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Blog Talents

30 May 2016

Payments reconceptualized by Open Talent finalists

The finalists of the 2015 BBVA Open Talent competition highlight the obsolescence of the common payment gateways and the potential of blockchain technology to change the sector.

Blockchain technology has opened a gap in traditional financial services. As highlighted by Frank Schuil, from Safello, up to 11 startups whose proposal was based on the use of this technology or another specific cryptocurrency were selected to participate in the 2015 edition of BBVA Open Talent.

Schuil also explains why the bank of the future is crouching behind blockchain technology. The disintermediation of many players on the bank transfers scene enables increased efficiency and a significant reduction in these costs, which has resulted in companies emerging such as the finalist Bitso, the creative force of which finds a social vocation in Mexican migrants to the US, according to its founder Daniel Vogel in this video.

Meanwhile, Bitwage approaches the issue from the aspect it considers to be one of the most important pillars of modern society: salaries. Receiving them beforehand, in cryptocurrencies, and through an international transfer is now a reality thanks to the startup that Jonathan Chester represents in this video.