Getting Down To Basics with Services

A Guide to Financial Services From the time when telegraph companies have introduced wire transfers, the convenience of making financial services and financial transactions in general have changed a lot! However, with the coming new era of financial services, it’s time that we address the question of what would be the future of financial services? Let us begin this topic first by seeing how things have gone so far for the last 100 years since the time when wire transfers were publicly introduced. Transferring funds using wire transfer methods through a bank is not a single step process but a multi step procedure. It works like this, the sender will approach his/her bank and order the fund transfer to an account. Unique codes will be provided to the bank by sender to inform the bank on where the fund should be transferred. The bank of sender is going to contact the receiver’s bank by sending a message via security system, which creates signal that a transfer has 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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Both banks should have a reciprocal account on each other to be able to make the transfer. And if that isn’t the case, the transfer will be made using a correspondent bank that’s holding such an account. 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. When using this format, it makes everything simpler, faster and most of all, more efficient. The system is also transparent to both users while the conventional systems used are vulnerable to fraud as a result of complex processes involved. The fact that it is easy to trace transactions back to every creation of the unit value is what appears to be the drawback for this service. Still, there are many people who are using distributed services and even P2P mobile transfers in which network operator help user in transferring funds simply by sending SMS.