ZED Network is a SaaS platform using ZED cryptocurrency to connect a global network of Money Transfer Operators. ZED currency is built on top of the Stellar distributed blockchain network.
The 21st century has seen more rapid migration than any other time in recent history with the pace exceeding that of population growth.
There are currently 250M+ immigrants that live in a country other than the one they were born in, a whopping 60% increase since 2000.
As the world gets more and more connected, the need for simpler, faster and more cost efficient money transfer continues to grow.
According to World Bank, global remittance hovers around $600B per year. Western Union and the next 3 top Money Transfer Operators (MTOs) control about 25% of the global remittance market.
The other 75% (or $450B+) is spread out among a long tail of thousands of small to medium sized MTOs, many of whom are single corridor providers, unable to grow past their initial market and scale up to compete with the Top 4 giants.
The lack of competition and inability to challenge the large Money Transfer Operators is directly responsible for the cost of remittances staying high at around 8%.
There are many challenges facing smaller MTOs including banking, cash flow and technology.
The majority of the cross-border money transfer is currently processed through SWIFT, a reliable yet archaic technology that provides for slow, expensive and tedious transfers with lack of transparency.