BBVA-Backed Denizen Eliminates Time & Cost of International Banking

BBVA-backed Denizen, which launched on March 26, 2018, is on a mission to allow customers to receive money in one country and pay it out in another immediately, avoiding international transfer fees and eliminating currency exchange fees.

Typically, every time a transaction must cross a border, it encounters a number of points of friction that slow it down. These can be currency exchange, platform changes, new settlement rules, or more. This newly launched global account is the first product in a planned family of Denizen solutions designed to eliminate the cost, uncertainty and hassle of international banking today. Ultimately, it is envisioned as a solution for anyone that must manage finance across borders.

Also, Denizen is looking for ways to offer its services as a white label solution in which international businesses, that frequently ask their staff to work overseas, could offer these employees their own branded bank account. This would enable colleagues to keep their existing direct debits and regular payments in one country, and yet set up new ones in other countries – as well as the transferring of money and payments overseas.
 

“National borders act as barriers to the free movement of money, inhibiting individuals and limiting the potential for global commerce. Denizen is on a mission to simplify banking for global citizens. By delivering the world’s first truly borderless  account, we make it easy for anyone to access the financial system from anywhere, then carry it with them as they move for work or travel” – Denizen CEO, Joaquin Ayuso de Paul.
 

Bottom Line: file under the category of ‘Open Banking’ and ‘PSD2’ (Payment Service Directive) that allow bank customers to use third-party providers to manage their finances.