Category: Finance

Cross-Border Payment Gateways: Strengthening the India–China Economic Corridor

Posted on by Grady Karly

tradesTrade between India and China reached over $118 billion in 2023, making their economic corridor one of the most vibrant in Asia. This level of commerce demands seamless financial infrastructure. Modern cross-border payment gateways have stepped into this role, becoming silent architects of smoother transactions. By removing traditional bottlenecks, these gateways are shaping a new rhythm of trade, where goods and services flow more freely between the two nations.

Platforms like Tata Payment which supports Indian payment system (印度支付通道) are transforming how small and large enterprises conduct business across borders. Through instant settlements, reduced processing costs, and user-friendly integration, these systems enable Chinese exporters and Indian buyers to trade without worrying about outdated banking delays. This creates a trust-based environment where companies of all sizes can expand, while governments benefit from greater transparency and data-driven oversight.

The Role of Payment Gateways in Bilateral Commerce

Every transaction tells a story of cooperation. Cross-border payment gateways like TataPayment.net support that story by reducing friction. They provide fast currency conversion, secure channels for payments, and streamlined verification processes. This efficiency cuts costs for businesses and creates new opportunities for collaboration in manufacturing, e-commerce, and logistics. For small suppliers in China, these systems act as a bridge to India’s expanding consumer base.

These gateways also enhance regulatory compliance. By working closely with financial institutions in both countries, they ensure that anti-money laundering checks and tax obligations are easier to meet. This reduces the risk of fraud and strengthens investor confidence, which in turn boosts the volume of bilateral trade. “Payment infrastructure is the new port,” remarked an Indian trade analyst, “It moves value as efficiently as ships move goods.”

Impact on GDP and Economic Growth

The influence of cross-border payment solutions extends beyond merchants to national economies. When payment delays are minimized, businesses can reinvest their capital more quickly. This accelerates production cycles and raises GDP contributions on both sides. India benefits from a surge in imports of essential goods, while China gains access to one of the world’s fastest-growing consumer markets. The ripple effects touch transport, insurance, and warehousing sectors, amplifying the economic corridor’s reach.

Lower transaction costs directly stimulate growth. According to a study by an independent think tank, reducing cross-border payment fees by just 1% could add billions to bilateral trade over five years. This is especially significant for smaller exporters who previously relied on costly intermediaries. With digital gateways, they can compete on better terms, widening the scope of trade partnerships between India and China.

Technological Innovation Driving Trust

Technology sits at the heart of these changes. Payment gateways now use encryption, tokenization, and artificial intelligence to detect anomalies. This builds trust between buyers and sellers who may never meet in person. It also aligns with the growing push for digital governance in both countries. By integrating with customs, tax, and shipping platforms, these systems reduce paperwork and speed up clearance, making cross-border trade less daunting.

The Indian payment system is a good example of this innovation in action. Its architecture prioritizes security and scalability, ensuring that even during peak shopping seasons, payments are processed smoothly. Such reliability is critical for maintaining customer satisfaction and supplier confidence. It signals to the world that India and China are serious about building a digital-first trade corridor.

Benefits Beyond Business

The impact of these gateways reaches everyday people. Students paying tuition fees, families sending remittances, and freelancers working across borders all benefit from faster, cheaper, and safer transactions. This human dimension adds a layer of social connection to what might otherwise be seen as purely economic infrastructure. It fosters goodwill and mutual understanding between the two nations.

Cross-border payments also encourage cultural exchange. When artists, small-scale producers, and service providers can receive payments effortlessly, they participate more fully in the global market. This softens the boundaries of commerce and makes the India–China corridor not just a highway of goods but a bridge of shared aspirations.

READ ALSO: Navigating Finance, Trading Platforms, and Expert Broker Strategies

Looking Ahead: A Stronger Corridor

The future of India–China trade will depend on how well payment solutions continue to evolve. As both nations push for digital transformation, collaboration on standards, cybersecurity, and interoperability will be essential. Cross-border payment gateways must keep pace with changing regulations, emerging currencies, and new trade patterns. By doing so, they can anchor the corridor’s stability and growth for decades to come.

Ultimately, platforms like Tata Payment which supports Indian payment systems show that financial technology is not just a back-end service but a driver of economic destiny. By enabling smoother transactions, these systems empower businesses, support GDP growth, and deepen the partnership between Asia’s two largest economies. As they continue to evolve, they will keep strengthening the India–China economic corridor and shaping a more interconnected future.

Facebook Likes as a Barometer for Economic Trends

Posted on by Grady Karly

businessman on facebook

Facebook likes are more than just digital thumbs-ups. They can serve as valuable indicators of broader economic trends. Businesses and economists can use social media data to predict economic cycles and understand consumer sentiment.

The Relevance of Social Media Data in Economic Forecasting

Social media platforms like Facebook provide real-time data that can be crucial for economic analysis. Boost your business Facebook likes with Famoid. The engagement metrics on these platforms offer insights into consumer behavior and economic sentiment.

  • Consumer Confidence: The number of likes and engagement levels can reflect consumer confidence and spending behavior.
  • Trend Analysis: Social media trends can help predict shifts in the economy, such as changes in consumer preferences or emerging markets.
  • Immediate Feedback: Unlike traditional economic indicators, social media provides immediate feedback, allowing for quicker response and adaptation.

Examples of Economic Trends Reflected Through Facebook Activity

Several economic trends have been accurately reflected in social media activity. Here are some examples:

  • Retail Sales: Spikes in likes for retail brands often correlate with increased sales and consumer spending.
  • Real Estate: Engagement with real estate posts can indicate market interest and potential price changes.
  • Travel and Tourism: Increased likes and shares for travel-related content can predict upswings in the tourism industry.

How Businesses Can Use This Data for Strategic Planning

Businesses can harness social media data to make informed decisions and adapt to economic changes. Here’s how:

  • Market Research: Analyzing Facebook likes and comments can provide insights into consumer needs and preferences.
  • Product Development: Companies can gauge interest in new products or services based on social media engagement.
  • Advertising Strategies: Tailoring advertising campaigns based on social media trends can increase their effectiveness.

READ ALSO: TikTok’s Impact on Finance: How Social Media is Shaping Economic Trends

Conclusion

Facebook likes offer a unique and valuable perspective on economic trends. By analyzing social media data, businesses and economists can gain insights that help them navigate the complex economic landscape.

Economic Resilience: Navigating Credit Cards in a Shifting Financial Landscape

Posted on by Grady Karly

economic resilience credit cards

In the dynamic realm of personal finance, Credit Cards like Destiny MasterCard play a pivotal role, acting as both allies and potential pitfalls. Economic shifts can significantly impact our financial well-being, making it crucial to adopt smart strategies for managing credit cards. Let’s delve into practical advice on building credit resilience, adapting to economic changes, and making informed decisions to weather the storms of financial uncertainty.

Understanding the Dynamics of Credit Cards and the Economy

  • Symbiotic Relationship: Credit cards are not isolated financial tools; they are intricately linked to the broader economic landscape. Changes in interest rates, inflation, and employment directly affect how we manage our credit.
  • The Power of Plastic: Credit cards offer a convenient and flexible way to manage finances, but their misuse can lead to debt traps. Striking a balance is key to harnessing the benefits without falling into financial distress.

Strategies for Credit Resilience

1. Know Your Credit Score

  • Regularly check your credit score to gauge your financial health. Services like Credit Karma and AnnualCreditReport provide free access, helping you stay informed and identify areas for improvement.

2. Create a Budget and Stick to It

  • Establish a realistic budget that aligns with your income and financial goals. Categorize expenses and allocate funds accordingly. This disciplined approach prevents overspending and helps you stay within your means.

3. Emergency Fund: Your Financial Safety Net

  • Build an emergency fund to cover unexpected expenses. This fund acts as a buffer during economic downturns, reducing the reliance on credit cards for unplanned financial challenges.

4. Monitor Economic Indicators

  • Stay informed about economic indicators like interest rates and inflation. Being aware of these factors allows you to anticipate changes and adjust your financial strategies accordingly.

Adapting to Economic Changes

1. Adjusting Spending Habits

  • During economic shifts, reevaluate your spending habits. Prioritize essential expenses and cut down on discretionary spending. This proactive approach ensures financial stability even in uncertain times.

2. Negotiate with Creditors

  • If faced with financial difficulties, don’t hesitate to communicate with your creditors. Many institutions offer hardship programs or temporary relief options. Negotiating proactively can prevent long-term damage to your credit.

3. Diversify Your Financial Portfolio

  • Explore diverse financial instruments beyond credit cards. Investments, savings accounts, and retirement funds can provide alternative avenues for financial growth, reducing reliance on credit during economic downturns.

Making Informed Credit Decisions

1. Read the Fine Print

  • Before acquiring a credit card, thoroughly read the terms and conditions. Understand interest rates, fees, and any hidden charges. Being informed empowers you to make decisions aligned with your financial goals.

2. Optimize Rewards Programs

  • Choose credit cards that align with your spending habits and offer rewards tailored to your needs. Whether it’s cashback, travel rewards, or points, optimizing these programs can provide tangible benefits.

3. Pay Your Balance in Full

  • Whenever possible, pay your credit card balance in full each month. This not only saves you from accruing interest but also positively impacts your credit score.

READ ALSO: Politicians Can’t Do Anything About Inflation — Economists Say

Conclusion: Navigating the Credit Card Landscape

In the ever-changing world of personal finance, mastering the art of credit card management is a crucial skill. By implementing proactive strategies for credit resilience, adapting to economic changes, and making informed decisions, you can navigate the complexities of the financial landscape with confidence.

Remember, credit cards are powerful financial tools when used responsibly. Stay informed, be adaptable, and approach credit management with a strategic mindset to ensure your economic resilience in any financial climate.

