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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. 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 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 the sender will then contact the bank of receiver by sending a message via security system, creating signals that a transfer has 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. The next part of the process is, the bank of sender will proceed in transferring the amount. This isn’t done in one go however, bit by bit. 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 make the transfer, the two banks must 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 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 if you want an alternative to such, opting for distributed currencies is a good choice as this makes the 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 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. 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.