Major international payment solutions company Netpay has reportedly partnered up with an Israeli-based firm to integrate blockchain-based technology in its services.

Netpay to Integrate Blockchain Tool

Netpay, an international payment processing company, has partnered up with BNC LedgerTech to provide blockchain-based services to its broad user base, according to a report from Finance Magnets.

BNC LedgerTech is a blockchain-oriented company which has come up with a digital banking solution known as Ubanker. It runs on blockchain technology but it takes advantage of existing institutional remittance infrastructure amid banks such as the networks of SWIFT and SEPA to maintain KYC/AML requirements.

According to the report, Netpay aims to migrate to using blockchain technology in order to reduce its operating costs. This will become possible because of the fact that BNC LedgerTech charges a fee which is fixed to a minimum, while banks, on the other hand, charge a percentage of the amount which has been transferred.

Blockchain in Remittances: A Growing Trend

It seems that the usage of blockchain in remittances is shaping up to be one of the technology’s more popular use cases.

In late 2018, Bloomberg reported that social media giant Facebook is developing a cryptocurrency for WhatsApp transfers, which is geared towards facilitating remittance payments in India.

According to anonymous sources, the company is in the process of developing a stablecoin which is intended to minimize volatility. The sources also revealed that the company is far from actually releasing the digital currency because it’s still working on a plan for custody assets and overall strategy.

Do you think blockchain has a use case for remittances? Share your thoughts down below!

Cover photo by Pixabay