Overviews of Car Crash Lawsuits and Lawsuit Funding in Georgia

Posted on by Jacki Gwenevere

personal injury lawsuitA Georgia lawsuit funding is an option considered by a plaintiff as a means to pursue claims for damages beyond the amount offered as settlement by insurance companies. While a personal injury lawsuit can help a car crash victim claim compulsory damages in terms of economic and non-economic financial needs, the related proceedings could drag on and take longer to complete and conclude.

In the meantime, savings could dwindle while awaiting the lawsuit judgement, which makes taking out a lawsuit funding a viable solution. Actually, a lawsuit loan company will offer a cash advance of the pending settlement that the court will award.

Just like a typical loan, interest will accrue on the amount of settlement disbursed in advance. The term accrue means that periodic interest charges will be accounted at a certain rate, as additional charges due on the lawsuit loan.

In the event that the lawsuit settlement is awarded, the principal amount advanced plus the total interest charges accrued will be deducted from the proceeds of lawsuit judgement. However, if the actual lawsuit judgement did not meet expectations, let’s say none was awarded or fell short of the total settlement paid by the lawsuit company, the latter cannot demand payment from the plaintiff.

Now here’s the thing, care must be applied when choosing a lawsuit loan company because some are unscrupulous and apply a high rate of interest while at the same time compounding the interests charged on the lawsuit loan. Compounding is a method of calculating interest on a principal amount that already carries interests. Doing so causes the principal amount to balloon and reach great proportions.

Unfortunately many car crash victims fell for  this kind of ploy, they were surprised to find out that a great proportion of their lawsuit settlement were applied as payment of the lawsuit loan,

Impact of Georgia’s Motor Vehicle Fault Rule and the Modified Comparative Negligence Law

car crashIn Georgia, the victim of a car collision can file a lawsuit to claim damages only if he or she is not at fault for causing the collision. The At Fault rule bars the driver in a car collision from pursuing claims for damages if his percentage of fault exceeded that of the other driver.

Under the comparative negligence law, as long as the level of negligence or carelessness that a driver committed to have caused the accident did not exceed that of the other driver’s contributory negligence, he or she can exercise the right to file a lawsuit to claim damages.

TikTok’s Impact on Finance: How Social Media is Shaping Economic Trends

Posted on by Fiona Haleigh

tiktok on economy

In today’s digital age, the influence of social media extends far beyond viral dance trends and lip-syncing videos. One platform that has taken the world by storm, particularly among the younger generation, is TikTok. TikTok views (if you are buying TikTok views, check out Famoid) have skyrocketed, making it a hub for entertainment, education, and yes, even finance. In this article, we delve into the ways TikTok is shaping financial behavior and decisions, from influencing investment trends to providing budgeting tips. We’ll also analyze the economic consequences of the viral financial advice circulating on this rapidly growing social media platform.

The TikTok Phenomenon

A Brief Introduction to TikTok

TikTok, often described as a short-form video-sharing app, allows users to create and share 15 to 60-second videos set to music or audio clips. Its user-friendly interface and algorithm-driven content recommendations have propelled it to the forefront of the social media landscape. With billions of downloads and active users, TikTok has evolved into a powerhouse for content creators, influencers, and everyday individuals seeking to share their insights, talents, and experiences.

TikTok and Finance

Redefining Financial Literacy

TikTok is not only a platform for entertainment but has also emerged as a dynamic space for learning and sharing knowledge, including financial literacy. Users are turning to TikTok for quick, accessible, and engaging financial advice. From explaining the basics of budgeting to demystifying complex investment strategies, TikTok creators are making finance more relatable and less intimidating.

Investment Trends in the Age of TikTok

One of the most significant ways TikTok is impacting finance is through its influence on investment trends. Financial influencers, often referred to as “FinTokkers,” share investment strategies, stock tips, and market insights to millions of viewers. This democratization of investment advice has led to increased participation in the stock market, especially among young investors. However, it also raises questions about the quality and reliability of the information shared.

The Viral Nature of Financial Advice

TikTok’s unique algorithm is designed to promote content that resonates with users, leading to the viral spread of financial advice. While this can be beneficial in spreading financial knowledge, it also comes with risks. Misinformation or overly simplified advice can lead to poor financial decisions and potentially harm individuals’ financial well-being.

Economic Consequences

The Rise of Memestocks

One notable economic consequence of TikTok’s influence is the phenomenon of “memestocks.” These are stocks that gain popularity on social media platforms like TikTok, often driven by viral trends and recommendations. The sudden surge in interest can lead to dramatic price fluctuations, creating both opportunities and risks for investors and market stability.

Challenges for Regulators

As TikTok increasingly becomes a source of financial advice and investment discussions, regulators and financial institutions are grappling with how to monitor and regulate this digital landscape. Ensuring that financial information is accurate and reliable while preserving the platform’s creative and free-flowing nature is a delicate balancing act.

Read also: How Economic Factors Impact Coin Futures

Conclusion

TikTok’s impact on finance is undeniable. Its ability to educate and engage users in financial matters is a testament to the power of social media as an educational tool. However, it also raises concerns about the quality and accuracy of financial advice in the digital age. As TikTok continues to evolve, it will be essential for users to approach financial content with a critical eye, and for regulators to adapt to this new era of financial communication.

In a world where TikTok views can shape investment decisions and budgeting habits, the need for financial education and responsible content creation has never been more apparent. As we navigate this dynamic landscape, let’s harness the potential of TikTok while staying informed and cautious about the financial advice it offers.

Importance Of The Financial Area Of A Towing Company

Posted on by Paden Krystelle

The financial area of ​​a company plans and manages its economy. It is ensuring that it can access liquidity in a sustainable manner. In this department, the technologies have also taken shape.

A clear example is accounting software and electronic signatures for contracts. Both innovations represent a solution to the large levels of information that are managed for better use in decision-making.

The financial area of ​​a towing company: What are its functions and roles?

Finance departments come in all shapes and sizes, but there are 4 key roles they must take on. None of these exist in a vacuum. They will definitely need to communicate and collaborate with each other.

towing company san jose

Recording

This is a company-wide finance function that involves reviewing, categorizing, and entering all transactions for an organization.

Both bookkeepers and accountants perform this activity. For Towing Company San Jose, accountants must keep accurate financial records of the company.

Common recording functions

  • Accounts Payable – Reports of money owed to company vendors.
  • Accounts Receivable – Report any short-term liquidity or financial assets owed to the company.
  • Payroll – Keep business compensation data up to date and process monthly payments.

Comptroller

This role oversees the company’s registry to ensure that the books of account are accurate and comply with financial regulations. A financial controller will generally be responsible for tasks such as:

  • Accounting Team Management – Overseeing the accounting and bookkeeping team to ensure timely and up-to-date reporting.
  • Inventory accounting – monitoring, evaluation, and tracking of inventory assets.
  • Revenue Recognition – Creation and application of controls for monthly financial reports to ensure compliance.

Planning and financial analysis

Financial planning and analysis involve collecting relevant financial data to synthesize it into digestible trends and forecasts that can inform business decisions. Among the activities that analysts carry out:

  • Data Visualization – Creating easy-to-understand images that help business managers understand business performance.
  • Budgeting and Forecasting – Developing departmental and company-wide financial goals to guide the business month-to-month.
  • Price analysis – determination of the optimal price for the organization’s products.

Managerial role

This is the role that a Business Manager or CFO is likely to play. It is an executive level that has an important role in making strategic decisions and in the elaboration of the financial strategy in general and its guidelines.

Additionally, this role oversees the entire finance area at a company and uses the big data collected through financial planning and analysis to communicate with internal and external business stakeholders.

How Much Does An SR22 Insurance Cost?

Posted on by Regan Andre

 

 

The price of SR-22 insurance may vary depending on the state you reside in as well as the insurance provider providing coverage. Here, we examine in detail what SR-22 insurance is, what it can cost you, how to obtain one, and how long you might require it.

What exactly is an SR-22?

A SR22 is a certificate of insurance issued by a vehicle insurance company.A financial responsibility file or a certificate of insurance are other names for an SR-22. It confirms that the insured has liability coverage that meets the state’s minimum standards. The insurance provider then sends a copy of the document to the Texas Department of Motor Vehicles (DMV) after it is granted.
If a driver wants to have their license reinstated after it has been suspended or revoked, they must submit an SR-22. If the DMV asks you to provide proof of financial responsibility in connection with any action, the certificate serves as acceptable proof of liability auto insurance.

When is an SR-22 necessary?

In a variety of situations, an SR-22 may be necessary. One instance involves people who have been caught driving or getting into accidents without having enough auto insurance or a proper license. However, it is typically necessary for those who have been found guilty of operating a vehicle while intoxicated or under the influence of narcotics. Anyone involved in any of these occurrences must have a current SR-22 on file with the DMV. Three years is the normal duration; however, it could go up to five.
If a driver is required to keep an SR-22, the certificate must state that the associated insurance policy protects all vehicles that are registered in the driver’s name and all vehicles that the driver regularly drives.
If a motorist does not plan to drive, he does not need to submit an SR-22. However, if the same driver owns a car or regularly uses a car, he would have to submit a non-owner SR-22 certificate. This provides coverage for the driver whenever he is permitted to operate a vehicle that is not his own.

SR-22 Insurance in Texas – What is it? How Much Does it Cost?

