What is ZERO BANK?
What problem do they intend to solve?
Who can contribute? How much?
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THE PROBLEM
DO YOU UNDERSTAND THAT.......
Unreasonably High Cost of Transaction At All Level as seen Above.
International banks and global MTOs bear many kinds of cost due to their bulky, outdated, brick-and-mortar structures. For example, according to a recent research at Citi, the costs for maintaining legacy information systems, investing in new ones and paying IT staff, all adds up to account for 25% of a typical bank’s annual budget. Banks spend around $200 billion every year on IT, 80 percent of which – Citi estimates – is spent on maintenance and small evolution of legacy system. These costs translate into their excessive service fees.
Challenging and Limited Coverage
Many banks with large network coverage are not involved in non-commercial transfers. However, although many banks and MTOs have developed strong networks, the money transfer industry in general falls well short of the entire market’s need, especially in remote areas where communities are small, and commercial activities are low.
Compliance
Since the industry is heavily regulated by governments around the world, any banks involved in remittance transactions and all MTOs have to invest heavily to assure legal compliance, which in turn adds to the cost of their services. National banks in many countries are no longer licensing smaller MTOs, mostly due to problems concerning legal compliance, especially in the United States and the United Kingdom, where Anti Money Laundering (AML) law is strictly enforced. Legal costs are forcing more and more players out of this market space, leaving customers with less and less options.
How ZeroBank System works? THE SOLUTION
The money transfer and exchange industry is not immune to the global movement towards decentralization and peer-to-peer sharing economies. In fact, these areas are poised to be some on the leading edge of those that thrive in this new paradigm. With the help of blockchain and smart contract technologies, along with the sharing economy model, ZeroBank will disrupt the outdated transfer and exchange models centralized around “too-big-to-fail” banking and MTO systems by bringing out a “money barter” model fit right in the current position of world money market.
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