing the peer-to-peer nodes of the system in their data centers. This can significantly reduce the transaction costs associated with money circulation.
In order for participating peers to be convinced of the unfalsifiable nature of the data inside the private Blockchain system, it is proposed to record reference points into the public Blockchain systems (Bitcoin, Ethereum). Any member of the system will therefore be able to verify at any time the data stored in the system. A private Blockchain system makes it possible to renounce the deployment of an expensive IT infrastructure for financial transfers while ensuring the necessary level of trust between the consortium entities

But the blockchain idea is about publicity not privacy, isn't it?

Please clarify your question . What exactly do you want to know about blockchain ?

[shchand]

My question is about whether this product is highly needed for the global market?

And what answer are you expecting to hear ?

Maybe they conducted some marketing research etc ...

We believe so, indeed . According to the WP and a team i think they will succed

One of the biggest concerns for most people travelling to another country for extended periods is how to obtain access to banking services without the need to be a resident of that country. Bank4You Group makes it really easy for visitors to make in-country as well as crossborder payments, without the need for proof of residency or a local bank account. Its secure money transfer is based on use of state-of-the-art mobile app.
Bank4You customers no longer need to depend on bureaucratic procedures associated with traditional banking. Its service has been created to ensure time-efficiency, convenience and secure transactions. Bank4You already works with a number of blue-chip organizations, delivering state-of-theart prepaid card programs that target different user groups. Its customers are able to choose their ideal product from a wide range of pre-paid card options including Bank4You Group’s Corporate card and Premium card, along with mobile banking services.