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Changes In Financial Services The convenience of making financial services and financial transactions in general had been revolutionized first when telegraph companies have 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? 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 by using wire transfer method through a bank isn’t a single step procedure but a multi step process. 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 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 would receive the message plus the 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 entire process is done bit by bit and not in one go. With this being said, the entire process may take anywhere from few hours even to couple of 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. The transfer is made using correspondent bank that holds such an account if that isn’t the case. If you would notice, this type of transfers are relying heavily on mediator, taking more time than it should and also, prove to be costly mainly because banks charge some fee for the services offered. But distributed currencies are providing viable alternative in making this process easier actually.
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What set these kinds of services apart from conventional services is, they are not relying on central mediator instead, they operate using cryptographic protocols. When using this format, it makes everything 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.