Premier Maltese Bank Deploys Cross-Border Remittance Platform HC Remit

By AIT News Desk On Jul 12, 2021

HC Remit, an exceedingly popular HashCash product, finds use once again. This time it’s deployed by a bank in Malta to facilitate cross-border remittance.

Cross-border payments have remained the most effective application of blockchain technologies, remittances contribute a significant flow of funds into the developing world, exceeding foreign direct investments, and official development assistance.

Premier Maltese Bank engages HC Remit, a HashCash product, for cross-border remittance. The global blockchain development company, HashCash Consultants woos financial institutions with a wide range of products and services powered by blockchain. Cross-border Remittance Software – HC Remit is the most promising among them.

Blockchain technology revolutionizes international payments methods by offering an efficient, transparent, yet secure platform to facilitate the process. It allows worldwide financial transactions on a distributed network of computers. It simplifies the entire transaction process by eliminating intermediaries and offers nearly instant payment solutions globally while reducing the cost significantly.

“The prevalent payment methods inconvenienced the people on many levels. To begin with, they involve third parties incurring additional expenses. Secondly, the process takes up days to reach the b**********. Finally, it is unnerving for the unbanked rural residents to receive the funds,” explains Raj Chowdhury, Founder, and CEO of HashCash Consultants.

Blockchain-powered HC Remit addresses all of the stated issues and is rated highly by worldwide financial institutions and crypto exchanges where it successfully operates to date. The Maltese Bank is one of several to implement the HC Remit. Prior to this, HC Remit has been installed by banks in UAE, Singapore, and Australia.

The fund transfer instrument has self-executing programs layered on a blockchain that perform designated tasks upon meeting conditions.

“HC Remit employs smart contracts that automate critical business processes. It also ensures secure and authentic transaction handling,” adds Chowdhury.

Malta is a developed economy that is reputedly crypto-friendly and is known to offer refuge to crypto-oriented ventures that are banned from operating in certain countries. Malta, however, does not recognize crypto as a legal tender.

Financial institutions have much to benefit from the implementation of this alternate mode of fund transfer that reserves the potential to uproot its fault-ridden predecessor technologies. Blockchain-enabled platforms bring along cost-effective, instantaneous and auditable remittance transactions.