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Development of Remittance Payment Services on The Stellar Blockchain

With a team of proficient Stellar blockchain developers, we at Clarisco Solutions develop enterprise-class Stellar remittances payment solutions and services. Let's usher in a new era for Remittance Payments.

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Stellar Blockchain launches a Remittance Payment Gateway

The blockchain community has a saying that "Remittance" is one of the most important uses of blockchain technology. Traditional methods of money transfer through central banks or Money Transfer Operators (MTO) have been slow and expensive. This is surprising considering that remittance services send and receive approximately $500 million annually through cross-border transactions, most of which are between families and workers.

Recent developments in the Stellar Blockchain allow remittance payments to be made easily without any drawbacks. Stellar Blockchain supports remittance payment platforms. This allows users to enjoy a variety of benefits, including fast transactions, traceability, open secure protocols, and a trusted gateway.

Clarisco Solution is a team of skilled and experienced developers. We are proud to offer innovative development services in blockchain and decentralized finance. You can create and launch your own Remittance payment platform based on blockchain technology and provide a secure platform for money transfers to multiple users.

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Stellar Blockchain - What makes it different from other Blockchains?

A successful blockchain network must have three basic functions: reduced transaction costs, speed and scalability. These are essential for the network's success. These are the requirements that the Stellar Blockchain Network meets. The Stellar Blockchain, also known as a payment protocol, is built on distributed ledger technology. It facilitates the transfer and conversion of all types of cryptocurrency and other currencies. It is very similar to other blockchain-based cryptocurrency.

Each transaction sent to the stellar blockchain goes into a shared, public ledger that is accessible by everyone. This blockchain, however, is different from the other standard blockchains. It has its own consensus process that allows for quick transactions. This allows for quick transactions and is very affordable. It's a global exchange network that can host thousands of transactions. Users can also exchange cryptocurrencies with fiat currencies. Lumen, the native token of XLM, is used to pay transaction fees and manage accounts on the stellar network.

Stellar Blockchain Features

Stellar Blockchain is a trusted blockchain that offers many benefits to users and businesses.

Stellar Network/ database identifies the top factors that make a blockchain network successful - open-source and decentralization.

It is very fast and easy to use. It takes only 3 to 5 seconds for a transaction to be initiated and processed.

The annual inflation rate for the XLM token Lumen is 1%

This platform allows for more than one thousand transactions at once.

Stellar Blockchain allows multi-signatures and smart contracts.

With a team of proficient Stellar blockchain developers, we at Clarisco Solutions develop enterprise-class Stellar remittances payment solutions and services. Let's usher in a new era for Remittance Payments.

What is the process of traditional remittances?

Traditional remittances, central authorities and other payment channels have been sending and receiving money orders and payments for many years. However, it's hard to deny the fact that these institutions face numerous challenges that are being solved by the Stellar Blockchain Network's Remittance Payment System. These challenges include

  • Step 1

    Longer time processing and making transactions

  • Step 2

    Rely on local agents for the payment of transferred money

  • Step 3

    Digital banks and wallets cannot move money from developing countries

  • Step 4

    MTOs and agents do not receive compensation simultaneously.

  • Step 5

    Balances are instead settled using a schedule by commercial banks

  • Step 6

    International Fintech Companies will need to establish relationships with local banks and maintain accounts with them

  • Step 7

    These banks charge additional foreign exchange fees which are inadvertently passed onto the customers who end up paying a lot for money transfer

Thanks to the advent of Stellar Blockchain and the supported Remittance payment platforms, these hurdles have been snuffed out.

Stellar Blockchain - The Workflow - Remittance payments

The workflow for remittance in a traditional system is like this

Collect

Deposit

Settling

The process of transferring money is different with the Stellar Blockchain-supported Remittance Payment Platform. This is the workflow for the payment gateway

  • Collect

    Let's say that a money transfer company is located in one country and collects the funds (1000 US dollars) from customers. Stellar Blockchain will convert the funds into digital fiat tokens, or XLM Lumens.

  • Deposit

    The Stellar Distributed Exchange will trade the 1000 USD tokens from the transferred amount to 4090 BRL (Brazilian currency) in this stage of the transfer process. This trade is similar to trading crypto tokens online. It takes place on the Stellar Exchange. A path payment operation is used to convert fiat tokens back into currency.

  • Settling

    After the trade is complete, the beneficiary or receiver will see the transferred amount in their respective accounts. The transferred amount can then be deposited into the beneficiary's bank account, wallet, or other local trail. It is seamless and incurs minimal cost.

The transfer of funds is made possible by the Stellar Blockchain network's anchors, or nodes. Stablecoins, which are fiat-backed tokens, can also be provided by anchors. This area is home to many anchor businesses. Cowrie, Settle and Tempo are some of the most prominent anchors.

The Remittance Network offers many benefits and benefits.

Stellar Network's Remittance Platform offers many benefits that users won't be able to enjoy with other platforms.

Speed

All transactions on the Stellar Blockchain will not take longer than 5 seconds to be completed.

Varied currency support

Users can transact in USD, EUR, NGN, MXN, BRL, ARS, and more. Other new digital currencies that are created can also be added to the platform.

Absence of pre-funding requirements

Working capitals, which are usually mandatory in MTOs, are now off the charts to initiate real-time transactions in digital currencies.

World-wide scale

Since the Stellar Blockchain is distributed worldwide, businesses providing remittance services can access a wide geographical area.

Built-in features

KYC and AML are unified and integrated with the application.

Reduced cost

The overall cost of remittances is drastically reduced.

Open - protocol

The money being transferred moves in real-time in an open-source protocol, physically.

Tracking

Customers can track the transaction as it takes place, which places a lot of trust in the Remittance platform.

Clarisco Solutions development solutions for Remittance Payment Gateway

Today's situation sees traditional banks, remittance companies and Fintech companies face friction as well as the costs of transferring money across international borders. The Stellar Blockchain's Remittance Payment Gateway will eliminate all of these risks and offer a seamless and seamless way for users to transfer money.

Clarisco Solution specializes in the development and launch of DeFi and Blockchain-related apps and protocols. We have been able to satisfy both businesses and customers. We are experts in what we do and can provide white-label, scalable solutions to support your Stellar Blockchain Remittance Payment Gateway company.

Get in touch with us to discuss how this lucrative industry could propel you to great heights.

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FAQ(Frequently Asked Question)

Stellar is a decentralized currency that allows for quick, cheap and global money transfers. ... Sending costs can rise to 15% when money is transferred to developing countries. It can take several days for traditional remittances confirmation payments to be confirmed payment.

Remittances, which are money transfers from foreign workers to their family members back in their home country monthly, are the most common type of remittance. The average transaction is $200 to $300. A typical transaction costs $200-300. The average retail price of these transfers is 7-8%. These transactions are usually collected in cash.

5 seconds
Stellar is open-source and decentralized. This is one of the key characteristics of a blockchain platform. Its consensus mechanism facilitates transaction confirmation times of 3 to 5 seconds.

The Stellar Consensus Protocol employs federated voting to ensure safety and life. 4 In a nutshell, the idea is to conduct multiple, federated votes for multiple values until one has made it through all of SCP's voting phases.
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