INTEGRATION OF PAYMENT SOLUTIONS AND CRYPTOCURRENCIES IN A VERTICAL LAYER
When it comes to depositing savings, the traditional user always looks for a bank close to home because they don’t trust online fintech, but the fintech business meets more secure capital criteria than the offline banking. Italy’s largest bank, San Paolo Intesa, has a market valuation of €29 billion, while fintech Revolut has a market capitalization of €33 billion. To illustrate, Revolut was created seven years ago by a 25-year-old student.
What changes are taking place in the financial market and how can the end user benefit from them? Mr. Aleo Christopher, CEO and founder of iSwiss, a Swiss depository company, is invited to do so.
Aleo, 36, was born in Switzerland and worked as a manager in London and Bulgarian financial firms before launching Lugano-based iSwiss, a depository firm focused on Fintech and DeFi. According to Aleo, iSwiss was founded with the aim of making banking simple, inexpensive and popular, but also to combine the reliability of a solid Swiss company. Opening a current account must be quick and easy, and the customer relationship must be personalized. One of the problems with fintech, according to Aleo, is the over-personalization of online services. The customer’s account may be restricted because the algorithms deemed the activity “suspicious”, and it is then routed to communicate with automated bots. Talking to humans in fintech is a mirage and the biggest downside to the old banking system. iSwiss is all about human relationships, so it’s human financial technology, as I like to call it.
What impact do cryptocurrencies have on the financial sector?
We live in a historic time of change, according to Aleo, in which a perfect storm, the convergence of fintech and cryptocurrencies, is transforming the financial system before our eyes and shaping it for the next half-century.
Consider that banks continue to use the 1970s RING system for international transfers, and that Visa and Mastercard charge markups of up to 80% on each commission. The position of annuities is over, but the traditional financial system ignores it and continues to operate as usual. The alternative they attempt is to discredit cryptocurrencies out of fear of money laundering threats, despite the fact that the US dollar is the currency most commonly used by criminals.
As a result, Visa and Mastercard continue to take an 80% markup on each commission, while banks continue to close on Friday afternoons, preventing any financial transactions until the following Monday and claiming to wait five days for a transfer international banking is normal.
Cryptocurrencies are the main threat to the traditional financial system. An independent, rapid, irreversible and low-cost financial transaction system requires the transformation of established transaction systems.
What effect does iSwiss have on transactions?
iSwiss was one of the first fintech companies to combine euro and Swiss franc wallets with cryptocurrency. We have built a system of free and immediate cryptocurrency transactions in collaboration with an exchange, which can be used as a payment method between our customers. On the other hand, explains Aleo, “we provide our consumers with credit cards that allow them to pay in cryptocurrencies”. We are also focusing on the development of merchant-specific services.
The world is changing and financial services must adapt. According to Aleo, iSwiss plays an important role in the transformation of Swiss financial services because changes must always benefit users.
Press release distributed by The Express Wire
To see the original version on The Express Wire, visit THE SWISS BANKING SECTOR HAS BEEN CHALLENGED BY ISWISS