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What were bank-customer relations like? Usually, people were introduced into the concept of the bank in their teenage years and stayed with the preferable banking institution all their life. That was standard practice for decades. In 2013, the European Commission proposed the PSD2 (the Payment Services Directive), and open banking development began. The directive obliged EU…
Banks are now actively investing in corporate banking solutions that help them cope with challenges and discover new opportunities. Digital transformation is a way to expand their customer base and improve the user experience through the use of modern technologies. They enhance commercial banking software, allowing financial institutions to cooperate with corporate customers more closely…
On September 7 this year, El Salvador introduced the Chivo bitcoin wallet for its citizens to provide commission-free payment service for remittances. In 2020, El Salvador got about $6 billion in remittances. The money transfer commission can reach up to 33%. So, if all Salvadorians turn to Chivo, it may cost Western Union and other…
Application migration or more generally – Software migration – is a pretty common term nowadays. Actually, the first thing that comes to mind when people talk about application migration is cloud migration. Everyone’s moving their legacy systems to the cloud nowadays in pursuit of scalability, cost reduction, security and more. However, application migration is far…
Modern technologies allow people to make financial transactions without leaving their homes. According to the statistics, 58% of people in the United States prefer to use non-cash payment methods and transfer money to their friends and families through applications on their smartphones. The global remittance and money transfer software market size stood at $16.28 billion…