California-based Remitware Payments (Remitr) is set to launch a blockchain based operating system, MoneyOS for global payments. The new OS aims to ease the crossborder/global payments by freeing up the current complexities. The international financial centre at UAE, Abu Dhabi Global Market (ADGM) will deploy and test MoneyOS during the 2nd cohort graduation Programme of RegLab, ADGM.
Founded by Kanchan Kumar, Sandeep Jhingran and Sandeep Todi in 2015, Remitware Payments is a fintech startup that aims to make large-scale global payments cost-effective, easier and secure. Besides the US, the startup has its offices in Canada, UAE and India. In 2016, the company raised $1 Mn Seed funding from 11 investors including Paytm’s Vijay Shekhar Sharma. Remitware is one of the 11 startups shortlisted by ADGM for the 2nd cohort of RegLab.
Commenting on the development, Kanchan Kumar, cofounder & CEO of Remitware stated, “The orbit shifting innovation in payments space requires an active regulatory support that is receptive to creating new models. With the ADGM RegLab association, we will bring to market innovations which would not have been possible to develop or scale in an uncertain regulatory environment.”
What Is MoneyOS?
Currently, most of the B2B global payments are made via wire transfers which usually take 12 hours to three business days. Speaking to Inc42, a Remitware spokesperson said, “Due to the absence of international bank accounts, the current global payment gateway is tedious and too conventional in nature. MoneyOS provides a centralised mechanism for a business to receive or make payments. At MoneyOS, blockchain will enable record and authenticate the transactions.”
MoneyOS enables users to collect and make international payments from a single MoneyOS account, bypassing both these traditional methods. In addition to facilitating transactions for businesses, the OS allows financial institutions such as banks and other money transfer companies, to build their own cross-border payments offering on this platform and replace slow and expensive wire transfers.
By employing ML and AI, MoneyOS will also find the best route to ensure money flows across diverse payment networks like bank accounts, wallets and others new age payment instruments. The ML will help tackle the complexities of cross-border payments, such as detecting patterns in money flow, routing of exceptions and intelligently processing unstructured data.