Remittance Network

A remittance network is a financial technology (FinTech) service provider that facilitates domestic and international remittance payments. Well-known examples of large-scale remittance service providers include PayPal, Western Union, and Revolut. Acting as intermediaries between customers and their contacts, remittance networks process and validate remittance payments, often charging substantial service fees. Blockchain-enabled payment networks have been developed to address the cost and efficiency challenges associated with traditional remittance networks, aiming to eliminate the need for third-party validators.