Different insurance providers charge different amounts for an SR-22. Depending on characteristics including personal driving history, age, driving experience, marital status, and place of residence, an individual can anticipate spending an average of $35 to $100. Insurance companies that do provide SR-22 coverage typically charge a high premium for it.
The expense is not just for the certificate itself. Clients of SR-22 insurance must invariably pay more for the bare minimum of liability coverage.They are now viewed as high-risk drivers, which explains this. High-risk drivers may even be required by some insurance providers to pay for the entire coverage period up front. For many people, this may represent a considerable financial commitment. A driver who needs an SR-22 may also forfeit their good-driver discount. For ten years following a conviction, Texas actually forbids DUI offenders from receiving a good driver discount.

insurance for SR22 automobiles

An individual will probably initially get in touch with their current auto insurance provider when first instructed to obtain an SR-22. Unfortunately, when that occurs, it notifies the provider that a big event has taken place. The insurance provider will then look up the driver’s DMV record to see why the certificate is required. The insurance provider will either revoke the existing policy or issue the certificate, depending on their conclusions. The driver will be obliged to find another option if the policy is terminated. The premium rates will probably rise if the certificate is issued.
The driver’s current auto insurance provider is not obligated to provide an SR-22. He is free to compare options and choose the best one. Every insurance provider is unique, and many of them don’t even provide SR-22 insurance. Before making a purchase, experts strongly advise doing your research. When purchasing insurance, it is important to take into account the company’s financial accountability, service, dependability, and reputation.
Fortunately for these drivers, auto insurance companies don’t just base premium rates on factors like a DUI or a suspended license. The majority of insurance companies will also consider your age, where you live, whether you’re married, and your driving record and experience.

What is the duration of an SR22 status?

An SR-22 must typically is kept on file for three years following a license suspension for a DUI. As long as neither the vehicle insurance provider nor the motorist cancels the policy, the original certificate will stay on file with the DMV. It is not necessary to re-file annually.
The DMV will receive notification if the insurance carrier cancels the policy or drops the motorist. The driver needs to get a fresh SR-22 from a different auto insurance provider right away. If this is not done, your license can be suspended once more. To put it another way, continuous SR-22 coverage is required for the DMV to approve the eventual removal of SR-22 status and full re-issuance of a driver’s license at a later time.

Selecting the Right SR22 Company

Finding the ideal insurance provider might be challenging for drivers who must comply with SR-22 regulations. They don’t want to argue with an insurance salesperson after having to deal with an arrest, court dates, and annoying DMV demands. It’s good to know that we have choices. There are organizations out there that can assist you in locating the best SR-22 insurance rates.

Finance: Learn How To Invest In Forex Exchange

Posted on by Grady Karly

The term foreign exchange refers to means of payment in a foreign currency such as the US dollar, the British pound, or the Swiss franc. Such foreign means of payment are required, for example, for vacation trips. This can be in the form of cash, i.e. coins or bills. However, most foreign exchange is not a means of payment in the form of cash, but credit balances in foreign currency.

Why invest money in foreign exchange?

Those who invest their money in foreign exchange can pursue various motives. Some are looking for protection against inflation. Other investors, on the other hand, want to diversify their portfolios with currency investments. The background is that exchange rates hardly or does not at all correlate with other asset classes such as stocks and bonds. That is, they develop independently of each other. According to modern portfolio theory, the overall risk of a portfolio can be reduced in this way. This is known as diversification.

Protection against inflation, speculation, and interest gains are the most important reasons for investing in foreign exchange. Thus, reading the forex broker review can provide you with vital information on how to be successful with forex trading in the long run.

Opportunity for currency gains

Most currencies fluctuate over time. As a rule, however, trends in the currency market are of a more long-term nature. That doesn’t mean, however, that there can’t be sudden distortions in foreign exchange.

There is always a chance of currency gains when the home currency devalues ​​against the foreign currency, i.e. becomes less valuable.

With currency investments, the chance of currency gains is offset by the risk of currency losses.

Fxview

Speculative motive

This investing, also known as forex trading, is particularly popular with risk-taking investors. The trader expects a specific, mostly short-term trend in a currency pair and relies on this development with leverage.

Anyone who speculates with stocks or currencies has chances of high profits but also losses.

The starting point is certain currency-relevant events such as central bank meetings or economic figures. But technical chart signals can also be the trigger for currency speculation. The aim of forex trading is to participate in the expected exchange rate development with little capital investment, i.e. with leverage. The instruments used for trading are usually leveraged products.

How do foreign exchange rates affect a country’s economy?

For countries with strong foreign trade, exchange rates are an important factor for economic development. An export nation like Germany, for example, benefits from a falling or weak euro because domestic products are becoming cheaper for foreign customers, which in turn increases demand.

How to Save Money on Heating

Posted on by Regan Andre

Warm and cozy home

 

Saving on your heating can be done in countless ways. One example is hiring a local company that is an expert in heating can save you more money than not maintaining your heating system. With that said, here we listed all the saving tips for you. One tip is obvious, the other will surprise you. And even though some measures will cost you some money now, you will eventually save on your heating costs.

What is your consumption?

First, you need to know how high your consumption is. Is this high or low compared to an average situation? Do you want to know more about Energy Saving? Then take a look at the Knowledge Centre for Energy Saving, here you will find many relevant articles.

Saving on gas

Most saving tips are based on a gas central heating boiler. If you have a central heating boiler on fuel oil or wood, there are other measures to be taken. Most households want to save on their gas consumption. Gas consumption usually determines 2/3 of the energy bill, there is often still a lot of profit to be made. With an average household, you quickly talk about € 100 per year, regardless of the benefits for the environment. In addition, your house can get a more favorable energy label, which increases the appraisal value.

Saving on heating: burning natural gas

  • Choose a central heating boiler with sufficient capacity: a central heating boiler with too low power is working overtime to keep your house at temperature. If you opt for an economical boiler, it will do its job in peace – so with low gas consumption. On this site, you will find more information about calculating the right power.
  • Choose an (ultra-efficient) HR boiler: do you still have an old-fashioned central heating boiler hanging? Then the efficiency of your gas consumption is a maximum of 80%. With the latest HR boilers, an efficiency of 100 to even 107% is possible. With a UHR boiler (Ultra High Efficiency) you can even save more than that.
  • Have your boiler maintained: modern central heating boilers also become contaminated during consumption, which can reduce efficiency by up to 10%. If you opt for annual maintenance, the efficiency of your central heating boiler remains the same.
  • Save extra on heating with a solar water heater; by connecting a solar water heater to your heating system, you can drastically reduce gas consumption. How much you can save depends on many factors. Ask the installer for a calculation based on your specific living situation.
  • Save extra on heating with a heat pump; a heat pump, just like a solar water heater, ensures that gas consumption is reduced. In this case, the central heating boiler uses heat that is extracted from the earth or air to heat the water in the central heating pipes. How much you save depends on many factors. Ask the installer for a calculation based on your specific living situation.

Saving on heating: change your habits

  • Shower shorter: by showering one minute shorter per person, gas and water consumption quickly drops by 10% on an annual basis. And so is the energy bill.
  • Turn down the heating: if the average Dutch person sets his heating one degree lower than normal as a standard, 7% can already be saved on the energy bill. With that money, you can buy some nice sweaters.
  • Turn off the heating earlier: many people do not turn off their heating until they go to bed. Do this an hour earlier and snuggle under a blanket. An annual saving of 4%.

 

ALSO READ: 5 Tips On How To Improve Your Company’s Creditworthiness

 

Saving on heating: take measures

  • Double glazing: windows often cover a large part of the exterior walls. A huge amount of heat escapes through single glazing. Conventional double glazing already retains much more heat. If you really want to save money, choose HR++ glazing. This type of glass keeps heat inside and allows heat from the sun to pass through extra well.
  • Keep interior doors closed: do not leave doors of heated rooms unnecessarily open. Drafts are created immediately, which means that the central heating boiler has to work harder to keep the room warm.
  • Place water savers: in addition to heating, a combi boiler provides hot tap water. The less water that goes through the tap, the less your boiler consumes. So place water savers on your taps and shower heads. The water pressure remains the same, you do not notice it and you save up to 50% on your water consumption.

Saving on heating: did you know…

  • Breathing and perspiration make the air in the house humid. Ventilate your home for fifteen minutes a day (door or window open), so that dry outside air enters. Heating up dry air costs your central heating boiler less power.
  • Curtains form an extra layer of insulation for your windows. Closing the curtains earlier is not only cozy but also energy-conscious.
  • The curtains should be open when the sun shines on your windows. The sun’s rays heat your room(s) for free and for nothing.
  • Wind on your outside wall causes your home to cool down faster. Is there often wind on the same wall? Consider shielding it, for example with a fence or hedge. You will see that your house cools less quickly and your central heating boiler consumes less.

Extra tips for saving on heating

  • Insulate windows and (interior) doors with draft strips.
  • Place a draft brush or draft flap in front of your mailbox.
  • Place draft brushes under your interior doors.
  • Do not hang anything over your radiators, this lowers the heating capacity.
  • Buy special radiator foil and place it between the wall and the radiator, so that the heat does not go into the wall, but into the room.
  • If there is a curtain in front of the radiator, take a thermostatic valve with a remote sensor. This ensures more precise control of the temperature and thus savings.
  • Do you hardly use your attic or not at all? Make sure it is closed off from the first floor or provide extra insulation for the loft.
  • Insulate the visible hot water pipes with special foam covers. This keeps the water in the pipe at a better temperature. Per meter of insulated pipe, this quickly saves 10 m3 of gas per year.
  • Does your chimney not yet have a draft valve? Place these and prevent heat from escaping from your home.

3 Reasons Why You should Have Great Financing Plans before Building Your Home

Posted on by Nathaniel Sammy

If you’re thinking about building a new home, you might have some concerns about financing. It’s a big investment, and it’s natural to hesitate before leaping into something so costly.

However, great financing plans can make the process much easier. They won’t just help you find the money you need, but they’ll also reduce the stress involved with building a home.

Here are 3 reasons why you should have great financing plans before building your home:

Build a Better Understanding of what You can Afford

As you’re considering financing options, it’s important to understand how much you can afford. This means more than just knowing the amount you need to borrow. You also need to know what your monthly payments will be.

