On Services: My Experience Explained

A Guide to Financial Services The convenience of making financial services and financial transactions in general had been revolutionized first when telegraph companies have introduced wire transfers. On the other hand, with the coming new era of financial services, it is time that we start to address questions of what would be the future of financial services? Well, let’s start by looking at how things have gone for almost 100 years since the first time when wire transfers were introduced. Transferring funds using wire transfer methods through a bank is not a single step process but a multi step procedure. This works when the sender approaches his or her bank and ordered a fund transfer to an account. Unique codes will be provided to the bank by the sender to let the bank exactly know where the fund has to be transferred. The bank of the sender will be contacting the bank of receiver by means of sending a message via security system, creating signals that a transfer is ought to be made. The receiver’s bank would receive the message plus the instructions for settlement and then, ask the bank of sender to transfer specific amount in the message. Now, the bank of sender can proceed on transferring the amount. This entire process is done bit by bit and not in one go. With this being said, the entire process may take anywhere from few hours even to couple of days for the whole sum be completely transferred.
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To be able to make the transfer, both banks should have a reciprocal account on each other. The transfer is made using correspondent bank that holds such an account if that isn’t the case. As one would notice, this transfer relies largely on mediator, taking more time than it should and also, prove to be costly because banks charge some fee for the services they’re offering. But distributed currencies are providing viable alternative in making this process easier actually.
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What set these types of services apart from the conventional services is that, they don’t rely on central mediator rather, they are operating using cryptographic protocols. Here, the process is way simpler, faster and most of all, more efficient. The system is transparent as well to both users while traditional systems used are more vulnerable to fraud because of complex processes involved. What seems to be the drawback of such service is that, it’s quite easy to trace transactions back to every creation of the unit value. Still, there are increasing number of individuals who use distributed services and even peer-to-peer mobile transfers to which a network operator help user in transferring funds simply by sending SMS.

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