Canadian startup ZED community is looking to launch a new blockchain-powered global payments platform that promises to enable faster and cheaper remittances capabilities.
The platform-as-a-provider (PaaS) offering will be built on the Stellar disbursed network with connectivity to bitcoin and ether as methods of charge. It intends to supply funds transfer operators with an integrated suite of remittance products including a digital wallet, net app, mobile app, facility to alternate numerous foreign money pairs, and a again office with analytics and reporting tools for compliance and monitoring.
The ZED platform might be targeted at smaller, non-bank funds switch operators worldwide, which the enterprise claims, can not compete towards world leaders reminiscent of Western Union and MoneyGram due to technological and banking barriers.
in keeping with the area bank, world remittance hovers around US$ 600 billion per 12 months. Western Union, UAE change, MoneyGram and RIA, the four global leaders, make up for 25% of all transfers.
The other seventy five% is divided among an extended tail of hundreds of small to mid-tier cash switch operators, which are often unable to grow past their initial market and scale up as a result of challenges comparable to banking, money glow and expertise.
according to the CEO and founding father of ZED network, Alan Safahi, who also is the CEO and founder of price platform ZipZap, the ZED platform and token will “no longer most effective benefit small to mid-dimension MTOs currently sick-served through the typical banking equipment and area to prohibitive licensing and transaction expenses, it’s going to additionally dramatically advantage tens of millions of people international, a lot of whom are unbanked and the worst littered with the current excessive transaction charges charged by using the typical funds switch operators.”
The company says that within the identical method that SWIFT connects banks together on a worldwide foundation, the ZED network intends to create and energy a worldwide community of licensed funds switch operators in assorted countries.
The ZED platform may be powered by using the ZED token, a cryptocurrency developed on Stellar’s mining-free, dispensed ledger. ZED tokens can be purchasable to funds switch operators to purchase and use fully for utility applications of facilitating remittances global.
The enterprise says it is going to goal gateways in Canada and the Philippines first, followed by way of the uk, US, Europe, Latin america, Southeast Asia, China, Japan and South Korea by means of the end of 2018.
A product launch in pilot is scheduled to be launched in Q1 2018.