HashCash consultants is working towards providing a quick and cost-efficient remittance system from Australia. The Blockchain-based firm is targeting the lucrative $7 billion Australian remittance market characterized by migrants regularly remitting money back to their native countries.
Australia’s Remittance Industry
Australia is among the few nations embracing the globalization of workforce concept which has since seen multitudes of foreign nationals flocking to the country for employment. In most cases, the migrants make remittances occasionally to support their families back home.
This has particularly created a multi-billion dollar remittance industry that has attracted global financial institutions’ attention. Unfortunately, users have had to endure exorbitant charges from existing systems that are slow nonetheless.
Challenges of existing platforms
With the existing options, users are forced to have an account with the bank that will facilitate the transfer. A majority of the cross-border remittances in Australia is powered by the SWIFT NETWORK through which money is transferred from one bank (sender) to another (receiver).
Considering that over 70% of the remittances are made to rural areas with few traditional banking institutions, the current system inconveniences both the sender and the receiver. These challenges brought together have given birth to the futuristic Blockchain-based remittance system.
HC Remit which operates on the company’s blockchain network – HC Net has been widely used by traditional banks to facilitate payments in cryptocurrencies.
Regarding the Australian crisis, HashCash through HC Remit seeks to remove SWIFT’s processing fee replacing it with a similar Blockchain-based messages that can be readily deployed to the bank’s existing system.
The resultant system will take only a fraction of the time used by traditional systems to settle a transaction. Also the new system will solve the problem of accessing the payments on the receiver’s end as cryptos were initially developed to facilitate payments in regions with underdeveloped banking systems.
A blockchain based remittance system besides speed and cost efficiency will also enable transparency and traceability of digital assets.
When implemented, the new system will enable migrants to seamlessly process cross-boarder payments any time with lots of ease.