Bank Accounts
Neobanks is just one of many exciting names that apply to banks operating without physical branches. So called “challenger banks” started to spring up like mushrooms after the financial crisis in the late 2000’s, as a response to a system that lost its credibility and trust among customers and felt too slow, too centralized, but also reckless and unregulated when it comes to caring for their customers. Innovators in the financial system started coming up with alternatives that led to a booming industry, under the umbrella term of FinTech.
One of the most important advantages of neobanks over regular ones is their efficiency, speed and cost-effectiveness. These banks rely to an...
March 2022
What is PIX instant payment?
PIX is a new instant payment system in Brazil. Payment of bills is an integral part of our daily lives. People pay for goods and services every day. From buying food to paying utility bills, we're always spending money! The traditional bank abides by rules and regulations that slow down financial transactions. This system led to delays in business dealings and loss of revenue in some cases. The Brazilian bank authority launched the Instant Payment System, PIX, in Nov. 2020.
The Covid-19 pandemic had the world on lockdown for a long time in 2020. Businesses shut down, and everyone, excluding essential workers, had to work from home. This situation...
August 2021
How to open a bank account in Singapore
Singapore is one of the best countries in the world to live in. Financially wealthy, diverse business opportunities, fantastic climate and great city living attract foreigners from all walks of life wanting to study, work, invest and retire. (For registering a business in Singapore read this article)
There is much more that makes this global world city attractive. It is extremely clean for starters (you do not want to litter over there, for there are huge fines) and taxes are one of the lowest in the world. If you are thinking of making Singapore a permanent destination or even if you just landed, opening a bank...
December 2020
Business Finance
The United States of America is attracting foreign investors to start a company there because of its massive market size, availability of cheap capital and investors, and the opportunity to obtain a Green Card through business. If your
Tapping the massive market of the United States is the ultimate goal for many businesses worldwide. That’s why many foreign investors would want to start a company or expand their business in the Land of Opportunity. With a company set up in the U.S., selling to the American market is made simpler from a tax and customs perspective. You also gain access to the American capitals market - thanks to angel investors, venture capitalists, the public capitals...
January 2021
Hong Kong is an investment destination for many businesses owing to its business-friendly tax system, ease of starting a company, its being a free economy and accessibility to mainland China and other Asian countries. For these reasons, many entrepreneurs would want to set up shop in Hong Kong.
What are the requirements to register a company in Hong Kong?
To set up a company in Hong Kong, follow these steps:
Decide on the business legal structure suitable to your kind of company. The types of legal structures are discussed in the succeeding section of this post.
Pick a name for your company
Determine the structure of your company. Hong Kong law...
January 2021
With 2021 looming, the uncertainty over either a hard Brexit in the future or the materialization of a deal brokered by the cut-off date of 31st December 2020 continues to dog issues, including that of financial services passporting.
Banks located in the European Union and the United Kingdom will operate in two separate supervisory and regulatory settings. Those who provide financial services between the United Kingdom and the EU will no longer enjoy the benefits of the Single Market.
What are the financial implications of a hard Brexit?
Since the deal was not finalized before the year-end deadline, it's hard to predict what will be the impact of a hard Brexit on the...
January 2021
Import & Export
Singapore is considered one of the easiest places to make business in. The ease of doing business rank is an index created by some of the top World Bank’s economists, placing this city-state in Asia on the second position worldwide, right after New Zealand.
These ranks use various factors, such as the amount and complexity of required documents, incurred costs, tariffs and time needed to import and export from the country.
Given the particular size and geography of Singapore, the mighty Asian city-state that doesn't have much space for industry or agriculture and food production, the bulk of its economy consists of goods that are imported to Singapore to be exported further...
December 2020
Transferring money from the UK to the Eurozone involves, of course, a currency exchange. However, since the UK is (still) part of the EU, and the SEPA zone, shouldn't the transfers be easier than when transferring from, say, the USA or India?
Transfer through your bank
SEPA only forbids banks from charging extra for SEPA transfers. It doesn't force banks from using mid-market exchange rates. And quite understandably so, given that SEPA is meant to be single-currency. It doesn't concern itself with currency conversion. As a result, banks tasked with transfering money from a Pound Sterling account to a Euro account,...
November 2020
Within the SEPA zone, consisting of 36 European countries, fees for bank transfers conducted in Euro are regulated - they cannot exceed the fees your bank charges you for a domestic transfer. This is in contrast to SWIFT (read more about the SEPA and SWIFT here) international payments, which can end up costing you up to €30 per transfer. Recently we encountered a customer who was sending SEPA payments, yet their bank was charging them €250 a day. How is this possible?
The difference in fees
Banks make no money from sending SEPA payments as the fees are either free or really cheap (20-50 euro cents per transfer). For example, when a person or a company in Spain sends a payment in Euro...
February 2018
Fintech
The fintech neobank market in Europe is heating up with competition and compliance fueling the fire. Can fintechs stand the heat or will they be fleeing to Singapore or some other business haven? This article will answer this burning question. But first, let’s take a closer look at fintechs and how the European fintechs market has overheated.
Whether you’re paying for a cup of coffee at your favorite coffee shop using Revolut, receiving payment from a client for your freelancing services via Paypal, or trading stocks using an app on your mobile phone while on a holiday in Thailand, you’re enjoying the convenience that Fintechs provide. These financial innovations have become a part of...
