REMCO ( Remittance Utility Token ) is the World's First Powerful Distributed Token-Generating Platform for Money Transfer. The REMCO Token Generating Platform’s APIs to allow any licensed money transmitter to mint programmable Tokens to move value and leverage distributed ledger advantages at speed and scale, while also offering innovative compensation to all transaction stakeholders.
purpose
The token address will store the value and thus replace the traditional card pins or numbers.
Because a token’s long address may not be practical due to the realities of the limitations of mobile phones and computer gadgets, the token address is linked to a set of random integers and other identifiable attributes that will be either handed over to the buyer (underneath the UV-ink scratch-off surface on a card) or transmitted to their phone in real-time.
PROBLEM
Money transmitters have few and limited options for building and expanding their business on another’s rails.
1 slow speeds
2 high costs
3 Vanishing commissions
4 tough entry
5 Unstable operation
FEATURES
1 Multichain blockchain
2 Successful authorizations
3 Faster speed of payout
4 commissions for agents
5 Artificial intelligence plus human experience
Remittance Token For Money Transfer Organizations
REMCO Remittance Tokens connect senders and recipients of money similar to the way mobile phones connect two people. REMCO’s platform provides the infrastructure, the pipes, that allow remittance companies globally to mint and customize their own Tokens on a revolutionary open source platform designed for speed, compliance and transparency.
REMCO Remittance tokens use a revolutionary money transmission Token with an open source platform that allows remittance companies globally to mint and customize their own Tokens.
Why Remittance Token (REMCO)
VTNGlobal has processed over $700,000,000 in the last 2 years and we clearly see the opportunity of process reengineering combined with distributed ledger technology to make a big impact in the industry. We have designed the REMCO Token to have tremendous utility and to be programmable, for instance in cases where a remittance partner wishes to offer a promotion.
By both creating the tech platform and offering a B2B self-service option, VTNGLOBAL believes that the REMCO Token can have transformational effects, not only for its own businesses but for partners as well.
Through this ICO we will have the necessary funds to finance our project, pay salaries, cover marketing and legal matter expenses and invest in research and development, and offer buyers of REMCO Remittance Tokens a low and discounted price.
RemittanceToken Generation
RemittanceToken integer address generation follows a random sequence, while the root address follows distributed ledger process. The Token is locked to the remittance organization that distributes it to the agent. If the server were compromised, all token information is encrypted, and moreover, the logic for activation can only be triggered by an agent and only after receiving the payment for the “digital good funds” associated with one or more RemittanceTokens. All transactions pass through https protocol. Server infrastructure is hosted in a secure location that requires biometric accessibility.
RemittanceToken Security
The token instrument has no value until activated by an authorized partner or an agent. The risk exposure is negligible because an inactive token cannot be used. To activate the token, the agent has to access an online interface at which point the system knows which agent and which remittance organization to which the token belongs.
• RemittanceToken Client (Sender) Compliance
RemittanceToken is designed to dissuade potential criminal behaviors by employing the most up-todate AML/CFT procedures, specifically:
RemittanceToken’s system allows remittance organizations to set usage limits based on their internal AML procedures regarding the total amount of money from any sender per day/week/month and agents cannot authorize overrides.
As a prerequisite for using the card, the system requires proper KYC for both the sending and receiving parties, as defined by the various jurisdictions, often tied to a tiered schedule based on the amounts being transmitted. This requires the first-time user to upload identity documents which the system then verifies. This information is required only once unless the system detects that the Identification has expired, and then prompts the sender for updated documentation.
In addition to the AML limits set by authorized remittance organizations, the RemittanceToken system takes it a step further to log suspicious activities for further review.
The RemittanceToken platform retains certain data points as required by recordkeeping rules including properly identifying persons conducting transactions, maintaining paper trails and filing Currency Transaction Reports with USA authorities (for cash transactions over $10,000).
Conclusion
Remittance Tokens as a stored value for money transfer modernize and significantly improve-upon the cash agent model by limiting the at-agent process to providing “digital good funds”. This increases the efficiency for agents and remittance partners and speeds the process, due to zero chargebacks or denials
for more information visit the following link:
Website:http://www.remittancetoken.io/
Telegram:https://t.me/remittancetoken
Twitter:http://twitter.com/RemittanceToken
Facebook:http://facebook.com/remittancetoken/
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1376073