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First Automating International Remittances & Customer Records With Blockchain |
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Blockchain is the buzzword these days in the online financial world. It is paving the way for secure, smooth and efficient transactions, making traditional banking processes fully automated thereby reducing and, in some cases, eliminating the need for manpower.
Ovex Technologies’ BlockEdge division has identified two key areas where the banking sector will benefit majorly from blockchain. The first being the international remittance process. In 2015, cross-border payments exceeded $150 trillion globally. The average time to process an international remittance is anywhere between 3-9 working days and the fee per transaction ranges from 2%-10% of the total amount. If you calculate the resultant processing times and total cost of transactions for trillions of dollars worth of remittances, it quite seriously boggles the mind. The proposed blockchain for international remittances would cut down the processing time to 1-2 working days and similarly, reduce up to 70% of the cost involved, thereby making remittances simple, quick and hassle-free. Also, the transparency of the process has the potential to remove money laundering from the equation completely.
The second blockchain component that BlockEdge aims to introduce is called ‘Know Your Customer’ (KYC). This aims to bridge the disconnect between the various departments of a bank and the customer. For example, presently, if a customer requires an additional service from a bank; like a loan or lease; they must complete multiple forms, provide documentation again and again, and wait for approval processes even if they are an old customer. This again results in high operational costs, hours wasted and poor customer experience. The blockchain application will create a permanent customer record maintained in a single database that would be accessible to all departments and other financial institutions which would help them determine customers’ financial ratings and customers would enjoy quick approvals and straightforward transactions.
Just these two blockchain processes have the potential to transform the customer experience and lead the way for more processes to be implemented via blockchain making banking entirely automated.
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