REMCO

REMCO

Created using Figma
Created using Figma
The world's first powerful distributed token generation platform (for remittance) Using the API of REMCO Token Generating Platform, Licensee Money Transmitter creates programmable tokens and leverages the advantages of distributed ledger on speed and scale We will provide innovative rewards to all business parties.
Pre-ICO
To be announced
Private Sale
Sep 15, 2018
Oct 15, 2018
100% completed
$6 000 000
2.8 K
cap
goal
100% cap completed
Goal 6 000 000.00 USD
Cap 6 000 000.00 USD
past
  • 1 REMCO
    =
    0.04 USD
Token Details
Ticker
REMCO
Total supply
2,000,000,000
Token Distribution
65% - Token sale
15% - Founders Team adn Advisors
5% - Marketing
5% - Business partners
10% - Reserve
Accepted Currencies
ETH, BTC, BCH
Company Details
Registered Company Name
Remco Software, Inc.
Registered Country
United States
Company Founded
Aug 27, 2018
Bonus Structure
Private Sale(September 15th - October 15th) - 50%
Presale - 35%
Additional Details
MVP/Prototype
Yes
Whitelist
Yes , from Nov 1, 2018 till Nov 30, 2018
KYC
Yes
Categories
Platform

About REMCO

 

Remco was carved out by the parent company that has processed $700,000,000 in the last 24 months,

The company holds money transmitter licenses in three US states and mobile payment licenses issued by Central Bank. The parent company process payments for Western Union and the biggest money transmitters.

The off-chain version of the Tokenize money transfer method is live in the states of Illinois, Georgia and Maryland, USA. This is on a run rate of $20,000,000 by the end of 2018. The Remco project is the blockchain version and the reason for this ICO. There is an agreement between the parent company and Remco to be the first client of Remco.

Features

-Remittance partners can mint programmable Remittance Tokens in real-time with predetermined values and other features.

-Remittance partners can distribute these newly minted Remittance Tokens to senders, either online or via an agent in their network in real time, a reinvention of the process.

-Senders receive Tokens and use them to transfer money to their recipients, either to their bank account, mobile wallet or for pickup at an agent.

-The funds on the Token can be split among multiple recipients affordably.
-The recipient receives fiat money. The Remittance Token can also be customized to pay bills for utilities, taxes, school fees, and rent.

Technical Info

RemittanceToken: Technical Details

The RemittanceToken operates on a private permissioned network using a programmable token to transfer money leveraging on direct API connections with the destination banks and mobile wallets in various jurisdictions. The system allows pre-authorized partners to generate tokens on the network for distribution to end users or their agents. These tokens can be programmed with various denominations and currencies and buyers/senders will use a mobile or online app to initiate the money transfer, thus the sender will perform the actual transfer.

A system diagram is presented in Fig. 1, and a sequence diagram is shown in Fig. 2. The system will route the order to the remittance organization for fulfillment, transparently and in real time. The system further provides both parties real-time knowledge of the token value and usage throughout the life span of the token.

• RemittanceToken Purpose
The token address will store the value and thus replace the traditional card pins or numbers. Because a token’s long address may not be practical due to the realities of the limitations of mobile phones and computer gadgets, the token address is linked to a set of random integers and other identifiable attributes that will be either handed over to the buyer (underneath the UV-ink scratch-off surface on a card) or transmitted to their phone in real-time.
•RemittanceToken Generation
RemittanceToken integer address generation follows a random sequence, while the root address follows distributed ledger process. The Token is locked to the remittance organization that distributes it to the agent. If the server were compromised, all token information is encrypted, and moreover, the logic for activation can only be triggered by an agent and only after receiving the payment for the “digital good funds” associated with one or more RemittanceTokens. All transactions pass through https protocol. Server infrastructure is hosted in a secure location that requires biometric accessibility.
Figure 3, below, graphically shows some of the process (Please refer to whitepaper)


RemittanceToken Activation and Usage Commission Setting:
The system allows authorized remittance or stored value partners to generate and set the token value and other characteristics, such as currency type and a commission structure for all stakeholders. The subsequent usage of the activated token is then recorded on a distributed ledger on a multichain blockchain platform (see Appendix 1) as well as on the partner’s database and parties can have access to usage records through an API. The token can be used on the platform of partners, with back-end integration to the blockchain node for validation, transaction record-keeping and transparent insight into the remaining value of the token.

