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What Would Financial Services Look Like In The Next Years? The convenience of making financial services and financial transactions in general had gone through huge evolution from the time when first telegraph companies introduced wire transfers. With the new era of financial services however, it is now the time that we should address question of what would be the future of such? 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 approaches his or her bank and will 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 will get this message including the instructions for settlement and then, ask the bank of sender to transfer the specific amount in the message. What happens next is, the bank of send will proceed on transferring the amount. This entire process is done bit by bit and not in one go. For this reason, the whole process might take anywhere from at least few hours to couple of days for the whole sum be transferred completely.
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To be able to make the transfer, both banks should have a reciprocal account on each other. And if that isn’t the case, the transfer will be made using a correspondent bank that’s holding such an account. As one may notice, this kind of transfer relies mostly on the mediator, taking more time than it should and also, prove to be costly since banks are charging some fee for the services they offer. But distributed currencies are providing viable alternative in making this process easier actually.
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What set these kinds of services apart from conventional services is, they are not relying on central mediator instead, they operate using cryptographic protocols. Here, the process is way 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. What appears to be the drawback for this service is, it is easier to trace transactions back to every creation of the unit value. But still, there are now more and more people who use distributed services and even peer to peer mobile transfers where a network operator help user in transferring funds simply by sending SMS.