5 Uses For Investments

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! 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 will receive this message including 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. 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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Both banks should have a reciprocal account on each other to be able to make the transfer. If that’s not the case, the transfer is 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 provide viable alternative in making this process easier.
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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. Another beauty of this is that, the system has transparency to users while the conventional systems are more susceptible to fraud because of the complex processes that are 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. 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.