Note that although the VTNGlobal model includes a retail scratchcard, RemittanceTokens can be transferred using virtual cards (for which the codes associated with a card can be electronically sent) or some other distribution method. This might be totally invisible to the senders depending on the approaches taken by partners.

•RemittanceToken Security
The token instrument has no value until activated by an authorized partner or an agent. The risk exposure is negligible because an inactive token cannot be used. To activate the token, the agent has to access an online interface at which point the system knows which agent and which remittance organization to which the token belongs.

•RemittanceToken Client (Sender) Compliance
RemittanceToken is designed to dissuade potential criminal behaviors by employing the most up-to-date AML/CFT procedures, specifically:

1.RemittanceToken’s system allows remittance organizations to set usage limits based on their internal AML procedures regarding the total amount of money from any sender per day/week/month and agents cannot authorize overrides.

2.As a prerequisite for using the card, the system requires proper KYC for both the sending and receiving parties, as defined by the various jurisdictions, often tied to a tiered schedule based on the amounts being transmitted. This requires the first-time user to upload identity documents which the system then verifies. This information is required only once unless the system detects that the Identification has expired, and then prompts the sender for updated documentation. In addition to the AML limits set by authorized remittance organizations, the RemittanceToken system takes it a step further to log suspicious activities for further review.

3.The RemittanceToken platform retains certain data points as required by recordkeeping rules including properly identifying persons conducting transactions, maintaining paper trails and filing Currency Transaction Reports with USA authorities (for cash transactions over $10,000).

4.RemittanceTokens also have inbuilt splitting detection to prevent structuring, which is the practice of executing financial transactions in a calculated pattern to avoid triggering reporting requirements.

•Recipient Verification
The system will only process transactions that have satisfied the local KYC requirements in the sending and receiving jurisdictions. Traditionally, the only way to verify the Identification of the recipient in many developing country jurisdictions is by going to local agents (oftentimes banks) to pick up the funds. In recent years however this has improved and become automated for those with bank or mobile money accounts and the RemittanceToken system verifies the recipient directly with the regulated financial institution holding the account. The KYC verification “passes through” with system-to-system processes, virtually eliminating judgment errors. Since this automated approach does not work for every individual in every country, the RemittanceToken can also accommodate more old-fashioned methods of KYC for recipients. These methods will vary from country to country.

•User’s Freedom
The most overlooked participants in remittance transactions are the senders. Senders value their time since they are most often gainfully employed and time-constrained and they will find this product appealing because it allows them to send money 24/7 with the assurance that it will not be subject to extensive credit card fraud checks which waste their time and rob them of their self-respect. The role of self-esteem cannot be underestimated. Most senders are law-abiding citizens, many are professionals and they feel persecuted via the forced association with a few bad actors whose behaviors resulted in broad and stringent procedures by remittance organization to add additional layers of scrutiny to prevent fraud or chargeback.
Senders want to get the money to their family on their terms. The RemittanceToken processes and methods allow senders to buy the tokens from remittance organizations or enter any participating store request the token, denomination, pay the activation fee and leave. The sender can then use the token at the appropriate time at work, at home or wherever they may be, with full assurance of acceptance.

