Simplifying Remittances with Blockchain
Many athletes, coaches and managers travel to other countries to play in professional leagues. Thus, they have to go through an extensive process of transferring the money they make back home. The remittance process can take a long time and with great expense.
CURRENT PROCESS →
Depending on the region an athlete may have different challenges when remitting. For many, the remittance process involves a bank in at least two banks in two different countries. Sometimes more.
When remitting money an athlete must either go through their team and pay fees to get a percentage of money home. Or, go through a bank, pay bank fees, currency exchange rates, and more bank fees as the money arrives in the new country. The fees are dependant upon the country the money is coming from and moving to. Every country and bank within that country. Then the transfers take a minimum of 5 days to be delivered. During this time owners of the money don’t know where the money is or what is happening with it.
MAKING YOUR LIFE EASIER →
Taking care of your family is everyone’s number one priority, and athletes are no different. Having peace of mind that your family is taken care of will ensure they can compete at their highest levels. With STG’s Athlete Management Application, helping athletes remittances make it home with no hidden compounding fee. Athletes can control their salary in digital wallets. Whether an athlete wants to be paid in cryptocurrency, their native or local currency, or a combination of all three. Then when they are ready to send funds home, to a bank or family, the transaction can happen instantaneously in real-time. If there is a family emergency or another urgent need, an athlete can be confident that their money will make it home in time.
The transferring cryptocurrency and money already use secure blockchain networks to move funds between parties, and across borders. Blockchain provides a secure distributed network, that is unhackable and trustworthy; thus allowing currencies to exist within the network. By securing contacts into the blockchain via smart contracts(link to smart contract blog), payments can be made automatically to athletes. They can then distribute their funds/salary as they please in a trusted, traceable manner.
The Smart Athlete Management tool will allow athletes to streamline their remittance process, and reduce the cost of their fees. To read more about other pain points that SAM is solving read more here.