You can estimate this by using online tools that can help you get a rough idea of what you can afford. However, you also need to understand what income sources you’ll be relying on to make those payments.

Financing Helps Ensure Quality during Construction

Financing isn’t just helpful before building your home.

It can also help ensure that the construction process is completed on time and with high quality. The best way to do this is to make sure that your financing plan is as detailed as possible.

When you meet with lenders, be sure to ask any questions you have to really understand what the lender is expecting. This will make it easier to follow their timelines and meet their expectations.

It Helps You Find the Right Builder

As you’re getting ready to build your home, it may seem like financing is the only thing on your mind. However, it’s a good idea to take a little time to research good builders in your area. While financing plans are important, you should also determine who will actually be building your home.

A good builder can help you avoid many of the surprises that often come with home building projects. He or she can also help you avoid some of the biggest headaches.

If you find a builder who has a good track record, you use this to learn from their past projects. It is also better to purchase from one wholesale kitchen cabinets store so your builder won’t have to get confused about the different brands you are using to build.

The Best Ways to Improve Your Financial Management

Posted on by Nathaniel Sammy

Today’s economy has made it challenging for businesses to keep a tight rein on their finances. Since the cost of doing business continues to rise, the need for financial management solutions has grown in importance.

Whether you are just starting your company or you have been growing steadily for years, now is the time to establish good financial management practices to ensure that your business succeeds.

Here are some tips and tricks on how you can improve your financial management so that your company thrives under any circumstances.

Get a Grip on Your Cash Flow

A solid cash flow is the lifeblood of any business especially a special finance auto leads business.

Having a good handle on your cash flow can help you identify problems that could be keeping your company from growing.

A number of factors can affect your cash flow, such as seasonality, fluctuations in your supply chain, and unplanned expenses.

To get a complete picture of your cash flow, you’ll need to collect metrics and data from all areas of your business, such as sales and payment data, inventory and COGS (cost of goods sold), headcount, and more.

Always follow the Best Practices

A strong financial foundation requires that you adhere to best practices in all areas. If you are not sure where you stand in these areas, you may want to employ an accountant to audit your books and provide recommendations on how to improve.

    • Accounting: A strong accounting foundation will help you stay organized, and will also help you better understand your business. This, in turn, will allow you to make informed decisions and provide transparency and clarity to your stakeholders.
    • Capital structure: This is the makeup of your company’s debt and equity. A strong capital structure will help you to secure financing and enable you to take advantage of investment opportunities.
  • Liquidity: Liquidity refers to the amount of cash that is available to meet your short-term financial obligations.

Be Diligent when it Comes to Budgeting

For many businesses, budgeting is a necessary evil. Budgets are often seen as a hindrance to growth. However, if you want to be successful, you must be diligent when it comes to budgeting. To create a budget that works, you’ll need to determine what your company’s budgeted expenses are and create a clear budget for your next fiscal year.

Surefire Ways to Improve Your Loan Business

Posted on by Nathaniel Sammy

Loan business is a great way to earn money, especially if you’re not particularly interested in operating a physical storefront. It’s also an interesting and complex field of finance that requires the right mindset, analytical skills, and attention to detail. In short, it’s not at all like the dishonest loan brokers and loan shark schemes you might have heard about once or twice. You won’t find any shady individuals or back-alley meetings when dealing with this type of financial service.

Instead, as an online loan broker, you can work from home or anywhere with Internet access to help other people get the loans they need. If you already have the VA loan requirements for sellers and want to improve your loan business, check out these tips for improving it:

Provide Flexible Repayment Terms

The most important thing you can do for prospective clients is to provide the most flexible repayment terms possible. First and foremost, you’ll want to do this because it’s ethically the right thing to do.

Your clients will definitely appreciate not being burdened with a payment plan that has strict repayment terms. But there are also financial benefits to flexible repayment terms.

For example, you might be able to charge a higher interest rate on your loan and still receive the same amount of business from customers who will be able to pay back loans in a timely manner.

Update Your Customer Service Software

If you use customer service software to manage clients, it’s important to keep that software updated. This is especially true if you’re using a free service like Zendesk.

It’s important to keep tabs on these sites and make sure that their issues don’t affect you. If there’s an update you need to make, don’t be afraid to ask for help from the companies that provide these platforms.

Create a Rewards Program for Your Most Loyal Clients

This isn’t something that all loan brokers do, but it’s definitely worth considering. A rewards program will help you stay connected with your clients and keep them coming back to your site. You can choose to offer a wide array of rewards, or you can create a loyalty program that revolves around specific loan types.

For example, you might offer a 10% discount on all car loans or a free appraisal on any home loan. This will help your most loyal clients and help you earn repeat business.

5 Tips On How To Improve Your Company’s Creditworthiness

Posted on by Regan Andre

If you want to apply for a loan for a company or are looking for an alternative financing option, you should always keep an eye on your creditworthiness.

Five tips on how to improve your company’s creditworthiness now

1. Cashflow, Cashflow, Cashflow

If you want to improve your credit rating, you should keep an eye on your cash flow. The primary goal should always be that the money from outstanding receivables flows back into your company as quickly as possible. A well-thought-out receivables management is therefore the basis for a good credit rating. When making contractual agreements, you should make sure that you set the shortest possible deadlines for paying bills in order to improve your creditworthiness.

Companies that do business in different countries also need information about country-specific payment behavior and current data on the markets, including social and economic facts. Seek out the assistance of services that give you insight into the specific payment behavior and risk factors that affect the predictability of export and investment returns.

Read also: Understanding the Significance of the Open Banking System

2. Increase the equity ratio

The higher your company’s equity ratio, the better your credit rating. If you want to increase your equity ratio in order to improve your creditworthiness, you should use alternative financing instruments. This includes, for example, the leasing of vehicles, machines, or systems. With leasing, the one-time high purchase price is reduced to several small installments.

A company’s equity includes the registered capital, the profits that remain in the company, and shareholder loans with an assumption of liability.

3. Pay bills on time

Credit bureaus store information for up to four years if an invoice was not paid or not paid on time. As a result, you are judged negatively by banks or other business partners, and your creditworthiness decreases. That’s why it’s important to closely monitor that your accounting department pays all invoices on time. Then it works with the credit.

4. Communicate balance sheet data early

If you want to improve your credit rating, you should communicate regularly with credit agencies and banks. In this context, it is crucial that you communicate your balance sheet data to credit agencies as early as possible and always keep your data up to date. It is also important that you provide as detailed a balance sheet as possible. The more details and data, the better!

5. Carefully check the creditworthiness of suppliers and business partners

If one of your business partners does not deliver the goods on time, this can paralyze your entire production process and negatively affect your creditworthiness. Therefore: Regularly check the creditworthiness of your suppliers. A business credit score provides information about the probability that a company will have to file for bankruptcy within the next twelve months. In this way, you can keep an eye out for other business partners at an early stage and arrange for a replacement.

Having a clean credit history allows you to get loans and even net 30 accounts from suppliers, goods, and services needed by your business to strive. For example, NAMYNOT, a business that provides various online marketing solutions, provides a net 30 accounts to customers with good credit standing.

Understanding the Significance of the Open Banking System

Posted on by Jacki Gwenevere

Nowadays, the modern approach to conveniently access different financial services is known as open banking system, which makes dealing with banks hustle-free.

What Exactly Does Open Banking Mean

Open banking is a system that allows the involvement of third-party financial service providers to render its services in a secure but interoperable network of financial institutions operating in the banking industry. The system allows the platforms of third-party financial service providers to access bank data by way of a program known as Application Programming Interfaces or API.

Through the API of third-party organizations, processing of financial transactions is quicker, when compared to the banking system of before. Traditionally, customers have to physically fill up and hand over forms for bank processing. Today, the open banking system empowers bank customers to transact anywhere in the world while protected by a secure and managed environment

Is the Open Banking System Foolproof?

Open banking runs on a series of technologies, regulatory requirements and service protocols by which fintech developers innovate with new banking models, offering new services and other online capabilities. Fund transfers are no longer limited to establishments that belong to the same financial institutions. Similar to accreditations, the API provides the technological link that allows customers to pay online, use QR Codes or simply swipe to transact with various establishments.

The security technology of APIs involves rigid authorization and authentication capabilities in providing support to the open banking system. However, the system is not completely foolproof as there is always the possibility of payment service providers mishandling customers’ accounts either inadvertently or purposely.

Talk To Your Lawyer About The Retirement Financial Planning Process

Posted on by Grady Karly

Many people have no idea what retirement entails. They often wait until shortly before retirement to make their future life – and the associated financial aspects – clear to themselves. However, it is wise to think about how to properly arrange your pension earlier. For example, what can you arrange several years in advance, so that you can retire carefree and well prepared in the future? In this article, we give a number of tips for personal choices and options with regard to withdrawing your pension. Things you can take into account now. So the only thing left to do is… is enjoying your retirement!. Know your pension rights. Talk to skilled and experienced lawyers at LA Century Law.

Arrange your pension matters on time

 

Good preparation for your retirement often offers more options than you might have thought of beforehand. In addition, it ensures that you will not be faced with (financial) surprises in the future. So take the time to find out (or have it looked up) carefully what options there are for your pension. You may be able to retire early or take part-time retirement so that you can take it easy in the final years of your working life. And what will your financial situation look like after you retire? What are sensible choices? For some people, a high-low pension can be attractive or a withdrawal of part of the pension in the first years after retirement. Various choices that you can consider if you take plenty of time to arrange your pension.

Finance professionals and Lawyers can help you properly arrange your pension

There are many different options for properly arranging your pension in advance. Some people prefer to consult finance professionals or even their lawyers regarding this matter. But with enough knowledge, you can start the planning process. For example, provide insight into what your situation will look like in the last years of your working life and later after you retire. You can do this for yourself, but it is wise to immediately look at the pension of your partner if any. Can’t quite figure it out? Then a financial advisor can help.

