Definition ∞ Remittance modernization is the process of updating and improving systems for sending money across international borders. This involves adopting new technologies, such as blockchain and digital payment networks, to make cross-border transfers faster, more affordable, and more transparent. The objective is to streamline existing inefficient processes, reduce fees, and enhance the accessibility of these services for individuals and businesses globally. It aims to replace outdated infrastructure with more efficient digital solutions.
Context ∞ News often reports on initiatives and partnerships focused on remittance modernization, particularly highlighting how digital assets and blockchain solutions are being deployed to address the high costs and slow speeds of traditional remittance channels. This ongoing effort is crucial for economic development in many regions and for fostering greater financial inclusion.
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