Welcome to the FlashFX blog — a must-read for anyone sending money abroad. Find out how to save on international money transfers & manage your money across borders.
$7 billion remittance industry set for massive shake-up
The $7 billion Australian money remittance industry is set for a massive shake-up as a new wave of online and digital-based players enter the market. According to Ashley Jessen, CEO of Profile Booster, the retail money remittance industry is a top candidate for fintech disruption and innovation. “A few years
Ten New Customers Join Ripple’s Global Payment Network
Ripple announced the addition of 10 new customers to their growing global network. Among them some of the world’s largest banks, innovative smaller banks, and payment service providers (PSPs). As the only blockchain provider that has real use cases and customers using our solution commercially, more and more customers
Take charge of your foreign exchange transfers and save
Sending money overseas can be confusing and expensive. Let's break it down... and let us show you just how easy it can be. And you can save a lot. FlashFX makes foreign exchange easy, fast and affordable. We provide a competitive alternative to the existing opaque, siloed and inefficient banking
Embracing Blockchain for Payments
Payments are one area where banks should completely embrace blockchain to compete with fintech challengers and to expand their market share. The existing payments infrastructure used by banks faces multiple challenges relating to security, speed and cost. No wonder, Santander Group executive chairman, Ana Botín believes that her bank’s
The great currency deception - uncovered
When it comes to foreign currency transfers, especially by consumers and small to medium-sized businesses, what you find are big financial institutions bouncing your money around the world like a pinball from one fee-charging bank to another, using a complex and expensive relationship network – a desperate stand-in for an efficient
Bank executive takes over as new chief of the Digital Transformation Agency
Gavin Slater, former NAB executive, will be the new chief executive of the Australian government’s Digital Transformation Agency. In a statement the Assistant Minister for Digital Transformation Angus Taylor said Slater had a proven track record in driving transformation change to respond to digital disruption, and his experience would
The quiet engine powering Australia’s innovation boom
Not that long ago, building a global company was reserved for large incumbents and heavily capitalised start-ups. But that’s changing. Instead of needing millions in the bank or being based in the heart of Silicon Valley, the internet — and the tools it enables — are empowering a new generation of
Ripple Continues to Bring Internet of Value to Life
When faced with the issues of today’s antiquated cross-border payment system, we often focus on the difficulties of scalability with banks struggling to handle the volume of transactions, causing it to take three to five days to complete. In a time where you can send a text message to
The future of banking: four scenarios
The fact that the financial services industry, and especially banking, is going through the greatest disruption since the arrival of computers in the 60s is now universally accepted. The advent of digital technology and, more importantly, its adoption by customers is changing the fundamentals of the business. This isn’t
AUD CAD Exchange Rate Slides after AUD-Damaging Trade Report
The Australian Dollar has dropped against the Canadian Dollar due to a concerning report about AU-US ties. The report looked at Australia’s relationship between the US and China, and the potential difficulties of trying to alter these relationships. With the US looking increasingly protectionist, Australian officials have considered whether
Fastest, most affordable currency transfers from Australia to Europe
Australian startup FlashFX was designed from the ground up to outperform traditional financial institutions by providing fast, secure and very affordable foreign exchange conversion services as an alternative to the existing opaque, siloed and inefficient banking networks. And it does so without the hidden fees typically imposed by the banks.
Ripple Selected to Participate in the Bank of England FinTech Accelerator’s Exploration
The Bank of England’s FinTech Accelerator announced that it is conducting a PoC with Ripple to demonstrate cross-border payments and settlement using two different Real Time Gross Settlement (RTGS) systems. The goal of this PoC is to showcase the synchronised movement of two different currencies across two different RTGS
Everything you need to know about foreign currency transfers
You set up a foreign currency transfer. The money leaves your account. It disappears for days. And then it turns up (significantly reduced) in the recipient's account. That's just how it works! And the banks really don't need you to know anymore. But, have you ever wondered what happens to
Discussing Trends in Global Payments at the GCC Financial Forum
Hundreds of international financiers, business leaders and policymakers from around the world gathered in Bahrain to discuss the future of financing at last week’s sixth annual GCC Financial Forum, writes Amy Hirth for Ripple Insights [https://ripple.com/insights/discussing-trends-in-global-payments-at-the-gcc-financial-forum/] . Watch the video here. Marcus Treacher, head of Ripple’
Japan: 47 Banks Complete Ripple Pilot
SBI Ripple Asia announced today that a consortium of 47 banks successfully completed a pilot implementation of Ripple in Japan using a cloud-based payments platform. This platform, RC Cloud, is powered by Ripple’s solution and is the first in the world to enable real-time money transfers both domestically and
Top 5 FinTech and Banking Trends for 2017
* FinTech competition will drive banking transformation. * Continued shift from in-branch to digital channels. * Customer service will be the most important differentiator for banks. Banks should especially be worried about the fact that 33% of millennials don’t believe they’ll need a bank in the next 5 years, and almost
Ripple Supports Efforts to Drive Thoughtful Regulation
Innovation in banking often results from the convergence of three key domains: financial services, technology, and regulations. The regulatory framework is a crucial aspect of innovation. When crafted in a balanced, proactive way, regulations can directly drive positive innovation and market competition. This is why Ripple has been an active
How much did your country send and receive in remittances?
In 2015 Australia saw an outflow of remittances of US$16 billion, while it received around US$2 billion. Globally remittances totalled $582 billion according to World Bank figures. The largest source of remittances is probably not unexpectedly the United States which saw over US$133 billion leave the country.
What is FinTech?
According to Morningstar [http://www.morningstar.com] "FinTech companies are businesses that leverage new technology to create new and better financial services for both consumers and businesses. It includes companies of all kinds that may operate in personal financial management, insurance, payment, asset management, etc..." These start-up companies compete directly
Commonwealth Bank to report record profits this week
Commonwealth Bank of Australia, the nation’s largest lender, is expected to report an all-time high half yearly cash profit of $4.83 billion this week according to The Business Insider Australia [(http://www.businessinsider.com.au/commonwealth-bank-may-report-another-record-high-profit-heres-what-to-watch-out-for-2017-2)] . This makes them among the most profitable banks in the world, by
Lessons From Bank of Canada's First Blockchain Project
Carolyn Wilkins, the senior deputy governor of the Bank of Canada, where she oversees the central bank's strategic planning and economic and financial research, looks back on key takeaways from nearly six months of distributed ledger learnings. She writes "It's not surprising that central banks have developed a keen interest
Do Big Corporations Still Need Banks?
The Wall Street Journal recently reported that Ant Financial, an affiliate of Alibaba, is involved in a deal to buy U.S. money-transfer business MoneyGram. This news comes just two days after TechCrunch reported that Airbnb is in talks to acquire Tilt, a payments startup that helps groups of people
The best way to send an international money transfer [per FlashFX]
Have you ever wondered how to best send money internationally? Two principal options have been available for some time and a third has just arrived. > Your bank. This is the most common and the most expensive way to send your hard-earned cash overseas. It also takes the longest. And while