I know the team is working hard and this forum is not an easy place to follow up on questions. But the team can do well to mount at least one member here to answer questions.
Hi,
I'm the founder of Remco. I'll be glad to answer any questions as best as I can. The past few months have been hectic. Apart from Remco project, we process payments for Western Union and many of the biggest money transmitters in the USA, in addition to mobile payment network we run.
Just to put Remco in context:
After processing $billions in value and millions in transactions for the biggest money transmitters, interacted with senders, recipients, and agents on a daily basis over the years, we gained useful insight into the remittance business that is not very common.
While the focus is on online /digital payments (an essential feature on Remco), the agent model is still very strong regarding the volume they bring in on a daily basis.
The agents on the hand are underpaid (low commission), and they have their own business they attend to, so sending money is not their priority in most cases.
Our non-blockchain solution was deployed early 2018, designed to cut agent time by 90%. It's was an instant hit!
The soft pilot is ongoing in the states of Illinois and Georgia on a run rate of $20m by the end of 2018. We also obtained money transmitter license in the state of Maryland in September 2018.
We are not money transmitters in practice, but to demonstrate this new solution, we had to obtain the licenses.
This solution, however, is for a tiny market for now. To expand globally, the idea of leveraging blockchain was hatched, and Remco was born. We know exactly what is needed in this space and how blockchain fit into remittance.
Remittance is a very long chain of activities and each section is owned and protected by an entity including multi-jurisdictional requirements. Therefore the blockchain solution must take all these factors into considerations to succeed.
Remco can accommodate an unlimited number of money transmitters, meaning that upon launch, global money transmitters can begin to mint tokens and distribute to senders in real-time. These tokens come with value and everything run on the blockchain.
There is an in-depth explanation of how this works in our white paper, including practical scenarios, mathematics, and economics behind the demand for Remco token.
We believe that blockchain solution today is too difficult to use, so we designed Remco such that senders and recipients of money will not know they are using blockchain to send money. Recipients want instant access to the money to spend as they like.
How it works: When the token is used to send money, the money is deposited into the mobile wallet or bank account of the recipient in real-time in most jurisdictions. This capability is rare in the remittance blockchain model anywhere.
Also, to send $500 ($100 x 5) to five different people/relatives today can cost up to $10 each or more= $50 fee. The token solution eliminates that because the sender only needs to activate it once and pay the activation fee which can be between $2.5-$5. After that, the sender can draw down on the entire value on the token and pay just a fraction ($0.99) or nothing depending on whether the money is deposited into a mobile wallet or bank account.
All these attributes are programmable by the remittance partners.
Finally, Remco was formed out of conviction after processing millions of transactions.
Thanks
