How Bremit Works (Explanation)

  • Amount and Rates :(Sender can put their own exchange rate for the amount they want to send)
  • Receipt Details(Tell whom you want to transfer)
  • Sender Details(Tell how do we contact you)
  • Payment Details(How do you want to deposit the amount?How do you want your receiver to accept it?)(Bank Transfer, Wallet Transfer, Collect cash)
  • Send(Confirm your request)
  • Money Transfer Request Listing(All the request from the sender will be available on Request Pools )
  • Bremit Node Assignment(Bremit Nodes can access the Request Pool and can accept/counter offer if they like it)
  • Collect the fund from sender(Nodes will collect the payment as per defined the terms)
  • Node send the user request into Blockchain(Node has to send the sender’s request with equivalent tokens into blockchain)
  • Money Transfer Request Listing(The relevant request will list on the country Request Pool with details of receipt and payment mode )
  • Bremit Node Assignment(Bremit Nodes can access the Request Pool and can accept offer if they like it)
  • Distribute the fund to Receipt(Node accept the request and distribute fund) (Bank Transfer, Wallet Transfer, Collect cash)

--

--

--

Uber for Cross Border Money Transfer. Blockchain based peer to peer decentralized remittance platform. https://www.bremit.io

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

The Telos Foundation: State of the Board — the First 30 Days

Crossing the Technology-Environment Divide

The Importance Of NFTs In Art

Celestial NFT will find its fair value for the first time on the UniArts!

FYC: Telos Blockchain Network Operating Agreement (TBNOA)

THE THINKIUM FAIR COMMUNITY Thinkium is an all round public chain blockchain network.

Introducing SolClout: Social DeFi Platform built on Solana

SaTT Smart Advertising Token Delivers On The Features Demanded By Gen Y (And Z)

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
BREMIT

BREMIT

Uber for Cross Border Money Transfer. Blockchain based peer to peer decentralized remittance platform. https://www.bremit.io

More from Medium

The unrest in Kazakhstan does not rule out the mastermind behind the scenes.

Netspeak: How Internet Slang Affected Me as a Student

Millions Of Men No Longer Want To Get Married, And You Can’t Thank The Government For That