We have stepped into the Fourth Industrial Revolution, which is being greatly influenced by emerging cyber-based technologies, including Blockchain and digital currencies, which are having huge impacts on the financial industry.
The implementation of real-time payment systems is key to operating in today's hyperconnected digital world however it’s interesting to note that the US may be lagging behind schedule with their adoption especially when compared to Asia and Africa.
In a recent development, the Federal Reserve made an announcement that it intended to create what it calls “FedNow”, which is a financial system that will allow customers to transact bank-to-bank payments in real-time, which is a huge plus to the central bank as it only functions on business days and furthermore, the settlement of payments often takes several days to achieve.
As you may expect, this move by the Federal Reserve does not sit well with commercial banks, because they have well-founded worries about the fact that public sector competitors can offer better payment systems.
While the US is in many ways still finding its feet, high-tech companies in China such as Tencent and Alibaba have improved their payment systems by opting for popular globally respected payment systems. Facebook sought to create the same thing with Libra, but we are well aware of the fact that Facebook has been in the news for the wrong reasons, so they first need to address their privacy invasion issues before Libra can see the light of day.
While all that is going on, Dragon is ahead of the curve, as they have been able to take real-time payment innovations to whole new levels. Dragon is providing real-time payment solutions via the free Dragon Social Wallet, which lets you make seamless, efficient, and effective real-time payments while dramatically reducing fees associated with cross-border payments. If you haven’t got hold of your free and recently redesigned Dragon Social Wallet do it now and try it out by making a Dragon Social Wallet to Wallet transfer which is totally free!