Thanks to Uulala companies stop paying commissions for their banking transactions and instead become business partners of a system that allows both the company and its final users to be connected to every traditional means of payment and cash disposa
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(Spin Digit Editorial):- Los Angeles, California Oct 28, 2021 (Issuewire.com) – Meet Uulala, the Fintech that allows
companies to become their own bank.
October 2021 Although in the 21st century easy access to banking services is apparently assumed, the reality is that these tools are still limited to a small part of the population. According to Payments Cards and Mobile, 70% of the world’s adults lack access to banking services.
The limited access to banking services is attributed to the requirements for opening accounts, which are excessively high. In addition, the services purchased turn out to be expensive. According to the World Bank’s Global Economic Prospects document, the fees charged by the traditional banking system on remittances are ” expensive, regressive and not very transparent .”
Precisely with the purpose of offering an alternative to traditional banking, Uulala has just been launched after approving strict compliance requirements set by the US Securities and Exchange Commission.
This California-born Fintech’sobjective is to disrupt the global financial market, to make it more efficient, transparent, fair, and accessible, based on the principles of Decentralized Finance (DeFi ) and Blockchain.
According to Oscar García, CEO of Uulala, traditional banks currently operate with old rules and bad practices. For their part, Fintech companies move faster and, thanks to the use of technology, they also reduce costs.
Uulala applies visionary technology to ensure that any company can become its own bank, freeing itself from the high commissions that must be paid for each transaction carried out.
“It is worth noting that the business of commissions for financial transactions amounts to 7 trillion dollars annually and is controlled by no more than 80 companies in the world. These companies are called Automated Clearing House (ACH) and, by the way, they are mostly owned by the banks that charge these commissions or by governments”, says the CEO of Uulala.
How does it work?
Thanks to Uulala companies stop paying commissions for their banking transactions and instead become business partners of a system that allows both the company and its final users to be connected to every traditional means of payment and cash disposal, but without the excessively high commissions. Additionally, Uulala returns the company a percentage of all the commissions generated by its own transactions. Companies not only pay less in transaction commissions but actually earn money out of them.
Uulala has the capacity to generate individual debit cards backed by Visa and all its services are easily and fully accessible through its mobile superapp that allows all kinds of solutions for financial inclusion: physical and virtual payment cards, invoice payments, payroll credits and microcredits, payments through QR code, national and international transactions, mobile digital wallet and credit history building.
Source :[email protected]
This article was originally published by IssueWire. Read the original article here.