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Blockchain-Based International Remittance Platform Development
  1. case
  2. Blockchain-Based International Remittance Platform Development

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Blockchain-Based International Remittance Platform Development

apriorit.com
Financial services

Challenges with Existing Remittance System

The client's existing Ethereum-based remittance system suffered from several limitations: slow transaction speeds (10-30 TPS), high transaction costs ($0.02-$0.10), and lack of flexibility due to the immutability of Ethereum smart contracts. These issues hindered the scalability and cost-effectiveness of their international remittance service.

About the Client

A global financial services provider specializing in international money transfer solutions, seeking to leverage blockchain technology for faster, cheaper, and more transparent remittances.

Project Goals

  • Develop a scalable and high-performance blockchain-based platform for international remittance payments.
  • Reduce transaction costs to less than $0.0001 per transaction.
  • Enable fast transaction confirmation times (sub-second).
  • Provide a flexible and adaptable platform capable of evolving with changing business requirements.
  • Create a user-friendly wallet application for sending, receiving, and managing funds.

Functional Requirements

  • Cross-border payment processing using stablecoins.
  • Fiat currency on-ramping and off-ramping via agents.
  • Secure user wallet for storing and managing funds.
  • Real-time transaction tracking and confirmation.
  • Automated fee calculation and distribution.
  • Investment claiming functionality for token holders.

Preferred Technologies

Ontology Blockchain
Smart Contracts (Ontology)
Stablecoins
Web Wallet (Ontology Web Wallet - Modified)
Android Application Development

Integrations Required

  • Fiat Payment Gateways (e.g., for agent onboarding)
  • KYC/AML Compliance Services
  • Agent Network Management System

Non-Functional Requirements

  • High Scalability (support 3,000+ TPS)
  • Low Latency (sub-second transaction confirmation)
  • High Security (secure wallet and transaction processing)
  • Data Integrity and Immutability
  • Cost-Effectiveness
  • Reliability and Availability

Expected Business Impact

The successful implementation of this platform will enable the client to significantly enhance its international remittance service by offering faster, cheaper, and more transparent transactions. This will lead to increased customer acquisition, reduced operational costs, and a stronger competitive position in the global financial market. The platform will also facilitate the client's ongoing token-based initiatives.

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