Remco's Distributed Ledger Solution Works

NEW YORK, August 31, 2018 (Newswire.com) - Peter Ojo, Remco Software CEO described the platform as "a Distributed Token-Generating Platform for Money Transfer." This revolutionary platform allows authorized and licensed partners to mint their own tokens, and to set currency type, denomination and a commission structure for all stakeholders among other characteristics.

The subsequent usage of activated tokens gets recorded on a distributed ledger on a blockchain platform as well as on the partner's database, and parties have access to usage records through an API. The token can be used on the platform of partners, with back-end integration to the blockchain node for validation, transaction record-keeping and transparent insight into the remaining value of the token.

The company also plans an initiative that may have an even larger industry-wide impact. It will apply for a national bank charter, a new designation recently announced from The Office of the Comptroller of the Currency and will launch an MSB-centric bank, to serve the needs of licensed MSBs across the USA.

Joel Patenaude, COO

Initial traffic will come from Remco's corporate parent VTNGlobal, Inc. which holds state money transmitter licenses in the USA. VTNGlobal's model includes a retail electronic scratchcard that agents sell for cash that improves stakeholder experiences and reduces costs, especially for multiple recipients.

It also has the operational benefits of increased transparency, increased record security, and increased accuracy. COO Joel Patenaude said, "We will flip the switch and move existing transaction traffic to RemittanceTokens soon."

Peter Ojo, also VTNGlobal's CEO, has a history of taking first mover advantage with FinTech solutions deployed in Nigeria that still lead in that market. His Nigerian company, VTNetwork Limited, holds two licenses with the Central Bank of Nigeria, for mobile payments and international money transfer.

International remittance partners benefit from the company's robust API and interconnectivity with all commercial banks in that country. Remco Software Inc.'s RemittanceToken is the latest in this string of new technology rollouts.

Remco Software Inc. has big plans with an ICO this Fall that will build out the RemittanceToken platform capabilities, and fund rapid expansion across the USA and into many more markets. VTN already has existing integrations and processes transactions daily for well-known corporates such as Western Union, IDT/Boss Revolution, Transfer-To, and others.

The Remco blockchain token mimicks the gift card draw down mechanism on the one hand. However, users can send the entire value if they so wish. This is an astounding revenue opportunity for remittance organizations unlike before.

Airdrops, where permitted, will begin shortly to target audiences in dozens of countries across the globe.

The company also plans an initiative that may have an even larger industry-wide impact. It will apply for a national bank charter, a new designation recently announced from The Office of the Comptroller of the Currency and will launch an MSB-centric bank, to serve the needs of licensed MSBs across the USA.

This MSB-centric bank will address a big gap in the marketplace as commercial banks have become reluctant to allow licensed money service business to open bank accounts, creating difficulties in every immigrant and low-income community in the USA.

"We intend to use our command of both the business side and the tech side to take advantage of the opportunity of deserving but poorly-served money service businesses," said Ojo.

For more information contact: joel@remittancetoken.io

http://remittancetoken.io/

Source: REMCO Software Inc.

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