BBVA API Market
Technology, in its many manifestations, has always driven social and economic changes. The way we interact with others, the creation of different business models around or implying them. These changes are sometimes abrupt and some sectors may take time to assimilate them.
This is the case of finance; a giant that moves slowly but surely. It knows that faster and more agile technology is there moving around to spearhead new changes. Today there are many interesting projects in the world of technology that are beginning to have an impact on everyday life.
In terms of finances we have Kantox. A Spanish company that deals with exchanging currencies between firms without the need for a bank to act as an intermediary in the transaction. In fact, peer to peer loans are becoming more common. A company provides a loan to another in a completely legal way and without the need for a middle man.
Another problem, I see this a lot with my girlfriend, is sending money home when you live abroad. Services such as TransferWise are engaged inperforming this procedure without having to pay the fees that are usually charged by banks, and the savings can be quite significant.
Also related to finance, there are initiatives such as Square, a payment collection service looking to compete with Visa, Mastercard and Paypal in providing a tool so any seller can have its own system. What is needed? A smartphone and a headphone jack, as the device that reads the credit cards connects to it.
Technologies are revolutionizing the world of banking and finance and are changing everything that was not working as we liked. This is an adaptation period where this giant will absorb all these changes to make them parts of its movements.
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