Make an overview of your current income and expenses

Make your income and expenses transparent. What is currently coming in per month? Think of wages, but also of any allowances and other sources of income. At the same time, determine what you expect to generate in income after you retire. If you don’t know exactly, then it is important to find out. In addition to your income, it is also important that you have your expenses in order. Divide your expenses into fixed expenses and daily expenses. For the various expenses, also view what you expect to spend for these items after your retirement.

Engage a (financial) advisor

Can’t quite figure it out? Not sure where to start? Then hire a financial expert. If you want to look at the possibilities to possibly stop working earlier, in most cases you can contact someone through your employer who can look at the options with you. You can also find (financial) advisers through pension funds or consultancy firms who can provide you with advice.

Make plans

Many people often do not yet know how they would like to fill in their pension in the future. It is good to think about this early on. You will soon have all the time! Do you want to pick up your old hobby again? Maybe finally make that beautiful journey? Or is it time for a second or new home? And how does this affect your financial situation? Good to think about that now.

 

Why Is Financial Freedom For Retirement So Interesting?

Posted on by Grady Karly

The reasons for wanting financial freedom can vary from person to person. Nevertheless, there are always similar motifs. Often this is the exit from active working life.offshore account

Many employees cannot and do not want to work in their profession until the retirement age of 67. The possibility to quit working life at any time due to financial freedom, even at the age of 40 or 50, can mean security in this context.

Financially free people no longer have to “endure” possible stress or physical strain from employment. As a result, private individuals can prevent the many health hazards caused by work stress. Privateers use the time saved for a healthier life, more sport and more time with their family, for example.

Those who have achieved financial freedom can turn to goals that promise little or no income. Volunteering is one of them, for example. Conversely, financial support can also be a step towards self-employment. This in turn can lead to a new stream of income.

Possible reasons for wanting financial freedom

  • Early retirement
  • Less stress
  • More family
  • Live healthier
  • Professional reorientation

Retirement investment: Is financial freedom possible for low and normal wage earners?

Various authors of financial literature assume that financial freedom is possible for everyone. In reality, people who already have a high level of education and wealth have a higher chance of achieving financial freedom. Low and normal wage earners often have to spend a large proportion of their income on their way of life. Therefore, they can build up comparatively less wealth.

Despite this difficult starting position, people with low incomes can also achieve financial freedom. In addition to a high-yield investment, you can adjust two factors for this. On the one hand, they can reduce their expenses or increase their income. The cost reduction has its limits. In contrast, there are theoretically unlimited possible increases in wealth.

Retirement: Get financially free by investing

The basis for the concept of financial freedom can therefore be the investment of funds in the capital market or real estate market. You can also open an offshore account and learn how this can help you secured financially. This form of investing delivers a long-term return that is significantly higher than that of fixed-income investments, such as overnight or fixed-term deposits. Aspiring investors should first look at the basics of investing.

What Are Futures And How Do They Affect Commodity Prices

Posted on by Regan Andre

What Are Futures Contracts?

The futures are financial contracts in which the buyer and the seller of a particular commodity (gold, wheat, salt, sugar, coffee, etc.) agree after a set time to exchange a certain amount of that commodity for a fixed price. A sort of insurance for the future is stipulated between the parties. Futures are useful because, for obvious reasons, it is not possible to predict the prices of wheat or sugar in the future, (months or years in advance). The use of futures contracts helps producers (like farmers) avoid a price too low or too high in the future. In other words, a contract is made in which it is stipulated that the goods will be exchanged at a price agreed in advance. See A Plus assets for more information on the futures market (해외선물).

Futures and Commodity Prices

From a theoretical point of view, everything looked well. But in reality, in a world where as many as one billion people suffer from hunger, the excessive spread of futures leads to unacceptable – if not scandalous – paradoxes. In practice, it happens that there is no longer any relationship between the prices of securities traded on the stock exchange and the raw material physically cultivated in the fields. Prices are determined by the dynamics created in the “bet”, rather than in the real market. And the real prices follow what has been betted on – practically the price that is artificially formed on the international commodity exchanges (first of all that of Chicago), is transmitted locally. Thus, food prices do not depend so much on how the last harvest went, but also and above all on what happens on the stock exchange. If the price of wheat goes up in Chicago, it will go up all over the world, even if fundamentals haven’t changed and harvests have been good. A clear and recent example is the paradox of the price of milk in Europe in 2011, which doubled within a few weeks, despite the fact that production has always remained constant.

Specific Policies Needed To Limit Number Of Futures Contracts

In the absence of rules that force the delivery or limitation of the number of futures that can be issued or held (with the so-called “position limits”), the dissemination of these instruments is theoretically boundless. And so financial speculations have terrible repercussions on farmers all over the world and cause an acceleration of the phenomenon of instability on world agricultural markets. Which for Westerners means having a lighter wallet, but for many people, it makes the difference between being able to feed on a daily basis or not.

Speculation is part of the instability of the market; to face it, more transparency and more information would be needed. Europe is making progress, but it should be accelerated.

Wealth Management: What It Is And Why Do You Need It

Posted on by Regan Andre

Financial Management

 

Home management is the maximum degree of financial preparation services. Wealth management normally includes comprehensive investment direction together with financial information, tax advice, estate planning as well as legal aid.

The kind of service extended by means of a wealth management company is ideal for wealthy customers. However, while you might not demand wealth management today, your demands are most very likely to change over time. Sooner or later, it can be time for you to check into wealth direction.

Property management: What can it be?

Property management is the most innovative kind of investment adviser service. A wealth adviser normally creates a particularly tailored investment plan and strategy for their customers to help them handle their own resources.

Wealth managers normally target their services in the highly wealthy and might have experienced the kinds of financial questions which impact the ultrawealthy, like the way to prevent the estate tax. They frequently organize services among different specialists, like working with a lawyer or an accountant for your benefit.

Just how much cash do you require wealth management?

In summary: Lots. Wealth management solutions frequently need exorbitant account minimums. By way of instance, Fidelity’s “personal wealth management assistance,” in which you’ve got a whole group of financial professionals operating for your benefit, needs at least two million spent through Fidelity Wealth Services and $10 million or more in total investable assets.

Fidelity also provides a more straightforward “wealth management” support, in which you utilize a single advisor and demands a $250,000 accounts minimum.

Vanguard, yet another online broker, provides a selection of financial information services; the sole that explains as “wealth management” takes a $5 million minimum.

 

ALSO READ: Macron Announces 3rd Lockdown as Rise in COVID-19 Deaths Occurs in France

 

Is a wealth supervisor worthwhile?

A wealth supervisor ought to have the ability to help with all your financial-planning wants, as much as including, as an instance, handling the tax consequences of company income and establishing donor-advised finance to your charitable gifts.

Financial planners can provide similar services to riches supervisors, but frequently they will allow you to buy services on an “a la carte” basis. By way of instance, if all you need is help to figure out exactly the way you are going to satisfy your retirement income requirements, a few financial planners will use you to make a retirement income program, and you also pay exclusively for that support.

Should you will require help with real estate planning, technical tax aid, or buying information, it might be well worth getting skilled assistance now to safeguard and conserve your resources afterward.

Wealth vs Portfolio Administration

Wealth management provides more comprehensive financial preparation than portfolio administration. It has comprehensive advice on a customer’s financial situation, such as investment management, tax, and estate preparation, bookkeeping, retirement preparation as well as legal advice in some instances.

Portfolio management identifies an agency or individual who embraces an investment plan on behalf of a customer. Portfolio direction involves choosing investments that reduce risk and optimize yields but generally does not consist of other financial preparation services.

Wealth management choice: Online financial preparation solutions

If these wealth-management minimums are greater than you bargained for, then you most likely don’t require wealth administration. Though a few financial planners also concentrate on ultrawealthy customers, there is an increasing cadre of financial advisors working with both wealthy and middle-income people. A few of those advisors run online.

Online financial advisors such as Netwealth (visit Netwealth review) provide portfolio management (also referred to as investment direction) and comprehensive financial planning, such as access to an individual financial planner. Many times, these solutions are delivered completely over the telephone by video conference. As you might not match in person, you are going to work with a financial adviser who will help you construct a holistic budget or attain a particular aim.

The services provided vary by supplier. Some suppliers can assist you with certain financial questions but others — as an instance, complicated queries across the foreclosure of self-employment earnings may be beyond the range of a few businesses.

Given all of the variety, it is very important to look around to get the support that best fulfills your requirements.

 

 

Everything You Need To Know About Investing Bitcoin

Posted on by Grady Karly

Do you want to learn how to invest in Bitcoin? Read on so that you can start as soon as possible! If you got there early, Bitcoin could have been the best investment you’ve ever made. In just a few years, the price of the digital currency has risen from less than a dollar to (at its highest point) more than $ 20,000 per Bitcoin.

Why invest in Bitcoin?
Many people are investing in Bitcoin for a variety of reasons as shown in many posts and articles on sites like ‘medium.com’. Tech enthusiasts often start to learn more about the technical side of cryptocurrency and the associated blockchain. However, Bitcoin is seen by a growing group of people as an investment with an extraordinarily high return. In the early years of Bitcoin, around 2012, the value of one Bitcoin fluctuated around $ 2. In December 2017, Bitcoin hit a record value of $ 20,000. Because the price of Bitcoin fluctuates strongly, the moment of entry is very decisive for the return that you achieve. Thanks to the current high position, the return in 2020 is currently already 110%. When you compare this to the current average savings rate of 0.1%, and an average return of 6-7% on ETFs, you quickly understand why Bitcoin is such an attractive investment. The Bitcoin price has experienced many fluctuations as can be seen in the graph. Business Insider calculated how much investment would be worth in October 2018.

