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As the world embraces digital transformation, the financial sector is evolving rapidly, giving rise to innovative solutions such as Banking as a Service or BaaS. BaaS enables startups and businesses to offer payment services without the need for a banking license. In this blog, we'll explore five crucial aspects of BaaS that every FinTech entrepreneur should be aware of to unlock its full potential.
The Role of a Processor in FinTech: Simplifying Financial Transactions
In the fast-paced world of financial technology (FinTech), processors play a crucial role in simplifying transactions. By harnessing cutting-edge technology, processors streamline payment procedures, ensuring efficiency and reliability all while being connected to the BIN Sponsor. In this article, we will delve into the definition of a processor in the FinTech sector, explore their responsibilities, and highlight the importance of their role in the industry.
Unlocking Financial Innovation: Understanding the Role of a BIN Sponsor
In keeping with our other articles on what FinTech is and what a programme manager does, this one will define what a BIN Sponsor is.
As promised, at E-Pay Space we are committed to empower you with key terms in the FinTech industry. Our last blog tackled the definition of FinTech and why it is crucial to advance in this complex market. If you missed it, you can always check it out here.
Neobanks, online transactions, financial inclusion… There are words we use every day that many people may find vague or difficult to understand. No matter how numerous these terms are, there is only one name: « FinTech ». At E-Pay Space, we look forward to sharing with you key concepts of the industry, so you can remain up-to-date with crucial topics.
Has your child grown up and you want to give him some pocket money? You want to introduce him to managing a budget, teach him the value of money and things, but also allow him to have money at all times when needed. Pocket money is also a way for him to show his independence in front of you and to meet his daily expenses on his own, a cinema with friends, transport, a meal, clothes… It is also a good way to show him that he is no longer a child and to empower him.
Each year, expense reports represent more than 30 billion euros for companies. According to an analysis report by Oversight Systems, a company loses 5% of its revenue each year due to fraud; 89% of this loss is linked to expense reimbursements! In addition to a significant loss of income, the automation of these expenses for the company is not commonplace since today, 59% of employees would not be equipped with an expense report software ( knowing that on average, it takes an employee 27 minutes to complete a note: a considerable loss of working time and therefore productivity for companies).
For this article, we might as well start at the beginning: what is a FinTech? This word is the contraction of the words "Financial" and "Technology". Invented by our Anglo-Saxon friends, it can be translated into French as “Financial Technology”.… But still?