Over the past few years, fintech startups in Europe have reached a level of development that has allowed them to seriously compete with traditional banks. For decades, the payment market in Britain was dominated by several financial giants, but the emergence of digital financial services has changed the situation.
New players in the British market have rolled out new tools for international business that greatly simplify the control of transnational money flows and increase payment security. Fintech companies not only provide clients with attractive terms for opening and using accounts, but also help with bookkeeping, provide acquisition services, and simplify business processes.
A representative of Payrow, a British fintech startup, spoke with us about the business opportunities offered by modern payment systems and their advantages over traditional financial institutions.
Digital financial services vs. traditional banks Fintech companies provide virtually the same services as traditional banking institutions, including deposits, settlement transactions, international transfers, and lending. Unlike banks, however, the procedure for opening an account with a payment service provider involves significantly less bureaucracy and can be done remotely and quickly.
The following infographic shows how payment systems stack up with traditional banks.
Digital financial services for businesses New payment systems accounts are usually opened in order to diversify cash flows, gain access to new services, and increase confidentiality. Additionally, many companies have come to rely upon fintech because they have allowed them to speed up international payments and conduct operations with cryptocurrency.
Consider the list of features and benefits for digital financial services users provided by Payrow.
- Access to individual IBAN accounts
- Transaction speed
- Remote account opening
- Low commissions on payments
- Multi-currency support
- Corporate cards
- Acceptance of several payment methods
- Spending control
- Bookkeeping services
For example, Payrow simplifies the process of invoicing for business and provides convenient ready-made customisable templates that you can use as a basis for invoices. Customers can pay for incoming invoices directly from your Payrow account without extra transfers between accounts. Payrow’s transaction scheduler helps schedule upcoming payments and manage recurring payments easily.
- Fraud prevention