How does cryptocurrency investing work?
There are several ways to invest in cryptocurrency. You can do this directly by investing in Bitcoin. You then buy a coin or part of a coin and sell the coin at a time when the rate is higher. By investing in Bitcoin in this way, you must ensure safe storage of the cryptocurrency yourself. You can buy Bitcoins through an online exchange. There are now many different exchanges where you can deposit money. In a virtual market, you can then buy Bitcoins from other users on the exchange. Another way to invest in Bitcoin is through CFDs. Bitcoin CFDs (Contract for Difference) are derivatives. This is an investment product where the price of a Bitcoin CFD is based on the value of the Bitcoin. This allows you to trade with “leverage”. This effect keeps the investment low in relation to the potential return. This allows you to achieve bigger profits with a small budget. An advantage of CFD trading is that you can go short if you think the Bitcoin price will fall. This allows you to trade even if the Bitcoin goes down. You then make profits when the price of Bitcoin goes down. This form of investment is generally more suitable for experienced investors. By investing in CFDs you are essentially speculating about the Bitcoin price movement in the future.

Where can I invest in Bitcoin?
Do you want to invest in Bitcoins? There are many brokers and exchanges that offer you the opportunity to buy Bitcoin directly online. You can also contact various brokers for shares or futures. You have various options at large international brokers. You can buy the currency directly or choose to trade CFDs. These ‘Contracts for Difference’ ensure that you can invest in the value of Bitcoin without owning the Bitcoin yourself. At large brokers, crypto is the main category among the possibilities.

Financial Hardship – An Experience Common to Many Australians

Posted on by Jacki Gwenevere

A 2019 report released by the Australian Financial Security Authority showed that one of every 5 Australians experience financial hardship as a daily reality.

In all probability, the statistics has changed for the worse, after the COVID-19 outbreak that immediately followed the 2019-2020 catastrophic bushfire. The resulting loss of business income or of regular employment is again, driving many Australians to seek relief from their monthly loan payments by way of loan modification; or other means by which they could temporarily pause or reduce monthly loan payments.

Financial hardship is a circumstance not uncommon to many Australians, even if the country ranks among the world’s wealthiest nations. It’s just that many Australian communities are often exposed to natural disasters that often occur one after another. Such events have great impact on vulnerable citizens, since the damages wrought by the natural hazards adversely affect their ability to recover quickly from financial difficulties.

Financial Hardship and Australia’s Consumer Credit Protection Law

In recognizing the frequency of the economic hardship that many Australians go through during challenging times, the country’s National Consumer Credit Protection Act of 2009, gives citizens the right to request modifications of their credit or loan obligations on the ground of financial hardship — not only as a result of a hazardous event/s but also due to illness, loss of employment or even family breakdown.

Lending institutions on the other hand, are under obligation to consider such requests; but given the right to base their approval on their own set of standards. Now here’s the thing, not all Australians have levels of financial literacy that enable them to obtain the best loan modification deal that can provide them the financial relief they seek. In fact, not many are unaware that there are licensed finance brokers who can negotiate a hardship variation arrangement on their behalf.

The team of financial experts of National Loans Australia (NLA), for one, offers their financial services by representing clients seeking to apply not only for hardship variations, but also for refinance deals, as not all borrowers are eligible for hardship modifications.

Keep in mind however, that unscrupulous individuals are most active during times of financial hardship. That is why before engaging a finance broker, it would be best to be on the safe side, by engaging the services of a licensed finance broker.

Ways by Which Finance Brokers at National Loans Australia Can Help

As finance brokers, the financial services offered by NLA start by providing clients and would-be clients, with a free to use, online Loan Pre-Approval tool. The purpose of which, is to find out the financing options available to an individual based on a bank’s or other financial institution’s assessment of the applicant’s personal information, economic condition and credit history.

As licensed brokers, the goal of every NLA broker is to help a client obtain a finance deal that is most beneficial, and at the same time, suitable to their present and future capabilities to settle a financial obligation. While some clients are not eligible for a hardship variation that will reduce their monthly payments, the NLA team can help by negotiating for a refinance deal.

In their 24 years of experience, this group of financial brokers have maintained well-founded relationships with many Australian lenders, including the non-traditional fintechs. While a hardship loan-modification can be negotiated only with the original lender, a refinance deal is different. A loan refinance can be negotiated with another lender who will agree to provide funds to pay off an existing loan with the original lender.

That being the case, the funds provided will then be the refinance loan that a client will settle with the new lender; but under better and more manageable repayment terms. A refinance loan actually takes away the past due interests and penalty charges that tend to make an outstanding loan more difficult to pay.

British-Owned NatWest Group to Brand All Debit Cards as Mastercards

Posted on by Jacki Gwenevere

The majority British-owned NatWest Group, recently announced that all its banking brands will be converting and issuing debit cards using the Mastercard label.

The move indicates Mastercard’s drive in ramping up its operations not only across the UK, but also in Scotland and Northern Ireland. The NatWest-Mastercard agreement will cover approximately 16 million debit cards already issued by NatWest Banks, the Royal Bank of Scotland, Coutts snd Ulster Bank.

Although Mastercard is generally known as a credit card company, the firm prefers to be recognized for its technology and capability to provide global payment services.That being the case, it continues to work with financial and banking institutions that in turn offer the Mastercard brand to clients and customers through issuances of credit, debit and prepaid cards.

Mastercard Deemed as a Perfect Match for the NatWest Group

Since the Natwest Group offers both personal and business banking brands as well as insurance and corporate financing, Mastercard’s global payments technology can strategically connect NatWest banks and its brands, to different institutions transacting with consumers, merchants, government offices and other financial organizations.

Mastercard’s popularity led to the growth of its global base; building a vast network of merchants, settlement banks and financial institutions whose end users have expressed satisfaction. The global payments company takes pride that the seamlessness of completing a Mastercard transaction is due to the fact that processing takes only mere milliseconds.

The Pros Of Hiring A Debt Collection Agency

Posted on by Paden Krystelle

Your client previously assured you that your invoice will be paid, however they leave the invoice unpaid and ignore and don’t respond to your letters and calls. When you have exerted all possible measures to get paid, what else can you do? One of the best options to consider is to hire an experienced debt collection agency as they are aware of and understand the different laws and legalities in order to quickly and effectively recover what is due to you.

Hiring A Professional Debt Collection Agency – The Benefits

For your business or company to remain afloat, you need to collect the payments for the services you have rendered or the products that you have sold. Sadly, not every customer or client that you have are reliable. Running a business isn’t easy and you might not have all the time to check all unpaid invoices, send letters and make calls as attempts to collect these delinquent debts. The older these delinquent debts get, the more difficult it will be for you to collect them. If your demands are of no avail, hiring a professional debt collection agency, like Frontline Collections,  could be very beneficial and helpful for your company or business. While someone else does the collection for you, you bring back your attention and concentration to running your business.

How is a professional debt collection agency beneficial to your business? Let’s have a look at some of the advantages:

Legal Protection

At present, there are numerous laws that regulate and govern the industry of debt collection, and customers or clients who know their rights can sue if they believe it were violated. Experienced debt collection agencies are aware of this that is why they are well-informed of these laws and regulations. When you hire a professional collection agency to retrieve debts that are unpaid, you eliminate the possibilities of legal risks that are involved when trying to collect these debts.

Comprehensive Documentation

Debt collection agencies make a comprehensive record of the process when they communicate with customers or clients with unpaid debts. If in the future you decide to take legal action against a debtor, the agency you hired will have a detailed record of all the times they have attempted to communicate with the debtor. These records will be used in court to show the extensive efforts of the collector to retrieve the debt. Furthermore, if the debt was claimed in the form of tax deduction, this documentation is needed for tax files. If the IRS does an audit, you will have a detailed documentation to show.

Successful Debt Retrieval Rate

Experienced debt collection agencies who have a very satisfactory debt retrieval rate can increase your chances of being able to collect unpaid debts. Your principal focus is to effectively run your business, a debt collection agency’s is to successfully collect delinquent debts. With a very satisfactory debt recovery rate, you can be certain that these agencies have the best practices and techniques to effectively and legally carry out the job.

Car Crash Injury Claims in France : How French Magistrates Decide on Lawsuits

Posted on by Jacki Gwenevere

In France, claiming compensation to recover medical expenses and costs of damages as a result of a car collision is largely based on the theory of negligence. However, since French laws require all motor vehicles to have at least third party liability insurance coverage, the insurance provider assumes responsibility in the payment of such claims.

That is why in France, any dispute over claims for personal injury cost-recovery involves the car insurance provider as the party responsible for all personal injury claims.

When the amount of damages being recovered by the aggrieved party becomes an issue, the matter may be brought to the local Tribunal d’Instance. If an appeal is made, further legal actions are filed with the regional Tribunal de Grande Instance (TGI). These judicial courts handle the civil lawsuits filed by private individuals in relation to assertion of civil rights.

However, the French judicial system works differently in hearing civil litigation over personal injury claims. No oral testimonies are required in determining the negligence on the part of the driver, as police investigations have already established the party at fault in a car collision. In personal injury lawsuits, only the amount of compensation is resolved in court. If a car crash resulted in death, litigation of the driver at fault will take place in another judicial branch in charge of handling criminal cases.

How French Magistrates Decide on Personal Injury Lawsuits

In settling the settlement dispute, the Magistrate assigns a medical expert who is neutral to both parties, to evaluate the nature of the bodily injuries suffered by the plaintiff from the car crash. On claims of compensation to recover cost of damages, other experts are designated to assess the economic issues related to the damaged property.

The court-appointed experts will then submit reports to the Magistrate, while both parties may also submit their comments and observations to point out possible discrepancies. Based on the Magistrate’s own assessment of the expert-reports and of the observations of both parties, awarding the amount being claimed by the plaintiff will be decided. Not unless the Magistrate finds it necessary to assign another set of neutral experts before making a decision.