•Multiple Recipients
Diasporans potentially want to send money to more people than what the remittance organization realizes and this undermines CFT/AML efforts to know the beneficiary. Senders have never been given the opportunity to send small amounts to multiple family members due to the high transaction fees and the cumbersomeness of the process. Instead, senders now most commonly send a lump sum to the most trusted member of the family to distribute. The reality is that senders often prefer to keep the amount they sent to sister A, private from brother B. In most Diasporan cultures, senders would prefer a system that allows them to send money to multiple family members independent of each other, at a reasonable cost.

The Remittance Token methods and processes enable a sender to transfer part of the value to multiple recipients at a significantly low fee compared to the traditional way of sending money and this provides better, more granular data for regulators. Splitting the value is practical because it is all “digital good funds”; there are no credit card, ACH fee involved once the Remittance Token is purchased and activated. Please note that for recipients without an account at a licensed bank or mobile money institution there may be additional fees upon cashing out at an agent.

•Monitoring
The Remittance Token has inbuilt monitoring mechanisms such as tracking the number and value of tokens sold and the activities on each token. The system also tracks card usage and commissions due to each agent.

 

REMCO Roadmap

  • August 2017

  • Parent company Integration of Tokenized/ cashless card for termination to 22 Commercial Banks
  • November 2017

  • Parent company received Money Transmission licenses in the states of Illinois, USA
  • December 2017

  • Parent company received Money Transmission licenses in the states of Georgia, USA
  • January 2018

  • Tokenized/ cashless card money transfer off-chain launched in Illinois, USA
  • Read More
  • February 2018

  • Tokenized/ cashless card money transfer off-chain launched Georgia, USA
  • March 2018

  • Traveled to Tokyo, Japan for Blockchain event meeting with various blockchain innovators
  • June 2018

  • Blockchain Project initiation started
  • July 2018

  • Blockchain infrastructure development started
  • July 2018

  • Investment from Parent company
  • August 2018

  • Legal adviser appointed
  • September 2018

  • Parent company received Money Transmission licenses in the state of Maryland, USA
  • October 2018

  • Parent company committed to the Private sale
  • November 2018

  • Blockchain infrastructure development testing completed
  • April 2019

  • Blockchain infrastructure to go live on or before

Activity

Activity:
254
HIGH
Posts:
565
HIGH
Views:
6 277
MEDIUM
Activity:
254
HIGH
Merit:
11
LOW
Posts:
5 688
VERY HIGH
Views:
37 262
VERY HIGH
Users:
25
LOW
Posts:
350
HIGH
Followers:
17 781
VERY HIGH
Likes:
16 244
VERY HIGH
Followers:
12 965
VERY HIGH
Tweets:
360
HIGH
30 Days Growth:
7
Members:
56 815
VERY HIGH
30 Days Growth:
-2068
Alexa

Rank:
637 304
LOW
Delta:
166 301

REMCO Materials

REMCO Team

Verified 100%

Peter Ojo
CEO/CTO
verified
Todal Mccoy
Investor
verified
Joel Patenaude
COO
verified
Dr. Moses Asom
Founder/CEO at SeeFAM Inc.
verified
George Oluwaboro
CAP, VP Finance
verified
Olufunmilayo Ojo
Director of Operations Africa
verified
Catherine Berruer
VP Business Development
verified

Advisors

Verified 100%

Dr. Brent Segal
Advisor
verified

2 ICO

$6 000 000

David Hershfield
Advisor
verified
Seth Wiener
Founder at AmigoDATA
verified
Roshan Polepalli
Advisor
verified
Robert Walstra
Independent Legal Counsel for Small Tech Businesse...
verified

REMCO Interviews

Peter Ojo
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
The parent company has many jurisdictional money transmitter licenses in the USA and CBN licenses for mobile payment and international money transfers. These businesses will be the first client of REMCO post-launch ensuring instant usage of REMCO's blockchain infrastructure.
We have existing integrations and process transactions daily for well-known corporates such as Western Union, IDT/Boss Revolution, Transfer-To, and many others.
Currently serving over 3.6m subscribers and over $700,000,000 in volume in the last 24 months.

