BBVA API Market
Many people wonder whether the innovation and openness brought about by open banking will reduce the gap between bankarized and non-bankarized people. These three articles address this issue:
Nesta, a consulting firm specializing in social economy, points out that around 16 million British people have less than 100 pounds in their accounts and those that do not even have a bank account end up paying almost 1300 pounds a year in fees and commissions because their payments are not made within the banking system. As a solution, it suggests and run challenges for ideas with other financial institutions that wish to stop this situation.
Finextra‘s collaborator Ambrish Parmar welcomes open banking and its regulations but wonders whether it is actually doing something for financial inclusion. Does PSD2 commit to financial inclusion? Is there any project on the horizon, based on artificial intelligence and machine learning, which strives to tackle this problem?
Almost as a response to the previous article, this post on BBVA.com talks about fintech startups focusing on this major issue. In its various editions, BBVA Open Talent has given recognition to several companies whose business models are geared toward facilitating access to banking services to those who have yet no access. In fact, in 2018 one of the Fintech Business Awards categories was precisely dedicated to financial inclusion. The prize was given to the startup Millas para el Retiro.
The foreign exchange (Forex) market is the world’s largest financial market. This market trades in the exchange rates of the entire planet through decentralized market mechanisms; this is where the value of each currency is traded. But what is a foreign currency and how is it different from a domestic currency? How and why was […]
Spain is in the midst of a banking transformation toward open banking thanks to the regulatory impulse at European level. However, adoption among bank customers is still too slow, which will have consequences in the future. In Spain, the digital transformation of banking, rather than a future promise, is already a reality. This new financial […]
Payment gateways have become one of the most widely used systems for completing online transactions. They move a large volume of transactions on a daily basis, so they cannot fail. And now, thanks to APIs, they also offer a new experience for the users who use them. In recent years, the dramatic growth of e-commerce […]