Use Case - Remittances

Release Details

Release date: October 25th, 2024

Release Type

Informational

Summary

Zero Hash has launched our Remittances product. This product allows remittance Platforms to offer capital efficient and low-cost remittance transfers to their End Customers. See detailed integration guide here.

Capital Efficient

Previously, offering instant remittance services (e.g., an American sending US Dollars to a recipient in Mexico who receives Mexican Pesos) required platforms to hold a local currency float in the destination country (e.g., holding Mexican Pesos in Mexico). This practice was necessary to offset the settlement delays associated with cross-border transfers, which can take up to 3 business days.

By leveraging the speed and efficiency of ~instant transfers on Layer 1 and Layer 2 blockchains, our solution allows Platforms to use USDC to completely eliminate the need to hold a local currency float. This innovation removes the traditional barriers associated with cross-border remittances, reducing both capital lock-up and operational complexity. Platforms can now offer seamless, near-instant transfers without the overhead of managing local currency reserves, enhancing liquidity and operational flexibility.

Low-cost

The aforementioned costs of legacy remittance flows are ultimately passed onto the End Customers. This new USDC-powered remittance flow allows Platforms to lower the fees passed onto End Customer while still maintaining sufficient margins

Use Cases

  • Cross Border Remittances: Platforms can offer more capitally-efficient and cheaper remittance products to their End Customers

Developer Documentation

  • Remittance Integration Guide here

Key Features

  • Remittance API Suite: Streamline your remittance flow with just 5 simple, executable endpoints—while maintaining full control over your personalized front-end user experience (UX).
  • USDC Support Across 10+ Blockchain Networks: Initiate remittance transactions on the blockchain network of your choice, with full support for USDC across multiple chains.
  • Participant Tiering: Custom onboarding workflows that require minimal KYC data, ensuring compliance with regulatory standards while minimizing friction for users.
  • Built-in Compliance: Zero Hash's transaction monitoring suite ensures that all transfers do not involve sanctioned or otherwise unpermitted actors
  • Developer-Friendly: Access our comprehensive developer documentation to seamlessly integrate our solution into your platform.

Action Required

N/a

Endpoints impacted

See detailed integration guide here.