Finally, a blockchain solution that helps Money Transfer Operators
The 21st century has seen more rapid migration than any other time in recent history with the pace exceeding that of population growth.
There are currently 250M+ immigrants that live in a country other than the one they were born in, a whopping 60% increase since 2000.
As the world gets more and more interconnected, the need for simpler, faster and more cost efficient money transfer continues to grow.
According to World Bank, global remittance hovers around $600B per year. Western Union and the next 3 top Money Transfer Operators (MTOs) control about 25% of the global remittance market.
The other 75% (or $450B+) is spread out among a long tail of thousands of small to medium sized MTOs, many of whom are single corridor providers, unable to grow past their initial market and scale up to compete with the Top 4 giants. The lack of competition and inability to challenge the large MTOs is directly responsible for the cost of remittances staying high at around 8%.
There are many challenges facing smaller MTOs including banking, cash flow and technology. For smallto medium sized MTOs that can’t effectively compete with larger MTOs, ZED Network is a Platform as a Service built on a distributed ledger that reduces costs and transaction friction.
ZED Network launched in 2017 and is quickly creating a comprehensive solution that includes a wallet, a web app, mobile apps, and a robust back office with a suite of reports for compliance and monitoring purposes, available to MTOs on a Platform as a Service model, free of charge for the first year and at nominal costs in subsequent years. At the heart of ZED Network is the ZED currency which is a Cryptocurrency built on Stellar’s mining-free, distributed ledger platform.
There will be a maximum cap of 100 Billion ZED tokens authorized, up to 21 Billion of which will be sold to accredited and verified investors starting in Q1/2018.
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Alan Safahi is the Founder and CEO of ZED Network Inc., a Platform as a Service (PaaS) for Money Transfer Operators worldwide.
Alan is a serial entrepreneur with nearly 30 years of hands-on experience in computer, telecom, and Fintech.
He has created disruptive innovations in prepaid cards, payment processing, cryptocurrencies/Blockchain technologies and global remittances.