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Changes In Financial Services 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. This works when the sender approaches his or her bank and ordered a fund transfer to an account. The sender will provide the bank unique codes to be able to let the bank know exactly where the fund should 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 get this message including the instructions for settlement and then, ask the bank of sender to transfer the 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. Having said that, the whole process could take anywhere from few hours to two days for the whole sum be completely transferred.
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Both banks should have a reciprocal account on each other to be able to make the transfer. 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 makes these services stand out from conventional services is, they are not dependent on central mediator instead, they operate by using cryptographic protocols. Here, the process is way 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. 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.