December 2020
B2B Pay wins BBVA's pitch competition for fintech startups against some pretty strong competition:
https://www.centrodeinnovacionbbva.com/opentalent/competiciones/fintechforcompanies?utm_source=twitter&utm_medium=social&utm_campaign=rrssOT&utm_term=07092017
September 2017
What is an EBAN?
Virtual banking, e-banking, wallets, payment apps, blockchains: The future of financial technology is anything but certain. With new competing forms of online banking and payments lowering the barrier to access, many barriers still exist to moving funds between platforms, countries, and currencies. As a consequence, users are forced to choose which platform to be a part of. So how does the user make a choice? What if it making a choice was unnecessary?
Financial technology is undergoing a game changing disruption. In the emergence of the new “Open Finance” paradigm that blockchain technology represents, there is a need for consensus on the...
August 2017
E-Commerce
Convenient Ways to Get International Money Transfers in Ukraine
Ukrainians are receiving more and more international money transfers. Developing business with an orientation toward Western Europe and the USA, the growing popularity of the freelance market and active cooperation with foreign companies and startups create a need for fast, convenient, and cheap international money transfers.
In 2019, the country received about $12 billion. Still, most of the payments were received not directly but through intermediaries, post offices, or informal channels. Such terms as SWIFT and SEPA still inspire uncertainty and cause mixed feelings. They are mostly...
June 2020
An increasing number of merchants are looking for bank accounts to connect to their stripe account in Europe or America in order to withdraw funds. B2BPay provides merchants with their very own EUR IBAN account and also a USD ACH account. the accounts are in the Merchants own name.
The Merchants can use their B2BPay account to collect funds from stripe in both USD and EUR. and use our payments engine to concert currencies and make global payments to themselves and their suppliers.
November 2018
Best payment gateways and merchant credit card processors for developers
Payment gateways is not just about cost but how you can integrate them into your systems. The credit for this list goes to our friends at Active Merchant. They help you in integrating the payment gateway into your system. The actual list can be found at: GitHub
The List below shows the name of the merchant and i which country they operate in:
Authorize.Net CIM - US
Authorize.Net - AD, AT, AU, BE, BG, CA, CH, CY, CZ, DE, DK, ES, FI, FR, GB, GB, GI, GR, HU, IE, IT, LI, LU, MC, MT, NL, NO, PL, PT, RO, SE, SI, SK, SM, TR, US, VA...
August 2017
Blockchain
If your company has clients that pay online, you would want to be able to receive cash using the widest selection of services at the lowest possible cost, and thereby enable the largest possible amount of clients to pay on your site for your services with the easiest tools and processes. Problem is, your company may be tied to expensive local banking services, or maybe denied of even opening a bank account where your clients are or simply as a new company.
Payment Processing companies
Payment processor companies are tech companies managing a payment settlement network between merchants and buyers internationally. The main job is to authenticate the parties and...
May 2017
When your company is doing business with partners located in different countries or continents, you will need cross-border payment services to settle the costs of the products ordered and services rendered. There are many possible ways to do it, depending on your and your partner’s countries of origin.
Let’s see what alternative payment options do you have:
VISA / EuroCard MasterCard payment by debit or credit cards. Once you have a bank account (or any blockchain processor account) with an issued card, and also your partner’s bank has card processing systems in place, the job is done. Costs are covered by the seller, it happens...
April 2017
Financial Technology – Fintech – is the new wave in the banking world. The era of using sophisticated machines to manage money is upon us. They’re more innovative, more efficient, and precise than humans.
From day trading to regular banking transactions, every financial activity now has a tech aspect. Traditional banks now have mobile apps with virtual assistants for their customers. There’s a more prominent platform taking fintech by a storm – Cryptocurrency!
Cryptocurrency is next-level finance, and industry giants are riding this wave. Clients realize banking can be easier and less expensive with crypto. By 2021, it expanded beyond the innovative...
January 2016
Travel
Due to digital disruption happening in India, the businesses in India started to adapt to digital technologies and started to adopt the recent trend in online payment methods. Due to the reformations and restrictions on cash economy by the NDA government, there was a rapid growth in the digital economy in terms of B2B payments as well. Still, offline methods in India are traditional methods of B2B payments. Few common methods of B2B payments used in India are:
Cheques
Paying by cheque is widely used payment method in India with respect to B2B payments. A cheque is a document provided by the payer to the payee with the details of...
May 2017
India’s currency rupee can be made as International currency in 2 ways:
By making rupee as a stable currency to enable International trade or to keep it as asset.
By exporting more to other countries, so that other countries use these two modes of internationalization are not mutually exclusive. In a one liner statement, for a currency of trade, it needs to be a currency in which assets are held & vice versa.
Internationalization as a currency of trade
This is practically difficult task in the quick run. The reason Chinese Yuan is notably becoming a currency of trade, because...
May 2017
The Reserve Bank of India is the central bank to serve the purpose of keeping a supervision of financial sector in India. Commercial banks, financial institutions and non banking finance firms works under the radar of RBI. RBI has main role in introducing offsite surveillance of banks, restructuring bank inspections, monitoring the cash flow, inflation, financial institutions and strengthening the position of auditors.
Apart from RBI, there are Nationalised bank where, the Government of India has more than 50% of voting rights in the board.
The list of Nationalised banks in India are:
State Bank of India...
May 2017
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