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We chatted a couple of hrs; this informative article would be the summary of that conversation, my investigation, and my views, which I will explicitly point out.
I might suppose Organization to Business payments could well be the newest use case. It could even be attention-grabbing, although the problem is that companies in Spain usually pay out at the most recent day they're able to (sixty days) or maybe later on. Immediate payments isn't really a robust price proposition to them.
Bizum emerged to be a joint initiative of a number of Spanish banking companies. The goal was to simplify the techniques and bureaucracy of common transfers, while preserving the same benchmarks and stability—and all finished in seconds.
When you've got not nevertheless began to enjoy the key benefits of Bizum, don’t wait around any more to gain from its features. We let you know what it really is, how it is utilized and everything you have to know concerning this cell payment platform.
Our discussion attained One more appealing problem, how to be certain the implementations of dozens of applications are uniform. They solve the issue by doing a complex certification and model checks with Every single lender. "
When Bizum began to mature, These entities that previously saw it as one particular of many expert services, understood it to be a important component in their professional acquisition and digitization of their clients.
It had been designed by banking institutions covering ninety five% of the industry share in Spain. It truly is presently utilized get more info by 8 million individuals, one of the most used provider of this kind in Europe. This is a surprising results, which failed to take place somewhere else. This information points out its origin, The rationale for its results, how they function to start new items, and its long term challenges.
Provided that Bizum is an initiative with the Spanish lender, the System has the backing of the vast majority of banking companies that run within our place.
To utilize Bizum You merely will need an account within a financial institution appropriate Together with the System, down load the entity’s application and activate the service using your mobile phone quantity. The support is completely no cost as well as your bank will not likely demand you something to make use of it.
They usually selected Redsys (Yet another payment System owned by Spanish financial institutions) to produce the platform, host it, and certification the banking institutions. Redsys was an awesome choice since it already had the integrations While using the financial institutions, which created it easier and speedier to launch Bizum.
Bizum has the opportunity to be interoperable in Europe. In just this European scheme, Why don't you think about that Bizum can be employed as the base?
The development and Procedure of a common directory where IBAN figures of lender accounts are connected to an identifier