CHYNGE REVIEWS

jupitar (37)in #eth • 6 years ago

Introduction...

The money transfer industries is very old as the banking industries and has in the past few years seen exponential growth. This rise is as a result of numbers of immigrants in the developed countries with innovation and advanced technology.

Millions of people that lives overseas visits the bank more often or the money transfer operators just to send money to their loved ones. I still remembers how many times in a week I frequently visit the bank so that I can make money transfer to my family.

The banking system services are offered only during business hours and it is not even up to 24/7 like the online banking that works even in the midnight.

So during the week days or most times during festival periods, the queue used to be much and most times you will wait a whole day just to transfer money and ending up not achieving anything.

The customers which might be workers have to wait in long queues just to make a transfer. However,when the money change hand from the sender to the money transfer operator,that is where the big problems rises and this is because it takes 2-3 working days for same money to reach the recipient.

In a system whereby the sender wants the money to reach the recipient urgently ,he has to pay a premium service fee so that the money can move very fast. So in either way the customer is still losing.

Many customers are not even aware of the full cost of their remittances and this is because there is high operation overhead when sending money so the whole process makes it very expensive when sending money.

All these and many more are what millions of customers are passing through in the hands of the financial institutions. So in the whole globe today, to transfer money is as difficult as passing through the eye of a needle. This is where my article of today comes into play and to help solve the problems of the money transfer operators.

THE CHYNGE.NET PLATFORM

This is an interesting platform ,its purpose is to solve the challenges that customers go through during the process of money transfers. The platform wants to achieve its aim by using three important features to tackle the issues at hand and they include

(1)Distributed ledger
(2)Liquidity pools
(3)Smart compliance

The chynge platform cbines two main important keys which is the FinTech and RegTech.

The FinTech is designed to reduced the cost of money transfers while RegTech uses intelligent combination of business rules with the artificial intelligence which involves using machines or robots to carry out some works.

The purpose of the artificial intelligence is to reduce money laundering,terrorism financing and fraud. The money transfer operators have bee battling with these three key problems which is
(1)Slow
(2)Expensive
(3)Difficulty
And this is what the chynge ecosystem have brought solutions to. In the case of slowness,chynge uses its tokens to digitize payments on the chynge blockchain in other to transfer funds instantly. Secondly the expensive nature of money transfer,the chynge platform created a liquidity pools in other to eliminate the bank credit lines which is costly and thirdly the difficulty of the whole system,chynge will use the artificial intelligence learning machine to implement business rules that will get smarter and more productive as times goes.

MODE OF OPERATION

In chynge ecosystem,paper settlement are avoided in terms of delivery of funds from sender to recipient and this is because such method of settlement involves high risks such as duplication ,theft,loss and forgery. In the case of transfers that involves from one country to another ,it is been digitized in form of chynge tokens.

The diagram below shows chynge conversion of fiat currency to chynge tokens during payments. The chynge platform sells local fiat currency and buy CLPX tokens.

ROADMAP

THE CHYNGE PRODUCTS AND SERVICES

The chynge products includes

(1)Chynge.central:.This is an integrates environment that specializes in money transfer business which include the front office,middle office and back office. It is a payment solution that has strong regulatory technology support designed to reduce compliance that is related to money laundering .

(2)Chynge.connect:.. This is the solution to open banking and the API economy and it also enable the partner solution to offer in app money transfer capabilities that are seamless within their apps without having to leave them to chynge web.

(3)Chynge.social:. This is designed to handle the mobile banking purchases. When customers buy stuffs online and make payment,the chynge.social together with the chynge.connect API and dApp services enables cross border payments.

THE TOKEN SALE

DISTRIBUTION OF TOKENS

CONCLUSIONS
The chynge platform is an interesting one with great concept and professional team members. The platform came into existence to solve the problems that millions of customers are facing today in the financial institution with the money transfer operators.

With the help of the chynge tokens,customers can digitized their money and then transfer to their respective locations without having to go through the stress of money transfer operators.

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