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News

UK-based fintech BABB to offer cheaper remittances

Tuesday 1 September 2020 12:32 CET | News

Financial Conduct Authority (FCA)-approved payment institution Bank Account Based Blockchain (BABB) has announced plans to offer better remittances to customers.

The blockchain-based fintech leverages technologies to bypass traditional banking networks and third-parties to enable peer to peer (P2P) payments as well as facilitate international fundraising. The company intends to offer universally inclusive banking technology to allow users to send and receive money to and from family members abroad.

BABB currently supports remittances in more than 130 countries, for over 42,000 verified users and over 100,000 registered users. The fintech manages more than GBP 2.1m (USD 2.5m) in processed transactions. The company said it aims to offer a UK bank account and payment cards to anyone in the world, once it secures a banking licence, according to electronicpaymentsinternational.com.

Source: Link


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Keywords: UK, fintech, Babb, Bank Account Based Blockchain, remittances, payment institution, FCA, Financial Conduct Authority, blockchain, traditional banking, third parties, peer to peer payments, P2P payments, international fundraising, banking technology, UK bank account, payment cards, banking licence
Categories: Banking & Fintech
Companies:
Countries: United Kingdom
This article is part of category

Banking & Fintech

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