With a team of proficient Stellar blockchain developers, we at Clarisco Solutions develop enterprise-class Stellar remittances payment solutions and services. Let's usher in a new era for Remittance Payments.
The blockchain community has a saying that "Remittance" is one of the most important uses of blockchain technology. Traditional methods of money transfer through central banks or Money Transfer Operators (MTO) have been slow and expensive. This is surprising considering that remittance services send and receive approximately $500 million annually through cross-border transactions, most of which are between families and workers.
Recent developments in the Stellar Blockchain allow remittance payments to be made easily without any drawbacks. Stellar Blockchain supports remittance payment platforms. This allows users to enjoy a variety of benefits, including fast transactions, traceability, open secure protocols, and a trusted gateway.
Clarisco Solution is a team of skilled and experienced developers. We are proud to offer innovative development services in blockchain and decentralized finance. You can create and launch your own Remittance payment platform based on blockchain technology and provide a secure platform for money transfers to multiple users.
A successful blockchain network must have three basic functions: reduced transaction costs, speed and scalability. These are essential for the network's success. These are the requirements that the Stellar Blockchain Network meets. The Stellar Blockchain, also known as a payment protocol, is built on distributed ledger technology. It facilitates the transfer and conversion of all types of cryptocurrency and other currencies. It is very similar to other blockchain-based cryptocurrency.
Each transaction sent to the stellar blockchain goes into a shared, public ledger that is accessible by everyone. This blockchain, however, is different from the other standard blockchains. It has its own consensus process that allows for quick transactions. This allows for quick transactions and is very affordable. It's a global exchange network that can host thousands of transactions. Users can also exchange cryptocurrencies with fiat currencies. Lumen, the native token of XLM, is used to pay transaction fees and manage accounts on the stellar network.
Stellar Blockchain is a trusted blockchain that offers many benefits to users and businesses.
Stellar Network/ database identifies the top factors that make a blockchain network successful - open-source and decentralization.
It is very fast and easy to use. It takes only 3 to 5 seconds for a transaction to be initiated and processed.
The annual inflation rate for the XLM token Lumen is 1%
This platform allows for more than one thousand transactions at once.
Stellar Blockchain allows multi-signatures and smart contracts.
With a team of proficient Stellar blockchain developers, we at Clarisco Solutions develop enterprise-class Stellar remittances payment solutions and services. Let's usher in a new era for Remittance Payments.
Traditional remittances, central authorities and other payment channels have been sending and receiving money orders and payments for many years. However, it's hard to deny the fact that these institutions face numerous challenges that are being solved by the Stellar Blockchain Network's Remittance Payment System. These challenges include
Longer time processing and making transactions
Rely on local agents for the payment of transferred money
Digital banks and wallets cannot move money from developing countries
MTOs and agents do not receive compensation simultaneously.
Balances are instead settled using a schedule by commercial banks
International Fintech Companies will need to establish relationships with local banks and maintain accounts with them
These banks charge additional foreign exchange fees which are inadvertently passed onto the customers who end up paying a lot for money transfer
Thanks to the advent of Stellar Blockchain and the supported Remittance payment platforms, these hurdles have been snuffed out.
The process of transferring money is different with the Stellar Blockchain-supported Remittance Payment Platform. This is the workflow for the payment gateway
Let's say that a money transfer company is located in one country and collects the funds (1000 US dollars) from customers. Stellar Blockchain will convert the funds into digital fiat tokens, or XLM Lumens.
The Stellar Distributed Exchange will trade the 1000 USD tokens from the transferred amount to 4090 BRL (Brazilian currency) in this stage of the transfer process. This trade is similar to trading crypto tokens online. It takes place on the Stellar Exchange. A path payment operation is used to convert fiat tokens back into currency.
After the trade is complete, the beneficiary or receiver will see the transferred amount in their respective accounts. The transferred amount can then be deposited into the beneficiary's bank account, wallet, or other local trail. It is seamless and incurs minimal cost.
The transfer of funds is made possible by the Stellar Blockchain network's anchors, or nodes. Stablecoins, which are fiat-backed tokens, can also be provided by anchors. This area is home to many anchor businesses. Cowrie, Settle and Tempo are some of the most prominent anchors.
Stellar Network's Remittance Platform offers many benefits that users won't be able to enjoy with other platforms.
All transactions on the Stellar Blockchain will not take longer than 5 seconds to be completed.
Users can transact in USD, EUR, NGN, MXN, BRL, ARS, and more. Other new digital currencies that are created can also be added to the platform.
Working capitals, which are usually mandatory in MTOs, are now off the charts to initiate real-time transactions in digital currencies.
Since the Stellar Blockchain is distributed worldwide, businesses providing remittance services can access a wide geographical area.
KYC and AML are unified and integrated with the application.
The overall cost of remittances is drastically reduced.
The money being transferred moves in real-time in an open-source protocol, physically.
Customers can track the transaction as it takes place, which places a lot of trust in the Remittance platform.
Today's situation sees traditional banks, remittance companies and Fintech companies face friction as well as the costs of transferring money across international borders. The Stellar Blockchain's Remittance Payment Gateway will eliminate all of these risks and offer a seamless and seamless way for users to transfer money.
Clarisco Solution specializes in the development and launch of DeFi and Blockchain-related apps and protocols. We have been able to satisfy both businesses and customers. We are experts in what we do and can provide white-label, scalable solutions to support your Stellar Blockchain Remittance Payment Gateway company.
Get in touch with us to discuss how this lucrative industry could propel you to great heights.
Talk With Our Experts