Peter Ojo, also VTNGlobal's CEO, has a history of taking first mover advantage with FinTech solutions deployed in Nigeria that still lead in that market. His Nigerian company, VTNetwork Limited, holds two licenses with the Central Bank of Nigeria, for mobile payments and international money transfer.

The company also plans an initiative that may have an even larger industry-wide impact. It will apply for a national bank charter, a new designation recently announced from The Office of the Comptroller of the Currency and will launch an MSB-centric bank, to serve the needs of licensed MSBs across the USA.

Remco has big plans with an ICO this Fall that will build out the RemittanceToken platform capabilities, and fund rapid expansion across the USA and into many more markets.
Dr. Brent Segal
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
Advisor to the project. I’m very excited about the potential for remittances!
Todal Mccoy
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
As a venture capitalist and former senior official in us government and founder of a national bank I see this token for remittances as saving huge amounts of money for remittance senders. It is a must for remittances. I support the CEO in providing this service.
Joel Patenaude
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
I have been closely involved with the parent company since 2010 and been alongside, first as a consultant and later as a team member, as they introduced a number of innovations to the payments and remittance markets. CEO/CTO Peter Ojo is a process reengineering expert and an individual of the highest integrity.

I co-authored the REMCO White Paper and will be involved in this ICO and the subsequent activities the proceeds will fund.

Finally I'd like to share that this is a company that understands how to bring technology to market. They can accomplish with $10 what it takes others $100, with better results. The funds raised in this ICO will be extremely well-spent.

Thank you.
Dr. Moses Asom
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
The world bank reports that in 2017, $38B was sent to Africa in "remittances". The fees for these were about 9.4% (the highest in the world).
REMCO project allows us to deploy a platform that will slash global remittances fees, accelerate transactions and ensure blockchain level security.
The role is to advice on the architecture and business processes/development.
George Oluwaboro
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
A game changing platform that the team believes will revolutionize the remittance landscape.
I am a Certified Public Accountant and serve as the CFO for this project.
David Hershfield
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
As an advisor for REMCO, I advise in a number of areas that will help this groundbreaking token-generating platform the moves remittances into a new age. My primary role is to advise in various aspects of the ICO project, where my background, skills, and contacts are of value.
Seth Wiener
As a team member, сan you tell us about your role in the ICO project?
I am an investment Banker with more then 20 years of experience and have spent the last 3 focused on Blockchain technology.
What do you think about idea?
A fantastic Blockchain currency exchange solution that’s secure, and fast. technology that solves real issues
Roshan Polepalli
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
As a seasoned money transfer and payments professional, I bring a plethora of product, marketing, and go-to-market strategy to help scale the project. The Remco project is an innovative approach to money transfer and is one that I believe will help bring change to stagnant industry.
Robert Walstra
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
ICO Legal Adviser
Olufunmilayo Ojo
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
ICO is a very good project, innovative and a place where investors can safely invest their money.
I have been working with the CEO of REMCO for more than 8 years and I have confidence in his ability to deliver and take REMCO to greater heights.
Catherine Berruer
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
It has been said that remittance Blockchain is the future for remittance payments.

With migration on the rise globally, migrant workers need to send money home regularly.

The REMCO Token is a well-designed process to remove the friction, reduce fees and potentially bring about more transparency to the whole process and volume.

REMCO Last News

4.39
positive
5.0 14
ICO Profile Vision Activity Potential Product Team
  • Because there may be time differences in information updates, accurate information about each ICO project should be verified through its official website or other communication channels.
  • This information is not a suggestion or advice on investing in ICO funding. Please thoroughly investigate the relevant information yourself and decide on ICO participation.
  • If you think there are issues or problems to be corrected on this content, or if you would like to submit your own ICO project to be listed, Please email us.
Please read the disclaimer and risk warning. Show disclaimer and risk warning.
Planning an ICO? We can help with a wide range of support for all stages of your ICO