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Government regulations and the financial industry embracing modern technologies such as electronic Know Your Customer (e-KYC), video verification (KYC), Internet of Things (IoT), artificial intelligence (AI), digital signatures, and account aggregation systems have built a strong foundation for the future of digital-native financial services.
Now, the company boasts 18 million users, offering bank accounts, overseas transfers, crypto exchange and features like early salary payments – supporting over 30 in-app currencies. The group comprises of brokering firm Howden, underwriting agency DUAL, MGA and its data and analytics arm HX. Think Uber but just for taxi drivers.
Payment Aggregators: Payment aggregators streamline the process by pooling multiple merchants under a single master account. This approach allows businesses to start accepting payments quickly with minimal paperwork and underwriting requirements. This security framework protects businesses from data breaches and builds customer trust.
For example, the growth of the SMA (separately managed account) industry in the municipal market over the past decade was fuelled in large part by better technology, which allowed scaled providers to efficiently manage tens of thousands of accounts and millions of individual bond holdings. Automated trading systems operate similarly.
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