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The Importance of Digital Currencies in the Coming Open-Finance Age

1 5 10
31.08.2021

Finance, money, and technology are three crucial things in our lives that go hand in hand. When we did not know the concept of money, trading came in handy. With evolution, the methods have changed too. Trading for food evolved into trading for commodities.

Commodities turned to fuel, and today, we trade everything in exchange for paper, also fancily known as currency. With technology, transactions and trading have been easier and safer. Even if one steals your credit card, you won’t lose anything.

With this security in hand, today’s world is moving towards Open financing systems with the help of digital money.

Available finance was started in the UK by the Financial Conduct Authority (FCA) in 2018. This created a wave of innovation in the industry and opened a lot of opportunities.

Before we had our financial data at our fingertips, Banks had control of everything relating to our money. From applying for a loan to a simple transaction, everything had to be done manually at the bank. This limited the opportunities and information we had over our finances – which meant that the people were not technically aware of their finances.

However, today’s technology offers a daily customer way more. With just a fingertip, you can easily access all your transactions, your incoming and outgoing money, and even apply for a mortgage while lying in your bed. From virtual assistants to home deliveries, everything is categorized for an average bank account holder.

Available financing is a step forward in the same direction. Individuals can share their financial information with third-party Application Programming Interfaces, APIs for easier and safer transactions.

In simple terms, with your agreement and approval, the APIs will have access to your financial footprint. This way, each of your different........

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