Generally, insurance companies negotiate for a settlement before the case is actually brought to court as a way to avoid hefty litigation costs. Yet some insurance companies may regard threats of litigation as mere intimidation that will not follow through, especially if the claimant does not have the economic means to do so.

Still, in such cases, a personal injury claimant can obtain financial support from any of the best companies for lawsuit funding doing business in France. After all, lawsuit loans do not require putting up a collateral or require payment of front-end fees. No monthly amortizations are collected either.

Full settlement of the loan plus interests will be taken from the proceeds of the settlement once the Magistrate awards the amount. If by some stroke of misfortune the Magistrate decides otherwise, the lawsuit lending company will not collect payment from the plaintiff.

Today’s Consumers Consider Fintech Apps as Trustworthy

Posted on by Jacki Gwenevere

The pandemic and the need to stay quarantined prompted many people to search for mobile banking applications to use in the first 4 months of the year 2020, As the COVID-19 worsened, the demand for smooth and easy-to-use digital applications intensified; while the number of people using fintech apps have increased worldwide by more than a hundred percent.

Today, it has become apparent that consumers are becoming more trusting of fintech companies. Mainly because their apps are more focused on the delivery of satisfactory digital experience when providing the needs of mobile app users. The successful fintech companies nowadays, are in fact more keen on investing on innovations to improve their products and in instituting transparency in their services.

That being the case, these companies are well-prepared in satisfying the needs and expectations of their customers. Financial experts consider it noteworthy that decision-makers in the traditional financial industry are now embracing the use of disruptive technologies introduced by fintech companies.

Two Examples of Successful Fintech Apps that Focus on User Convenience

Below are two key players in the fintech industry who have achieved great results in their approach of focusing on user convenience and experience:

Grupo Financiero Actinver – Dinn App

While Grupo Financiero Actinver is already an established traditional bank in Mexico, the company still looked for ways to attract the new generation of customers who haven’t tried their hand at investing. The company’s marketing team recommended that the best way to achieve such a goal is to create an app that would give the smooth experience tech-savvy consumers look for in mobile banking apps.

In 2018, the company created a financial services app called Dinn, which targeted the younger generation of investors who have yet to learn how to effectively invest whatever little money they can spare. Using Google’s acquisition tools, Actinver was able to cost effectively build a financial services app designed to help the new breed of young Mexican investors.

The bank’s investing services required lower funnel actions as they reduce the number of options for their first-time investors, in terms of bonds, stocks, and mutual funds. Since Dinn is a digitally native financial brand, it is well positioned to meet the expectations of Mexico’s new breed of customers.

In the U.S., the most successful developer of this disruptive type of financial application is the Robinhood Markets fintech.

Greenlight

Greenlight is the consumer application focused on enhancing digital experience for children, by educating them early on about managing personal finances. The Greenlight app allows parents to monitor their children’s allowances and on how much they have learned from knowing the essentials of properly handling personal finances.

The company made sure that the app is greatly focused in providing user analytics, decision-making tools, and data infrastructure by harnessing Google Analytics. Moreover, observance of privacy regulations is assured as the Greenlight app was developed using Google’s comprehensive app development platform Firebase.

As a note, early success denotes that by word-of-mouth endorsements and exposure to the public, fintech apps are regarded as trustworthy. Nowadays fintech apps recommended by family members or relatives are regarded as 1.6x more reliable that those received as financial advice from other consumers,

POGOs Also Experiencing Financial Difficulties Due to Global Economic Crisis

Posted on by Jacki Gwenevere

Several Southeast Asian countries that invested in land based casinos to boost their tourism industry suffered from fallouts caused by the COVID-19 pandemic Yet one Southeast Asian country that benefited from the turn of events is the Philippines. Mainly because several years prior to the pandemic, the country had established itself as a regulatory haven for Asia-facing online gambling operators, officially known as POGOs (Philippine Offshore Gaming Operators).

Through its economic zones and gambling regulator, the Philippine Amusement and Gaming Corporation (PAGCOR), the Philippine government allowed numerous existing providers like Playtech and Realtime Gaming to establish their base of operations on Philippine soil so they can better serve their Asian customers. The move also encouraged numerous Asian entrepreneurs to invest in online gambling products, services and technologies.

Playtech and Real Time Gaming, by the way, provide the online casino games offered by a popular Asian online casino which mainly operates by way of downloadable mobile phone applications

At the height of the global pandemic lockdowns, several POGOs were able to obtain PAGCOR’s approval in allowing them to operate and keep their online casino sites running. PAGCOR’s grant of approval however, depended on a POGO’s compliance with the health and safety measures and more importantly, on up-to-date payment of regulatory fees and tax obligations. After all, the ensuing lockdown measure imposed globally was an opportunity that POGOs could not let pass, as Asian gamblers were showing increased interests in online gambling entertainment.

Success of PAGCOR POGOs Spurred Calls for Increased Taxation Among Philippine Lawmakers

In 2019, the Philippines had established itself as a world leader in regulated online gambling, for being able to collect as much Php 8 billion (USD 164.3 million) in revenues from POGOs. In seeing the profitability of the POGO industry, several Philippine lawmakers called for proposals to increase the tax rates imposed on offshore online gambling operators.

However, the move elicited warning from PAGCOR President and Chief Operating Office, Alfredo C Lim, for the government to refrain from overtaxing POGOs as doing so would drive away offshore gambling operators. Mr. Lim asserted that in addition to taxes on offshore gaming revenues, the Philippines is also benefiting from rentals of high-end commercial space and availability of local employment opportunities.

PAGCOR and Its POGOs are Currently Dealing with Declining Revenues

True enough since the economies of neighboring Asian countries have been hurt by the pandemic, even POGOs are experiencing decline in revenues. PAGCOR’s latest report stated that POGO revenues had plummeted by as much as 80%. That is why only 111 of the 218 accredited POGO firms operating in the country were able to secure clearance from the Bureau of Internal Revenue (BIR).

A BIR clearance denotes that all fees and taxes due, including the monthly regulatory fees collected by PAGCOR, have been settled. PAGCOR continued to require it as a condition before they can resume operations, after the government eased down on lockdown orders for nonessential businesses

Moreover, Jose Tria, PAGCOR’s AVP for Offshore Gaming Licensing, reported that as many as 42 online gambling service providers have withdrawn their PAGCOR accreditation, another five (5) POGO licenses were canceled, while five (5) other licenses are currently suspended.

As a result, the monthly regulatory fees collected from POGOs that usually amounted to Php 600 million (US$12.4 million) is now down to nearly half, or Php 300 million (US$6.2 million). As several POGO offices are now closing down, even the related income from real estate leases and other businesses that benefited from POGO foreign workers, are reporting declines in revenue.

Fintech Lenders : When the Need for Extra Funds is Immediate

Posted on by Jacki Gwenevere

It is now apparent that the stimulus loans offered by the government are not as readily available and/or workable, as funding options for needy entrepreneurs.

While the Payroll Protection Program (PPP) of the CARES Act immediately grants $10,000 to successful applicants, many encountered difficulties in preparing and obtaining documents required for speedy and successful processing of their stimulus loan application.

When it became apparent that as the 2020 health crisis will drag on, it became clear for many entrepreneurs that the fastest way they can secure a loan is through fintech lenders. Small businesses have come to realize that in order to survive, they need to immediately bring their business online, incorporate e-commerce technologies as well as launch promotional and marketing campaigns.

However, they need to have additional personal financial resources, if they need to spend extra on restarting their business online.

The PPP charges only 1% of the unforgiven loan balance in case business owners do not meet the requirements to qualify for the forgiveness of loan balance. Yet for entrepreneurs whose need for funding is immediate, competing with the multitude seeking to obtain a PPP loan can be a long and arduous task. That is why many turned to fintech lenders instead.

Who are the Fintech Lenders?

Fintech lenders are companies that utilize Artificial Intelligence, big data, the power of the Internet and partnerships with traditional financial institutions in offering personal or even mortgage loans. Through innovative technologies, fintech lenders have eliminated the need to process loan applications using outdated and complicated methods.

Some examples of today’s leading fintech lenders include:

TALA – Santa Monica, California

Through a consumer-lending app, TALA underwrites loans based on data provided by app-users’ smartphones or smart devices. Examples of data used in determining a Tala loan-applicant’s credit-worthiness include bill payments, social media connections and activities. So far, TALA reports that the company has assisted more than 3 billion new users in obtaining personal loans that will help them build their credit. .

AVANT – Chicago, Illinois

Using its fintech technologies, AVANT offers consumers the Avantcard that enables customers to obtain credit for small shopping purchases or larger loans for emergency needs, home repair or a vacation trip.

BRAVIANT HOLDINGS – Chicago, Illinois

Like TALA and AVANT, Braviant Holdings uses technology and big data analytics in verifying and processing applications that allow the company to make quick decisions. Unlike other fintechs, Braviant Holdings cater mostly to under-banked people, providing them with credit cards to use like Balance Credit and Chorus.

What Factors Affect Changes In Exchange Rates?

Posted on by Regan Andre

The forex is particularly determined by supply and demand. The exchange rate largely depends on them. This is particularly dramatic when, for example, fund companies, banks or entire countries carry out large enough trades in one go. Then the price can suddenly rise suddenly or drop just as suddenly.

Foreign exchange rates are of great importance for all traders in the forex market. So it is important to know the factors that make an impact on the exchange rate.

What influences Foreign Exchange Rate?

The developments in the market. This can be read on a so-called chart. It shows the price trends graphically in a line chart. Brokers like Pepperstone (read Pepperstone broker review) need such charts for their work. You can use them to read the exchange rates and use them as the basis for your future forecast. The finance experts try to read trends in the chart analysis.

