The popularisation of blockchain technology has changed the face of the global remittance industry.

Previously, it is almost impossible to complete a cross-border payment within a 24 hours timeframe. With the introduction of DLT into the financial space, transferring millions of dollar within seconds is now possible.

Problems of the Global Remittance Industry

Cross-border payments have proved to be a major cause of concern as the transfer of money across borders is a slow and expensive process.

As a result of the global economic rules of which most them are related to the fight against money laundering (AML), financial institutions must be well oriented in a complex bureaucracy during the process of carrying out such payments while observing the norms of international law. The process of conducting transactions takes a lot of time.

Advantages of Blockchain Remittance Platform Over Centralised Methods

Based on a recent research conducted by Blockdata, it was discovered that cross-border payments being carried out using blockchain-based solutions are much faster compared to those done by the traditional financial system.

According to the report, the time calculated for money transfers in the blockchain is 388 times faster than traditional channels.

The researchers made this conclusion after comparing the data gotten from some well-known blockchains platforms with that which was made available by the World Bank.

Blockdata utilised the average transaction time of a sample of 1800 payments from the traditional sector, as well as the average transaction time of the selected blockchains to calculate the total indicator. It was also discovered that “blockchain transfers are 127 times cheaper than their“ traditional opponents”.

Advantages of Fastway Over Other Blockchain Remittance Platform

Extremely Low Charges

Fastway offers extremely low charges for transfers as the commission related to transfers will not be greater than 2 percent.

Limited Verification

Another merit of FastWay is that there is little need for registration, verification, and other usual bureaucratic safeguards. One thing which people do not like about payment platforms is the need to always sign in every time they need to make use of the platform. But with FastWay, customers do not have to undergo such a vigorous process as the platform works in a completely different way wherein minimum data is required to process transactions.

User’s Privacy is Guaranteed

One other advantage of FastWay is that the platform’s entire system is designed in such a way that it maximizes user’s privacy. Both the sender’s and the receiver’s information will be obfuscated from public and team view, only basic data is needed to complete transfers.

Easy to Navigate Interface

FastWay boast of a user-friendly interface which rivals the ones found on most remittance platforms. This makes the platform accessible for people with low technology experience.

Masternode

Fastway recently announced a partnership with Grand Masternode— a platform which offers the most convenient way to invest in FastWay’s masternode technologies.

Exchange

Currently, the FastWay (FAW)/coin is listed on a single exchange — CREX24. Crex24 have a user-friendly interface, good trading volumes and low commissions. All these features make the exchange the best for a startup at the moment.

Although still new to space, FastWay is already making bold moves. The platform has partnered with several coin listing platforms. This is expected to give the platform all the exposure it needs right now. In no time the platform will overtake existing ones.