Removing the borders: Exscudo innovative cross-border payments solution
Nowadays one can take a trip around the world within 24 hours and visit six continents in less than three days: technical progress has blurred the state borders. However, freedom of movement is not directly related to financial freedom. Financial borders are still there and cross-border payments leave much to be desired.
Most of the cross-border payments are executed via bilateral correspondent banking relationships. They are expensive, slow, and non-transparent. In 2015, a McKinsey survey on consumer cross-border payments found that consumers typically pay a fee of €20 to €60. And this does not even guarantee the timely delivery: although most cross-border payments could in theory be executed in one to two days, the survey revealed that a typical retail cross – border payment takes three to five working days to complete. Besides, the complex process of cross-border transaction depends heavily on human factor: about 51 percent of B2B payments are still made by paper checks and more than 60% of payments require manual intervention.
When designing EON blockchain we were thinking about how wonderful it would be to pay everywhere as easily as if you are not abroad. That’s what EON offers, one service, your real private money. You only need Internet connection to access your funds, and your money is stored in the decentralized EON network. It means, it can be in America, in Mexico, in Asia – everywhere where the EON nodes work.You can travel around the world with only one card without paying big commissions to intermediaries. EON itself almost does not charge any commissions – they are only withheld by the acquirer banks.
You may ask, what about the volatility of cryptocurrencies? Indeed, it is one of the main factors which keep them from the mainstream adoption. Main functions of any usable currency is to be stable, secure and fast. In Exscudo we decided to introduce these features to EON. We solve the volatility problem by two options: by issuing bonds for fiat currencies and by making a common index for a group of cryptocurrencies, which in general mass will not give such a volatility.
Besides all, Exscudo is not only about facilitating access to one’s money from any part of the world. Exscudo is an ecosystem of many sophisticated elements, which work perfectly together. It is a marketplace for beginners and professional traders, financial institutions and institutional investors.