Finally B2B gets a payments platform that matches the internet age.
No one loves a bank except bankers and bank robbers. And sometimes not even the bankers.
The founder of Traxpay worked for Deutsche Bank for more than 10 years. There, in the Payments Department, in the middle of the profitable B2B payments section, one could make a good bank career churning out bank profits-- if one could suffer the typical complaints and frustrations of customers.
The banks, not just Deutsche Bank for sure, but all banks today give a horribly antiquated service, a service that basically ignores the needs of quickened supply chains. A service that's slow by modern internet-enabled business standards... and yet expensive by any standard.
Think about how long it still takes bank transfers. Our own bank, for example, still charges 24 euro if you would like a 24-hour guaranteed transfer. Another one of our banks takes three days to clear an incoming transfer. All this aggravation and cost still prevails in the age of internet, the era of simultaneous communication.
We are lulled into expecting this low level of service because banks are incumbent in a business designed long before internet. Yet all of our businesses are tied to banks from birth by an invisible umbilical cord. Continue reading...