What is Remittance Network?

A remittance network is a FinTech service provider that enables remittance payments to be sent both domestically and abroad. Examples of large-scale remittance service providers include PayPal, Western Union, and Revolut. As a third-party processor and validator of remittance payments, remittance networks act as a financial intermediary between customers and their contacts and often charge substantial service fees. Blockchain-enabled payment networks have been designed in part to help alleviate current cost and efficiency issues inherent in traditional remittance networks and avoid the need for third-party validators.