Cheques are also revolutionized by “fintech”.
Fintech is a branch of the rapidly expanding economy whose etymology comes from the union of two words: “up” as finance and “tech” as technology. Fintech or financial technology is about digitizing the banking and financial system that uses technology to make the system more efficient.
A startup has developed a new way of making mobile payments, digitizing the paper component and centering the offer on the current account. It will be presented in Milan on October 10 but according to the anticipations “it is already getting the membership of many banks”.
This, albeit theoretically, was possible already since 2015, with the publication in the Official Gazette of the regulation on the submission of electronic payments for bank and circular payments.
The first concrete example was presented last July in London by the Electronic Coin Institute “Em@ney”, led by Italian Germano Arnò based in Malta and operating throughout the Eea (European Economic Area) area.
Whoever issues it has an account with the financial company and, instead of the traditional paper check, fills out a form on its user page. Enter the beneficiary’s details and the amount. From then on the check exists and can be communicated by a simple e-mail to the beneficiary. Who receives it can cash it in the Em @ ney points on the territory, or pay it on your bank account, from your PC.