US-based fintech startup Remitware Payments (Remitr) is set to roll out a blockchain based payments platform known as MoneyOS for global payments.
The new OS, which provides a centralised mechanism for a business to receive or make payments, uses machine learning technology to deal with complexities of cross-border payments such as routing of exceptions and identifying patterns in money flow.
MoneyOS will allow financial institutions including banks and other money transfer companies to develop their cross-border payments offering through this platform, thereby replacing expensive and slow wire transfers.
When a payment is done using MoneyOS, blockchain will not only record but also authenticate the transactions.
Additionally, Remitware Payments has joined ADGM RegLab programme to launch MoneyOS as a platform for international payments that is compliant and secure.
The company will work with the regulators at ADGM’s RegLab to bolster MoneyOS for global commerce.
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Wai Lum Kwok, executive director of capital markets at ADGM’s Financial Services Regulatory Authority said: “ADGM is committed to supporting the development and deployment of fintech solutions that have the potential to make financial services more accessible, affordable and secure.
“We look forward to working closely with Remitware to test its innovative technology in a controlled and supervised environment.”