Adding to the fast-developing ecosystem of businesses looking to ‎leverage blockchain technology with remittances, Canadian startup ‎ZED Network today said its plans to unveil a global payment ‎platform built on top of a proprietary blockchain technology.‎

In a release announcing the news, the Ontario-based company touted the speed ‎and efficiency of using ZED ‎cryptocurrency for remittances.

The remittance industry, which hovers around $600 billion per year, is ‎observed as one of the ripest for disruption given the high costs that ‎currently exist within traditional remittances.‎

ZED Network will seek to develop a platform-as-a-service solution that ‎benefits from the increased efficiency of Stellar network, as ‎well as bitcoin and ether as methods of payment. Stellar’s transactions take only two to five seconds and allows users ‎to quickly exchange fiat currencies, through a native token called lumens or XLM.

ZED’s ‎remittance offering will integrate a comprehensive set of products ‎including those that stand to benefit from a lower fee-based structure ‎compared to current models.‎‎ Specifically, the startup’s solution will feature a digital wallet, web app, ‎mobile app, facility to exchange multiple currency pairs, and a back ‎office with analytics and reporting tools for compliance and monitoring.‎

Lower fees associated with this technology may provide more room for ‎disruption in the current high-cost models many banks and financial ‎institutions uphold.‎

Also a digital token

Centered around the concept of creating digitized versions of fiat ‎currencies that can be exchanged and transferred between different ‎parties, ZED platform will create its native token that will react within ‎the platform.  The significance of ZED tokens is that merchants and consumers ‎will be able use it to transfer money in near real-time, ‎accelerating a payments process that typically takes days.‎

The news comes as an additional validation of blockchain ‎technology, which has long promised enormous efficiencies for the ‎ remittances sector, and has already gathered pace to move from the concept stage ‎to the real world.‎

This notion of using digital currency as a form of bridge funding is ‎not unique to ZED Network. Earlier this month, Ripple announced a tie-up ‎with money transfer giant MoneyGram. The arrangement involves the use of XRP, Ripple’s digital ‎currency, to provide liquidity to financial institutions.‎