Political decisions or elections. The influence of elections can currently be seen very well in the US dollar. Since Donald Trump’s election in November, the dollar has lost value steadily against the euro. In addition, since Trump’s election as president, Mexico has had to throw hundreds of millions of dollars in the market to counter the fall in the price of the peso, fueled by protectionist tones. Fortunately, from Mexico’s perspective, this was possible thanks to large currency reserves.

International crises. In contrast, the consequences of the nuclear dispute with North Korea remained unexpected. While foreign trade and foreign investment declined sharply, the South Korean Wong was relatively unimpressed.

Events in the economy. If, for example, a change occurs at the top of large automobile manufacturers, technology or energy groups, this can also affect the exchange rate if the company is large enough. But the publication of annual figures for important companies can also have a major impact. The change in price can first be seen in the leading indices of the shares.

Natural disasters. Natural disasters and environmental events can also have a significant impact on the currency market. When hurricane Irma headed for Florida, the dollar reacted immediately. Investors feared high losses from the storm, with insurers currently facing $ 40 billion in costs. But when the storm lost strength, the dollar regained strength.
Consumer climate and trade index. Both economic indicators make it possible to forecast the near future economic future of a country. This in turn is decisive for the strength of its currency.

Commodity / oil prices. Commodity prices in general and in particular the prices of crude oil and natural gas also play an outstanding role for the foreign exchange market.

Capital movements. In the case of capital flows, the proportion of underlying real economic transactions has fallen to up to 10%. The lion’s share is speculation. As a result, the stock exchanges are also price drivers. Here, however, it is true that a weak stock market leads to rising prices because investors are fleeing into fixed-income alternatives. It is therefore worth taking a look at the most important stock markets with regard to forex trading.

Monetary policy. The currency policies of individual countries can also lead to price movements that are difficult to predict. In addition to Mexico, Russia and China have recently had to throw large amounts of US securities on the market to strengthen their currencies. While it may be predictable that these steps would be necessary, the exact timing is difficult to estimate.

Conclusion

The list could go on and on. The slightest tremor can upset the markets and start huge flows of capital. Sometimes you expect them and then they stay away. The forex market is very complex and certainly not for beginners. On the one hand there are quick and high winnings, on the other hand the tide can turn quickly and everything is lost. It is therefore advisable to deal with the matter in detail beforehand before engaging in forex trading on the forex market .

Fintechs Provide Tools to Help SMEs, Gig Workers

Posted on by Jacki Gwenevere

While financial technology companies are themselve getting hit by the ongoing COVID-19 crisis, yet several UK fintech innovators are helping small businesses stay afloat.

In recent years and all across the globe, fintech companies have been developing new applications or financial resources to help consumers and small entrepreneurs organise and improve finances. They have managed to ruffle the feathers of traditional banks and other lending institutions, by providing consumers and business startups with agile technologies and solutions for obtaining funds.

Although financial technology companies are not immune to the disruptions caused by the current coronavirus health crisis, some have shown concern on the impact of the current crisis on small businesses in the UK. Many fintechs are currently focused on providing quick solutions that can help small players obtain the government funding relief they need in the fastest and surest ways possible.

Solution Provided by Fintechs to Gig Workers and Independent Solo Entrepreneurs

UK fintechs, many of them volunteers, have been developing new tools aligned with economic relief programs that the UK government launched in helping consumers, gig workers and solo-proprietors of small businesses. Below are some examples:

Starling Bank

Starling Bank, a UK licensed and regulated bank that operates digitally and only by way of mobile devices, recently rolled out the “Connected Card.” It works as an emergency debit card that enables a Starling Account Holders restricted by orders for self-isolation, to extend the use of his or her account, not just to family members but even to carers and friends, so they can purchase essential items on the account holder’s behalf.

The Starling account holder is protected by limiting the Connected Card balance to £200; whist allowing him or her to track and manage use of the extended card, by way of a related mobile app.

“Covid Credit”

Several dozens of UK fintechs came forward to render volunteer work in helping build an application that enabled gig workers, freelancers and self-employed individuals to self-certify their lost income. The certification, being a document required by the UK government in processing applications for economic relief.

“Coronavirus Calculator”

Developers at Countingup, touted as the leading provider of agile solutions for banking and accounting needs of small business in the UK, came out with Countingup. This app enables self-employed individuals to immediately determine how much financial relief they could obtain from the UK government’s coronavirus funding program for small businesses ran by solo proprietors.

“Coronavirus Furlough HMRC Claim Calculator”

Pento, creator of automated payroll tools specifically for use of startup small businesses, created the “Coronavirus Furlough HMRC Claim Calculator.” This tool helps startup entrepreneurs determine how much they can claim as financial relief from the UK government under the “Coronavirus Job Retention Scheme.” The government program intends to help employers of small businesses keep workers employed instead of making them take a leave of absence.

Financial Assistance For Small To Medium Businesses Affected By Covid-19

Posted on by Regan Andre

Small businesses are among the industries that are most affected by the COVID-19 epidemic. To address this, the U.S. Small and Medium Business Administration provides economic relief loans. While these financial aid loans can be an important step for businesses looking to survive their business, the Small Business Administration says it is essentially looking at more plans to assist small businesses throughout the country by enlisting an authorized lender to provide additional loans.

Trump: We’ll Be ‘Making Lots Of Small Business Loans’ Amid Coronavirus Spread | NBC News NOW

The U.S. Small and Medium Business Administration defines small businesses as those with 500 employees or less. The only businesses to be excluded are lenders, gambling agencies or any type of speculative industry.

Businesses may apply for loans of up to $ 2 million at a rate of 3.75% for up to 30 years, but the SBA explained this is not the only plan under consideration to support the current economic climate.

“They are yet talking about this. There are numerous matters, and I can not guess what it’s going to be but I’m sure these negotiations are going on,” said department manager Steve Bugler. “The president, lawmakers, and the SBA are working together on this. “

Since no one knows how long this outbreak flu will last, the overall economic effect of the virus is unknown. Visit the SBA website for more information. Or you may call their direct number also found on their website.

Additional Financial Assistance From The SBA

There will be more financial assistance in the future through SBA loans given to SMEs. The White House declared that the SBA would give lower interest lending options to SMEs impacted by the Coronavirus, and on March 11 asked Congress to raise its $ 50 billion budget.

It is unclear which companies are eligible for financing or which loan programs are available. Contact your SBA regional office for the most recent info.

During the outbreak of the corona pandemic, are financial institutions ready to give assistance?

If you currently have a business loan and run a business within an affected region, you don’t have to stress about repayments being missed. Loan providers including Bank of America and Wells Fargo have issued statements that indicate they are ready to work with borrowers. Deferment or possible reduction of amount due may be an option as a result of the coronavirus incident. Check with the lender for available options.

Grants offered to businesses impacted by the coronavirus

Some local governing bodies like New York and firms like Amazon have begun providing cash aid to businesses impacted by the Coronavirus. These subsidies are smaller than standard loans and are restricted to businesses in a few areas. Grants offered by Amazon are available only to businesses in Seattle.

You can check with your local business unit to find out which big companies are providing grants in your area of business. The basic concept of some personal subsidies is to offset the income losses that some businesses may face after the company has a mandatory homework policy.

What are Fintechs? Why are They Creating a Buzz in the Financing Industry?

Posted on by Jacki Gwenevere

Fintech is short for financial technology now used in referring to companies that harness advancements in financial technologies, in providing financial services that were traditionally provided only by banking institutions.

Actually, fintechs are now at the stage where they are competing with banks in delivering fast and easy to avail financial services, which ordinary consumers can access by way of smartphones and mobile banking systems.

Many startup fintech companies made waves in 2005, 2006 and 2011 when they ventured into offering student loans. Those were the periods when the general public started to lose trust in banks.

To date, several fintech companies like Lending Club, Prosper and SoFi have expanded, furnishing not only student loans. Currently, they are also offering personal loans, home mortgages, equity loans, as well as offer savings,retirement and trading accounts and investment options.

Already servicing several millions of customers between them, these fintech companies can fund as much as $3 billion to $11 billion worth of loans to the general public on a yearly basis.

Yet that would make you pause and ask, “If they are technology companies, are they licensed to offer loans in accordance with government banking regulations?”

“Are their savings and investment offers backed by insurance agreements like those under the traditional Federal Deposit Insurance Coverage (FDIC)?”

Moreover, “Who provide the funding that fintechs loan out?” After all, fintech companies do not have the same business models as banks, in which the latter lends funds as a way of investing deposits placed by customers.

Forbes Conducts Its Own Investigations on How Fintechs Work

Last December 31, 2019, Forbes Magazine published an article that explains how fintechs operate and who provides the funding. The investigation zeroed in on an FDIC-insured and licensed charter bank called Cross River.

Apparently, Cross River also started out as a traditional bank, which financial technology company called Greensky resuscitated when the bank started failing as aftermath of the 2008 financial crisis.

At that time, Greensky, while still a financial technology development company, was already offering no-interest loans. Greensky offered those loans to property owners who wanted to add home improvements to make heir property highly vendable in the real estate market.

Greensky owner David Zalik later approached Gilles Gade, a French immigrant who until now serves as the CEO of Cross River Bank. Through the charter bank, Gade provided funds for loans originated by GreenSky. At that time, the general public had lost trust on bank-funded loans, while financial technology companies like Greensky offered alternatives.

Sure enough, Cross River became one of several charter banks that grew, by funding loans underwritten for fintech companies. After all, financial technologies now include artificial intelligence (AI) in determining, assessing and managing the risks involved in loan operations.

Many call the funding provided by licensed charter banks as peer-to-peer funding. However, Andrew Marquardt of Middlemarch Partners and former New York Fed told Forbes that investors look at fintech companies as banks. Marquardt corrected this view by saying

”They are just tech companies that leverage technology in furthering an old-school bank solution known as business or consumer lending