What are APIs And How Do Fintech Firms Use Them?

API stands for Application Programming Interface. In the banking world, APIs can be used by “third party” developers to access data stored by banks.

A good example would be where a third party developer, say a credit reference agency, could use APIs to access somebody’s credit history, allowing them to make a more informed judgment about whether the applicant constituted a credit risk.

But there are plenty of other ways that an API can be used. For example, an app developer could use an API to offer customers a real-time view of the money they are spending using a bank card, by requesting access to a users’ bank account and downloading the information.

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Hidden Fees & Unfair Exchange Rates; Why Do Bank’s Charge So Much For Sending Your Money Abroad?

Banks and wire transfer services charge too much in fees and offer the least favourable exchange rates

If you are a follower of the financial news media, you are probably aware that how people are sending money abroad is changing.

The most common ways to send money abroad at the turn of the decade would have been to either use a money transfer agency like Western Union or Ria, or to visit your high-street bank.

But what many people don’t realise is that because of the monopoly that the banks, and these two transfer agencies had on the market, they were able to charge unnecessarily high fees, as well as offering you a price that did not accurately reflect the current value of a currency.

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Sending Money Abroad – 5 Things To Check Before You Hit ‘Send’

There are all sorts of reasons for sending money abroad. But whether it’s for business purposes; paying the wages of an overseas employee, for example; personal, buying a property or sending money to a new country before relocating there; or family, paying for a son’s or daughter’s education perhaps; the same rules apply when searching for the right service.

Let’s take a look at the 5 things to look out for before making a transfer. It pays, literally, to plan in advance, take your time, and consider all the options available to you. You might be surprised how many there are.

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Blockchain; $107m Investment Round For R3 Group – But Signs Of A Major Issue For Distributed Ledger Tech?

R3’s fundraising largest ever for a blockchain / distributed ledger technology provider – yet people are talking about banks that didn’t invest.

 

The blockchain is what made Distributed Ledger Technology (DLT) famous, but now imitation platforms and services are springing up everywhere

The latest major force is R3, an independent group developing innovative DLT for finance services, such as trading, or international money transfers. Read more

Ria Money Transfer Launches “Gold Standard” Service In India

Ria Money Transfer offering Indian customers chance to win 100 grams of gold.

The country of India is the world’s largest market for receiving migrant remittances. It’s no surprise therefore, that Ria Money Transfer is making a concerted effort to increase market share in the region.

Ria will provide its new Gold Standard service using a network of 3 leading local agents. Weizmann Forex Limited, Paul Merchants Limited and Transcorp International Limited have all agreed to become partners. Read more

How To Use The Money Cloud To Transfer Money To Malaysia

There may be all kinds of reasons why you might want to transfer money to Malaysia. You may be a Malaysian living overseas who wants to send their money back home to relatives. You may be a business paying a Malaysian supplier, or setting up an office there. Perhaps you want to pay for a holiday in advance, or pay ahead for some tuition. You may be buying a property there.

Well, we can’t find you a flat in downtown Kuala Lumpur, but we can help you on the currency side – by showing you how easy it can be to transfer money overseas. Read more

Japan Introduces Regulatory Sandbox For Fintech Startups

The Japanese government are set to make it easier for the country’s fintech startups to trial new services and technology. Their financial authorities are introducing a pro-innovation sandbox that will offer firms the opportunity to conduct regulator-free trials.

A government agency will review proposals from developers and startup fintech firms. If granted approval, the developers will be given a limited time to run experiments within the sandbox. Read more

Emigrating for Work? How To Make Your Money Go Further

With promises of warmer weather, fantastic opportunities, and exciting cultures to explore, it’s no wonder that more than 300,000 people in the UK opt to emigrate to other countries each year. Australia and Canada are two of the top choices for Brits, especially those moving for work purposes, so what are some the best ways to ensure your move goes as smoothly and as enjoyably as possible? Read more

Top 5 Destinations For Families Seeking The Expat Lifestyle

There is much to be said for living life as an ex-pat – the sense of freedom it can give a young person or couple seeking adventure in their early twenties, the opportunity to learn a new language and explore a new culture, and a more (or less, depending upon your point of view) forgiving climate.

But when it is time to start raising a family, many ex-pats choose to return to the UK. It makes sense for several reasons; to be closer to family, to educate children in the same system as their parents, to obtain a British passport.

That said, there are some equally compelling reasons to remain abroad. Let’s look at the pros and cons of 5 of the most tempting places to live as a family abroad. Read more

Top 10 Reasons Why People Transfer Money Overseas

An international money transfer is a service that allows you to send money overseas for whatever reason; this can be carried out using your normal retail bank account, international money transfer operators (such as Western Union), FX brokers and peer-to-peer companies. Here at The Money Cloud, we can help you transfer your money internationally, but what are the most common reasons where you would need to use an international money transfer service? Read more

Is The Future of “Passporting” Brexit’s Biggest Problem?

Goldman Sachs have announced this week that they will begin to move some staff from London to mainland Europe as part of its “contingency plans” to help prepare the investment bank for life after Brexit.

When a major institution like Goldman’s makes such a move, it is hardly surprising, in the current climate that the markets will pay close attention to the reasons behind it. Read more