Information On The USA Big Banks Terrified The Holders

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Big banks terrify customers. Electronic money enables customers to upload money into a digital wallet, hold a balance. Also, they let us transfer money between accounts, instantly for free on the same platform.

The issues occur when the funds need to be loaded from, to more challenging, withdrawn to traditional methods of banking or the financial system.

Reasons Behind Big Banks Terrified

Generally, Banks are regulated. The biggest and often scariest departments of a bank are compliance. Why? HSBC has to pay fine of $200,000,000. As they have no necessary controls in place for cross-border transfers in the US to Mexico. That was less than a decade ago. Western Union and Money Gram are permanently under audit.

With money laundering, the proceeds of crime, the ability to understand the source of funds. And the purpose of the transaction is incredibly tricky. However, where did this money come from? How is this person going to use the money? These are pretty solid questions if you’re running a bank. And you want to operate within the rules set out by the regulators.

Information On The USA Big Banks Terrified The Holders
Information On The USA Big Banks Terrified The Holders

More To Know

New financial technology companies, “finTech”s have realized it’s relatively easy to get an e-money license, open a platform and allow customers to upload, send to each other, and withdraw money for free. However, the interface isn’t a branch, or telephone banking, or even websites. They are now able to do this from a mobile app, downloaded from Android of iOS in <5 minutes.

Big Banks Terrified And Digital Money

So who is best to offer these apps? Your existing bank, your mobile network operator, your preferred social media platform, or your favorite retailer or marketplace. Alipay last year, the digital wallet behind Alibaba and AliExpress and owned by Jack Ma. Who did more transactions that MasterCard did globally? WeChatPay is a mobile app. Tencent owns that. And it is the fastest-growing, most quickly adopted new payment app in China. With the average Chinese citizen spending over 30 minutes a day on WeChat / Tencent web environments. Yes, an average of nearly 2 billion people.Full circle.

Moreover, banks are getting regulated. Digital money is becoming regulated in a country by country. And the regulators are full sprint trying to catch up with technology. The source of funds is how people load electronically or cash. And the utility of balance is how customers can withdraw or spend directly from the wallet. Contactless tap and go, QR code scans with increasing limit per transaction.

Pieces Of Information On The USA Big Banks Terrified The Holders
Pieces Of Information On The USA Big Banks Terrified The Holders

Crypto And Real-time Exchange Marketplaces.

Enter Crypto and real-time exchange marketplaces. Moreover, buy any product. Then, instantly and let the merchant choose to accept Crypto or convert in real-time to USD/EUR/CNY. My prediction is that banks will not be transactional institutions but holders of wealth. Furthermore, they will enable the ‘source of funds’ but will not be able to track the ‘purpose of the transaction.’

However, Digital money is real-time liquidity, being shared between peers and providers of products and services. The US Banks are looking increasingly to global payment schemes to de-risk them. They want to provide them globally accepted standards of spend and send. Visa and MasterCard will grow as they try to keep up with Tencent and AliPay, who are winning on the technology and adoption of the new wave of the digital world.

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