Back to the future of exchange

By on November 3rd, 2015 in Currency Exchange, Peer-to-peer FX

The irony of currency’s current position can’t be lost on many people. Currency’s original principles of simplicity have mutated into a very strenuous affair. An exchange once consisted of one person simply swapping goods or currency with another, but now entails a series of convoluted steps.

The good news is that technology has made it easier than ever to conduct financial transactions of all kinds, and is set to continue doing so.

In spite of this, institutions such as banks are still failing to offer a fair deal to their customers, as they need the extra margins to cover their inefficiencies. Even zero-cost or ‘no fee’ transactions are far from what is implied, as the exchange rate is set to compensate accordingly.

Replacing complexity with simplicity

We set up freemarket based on our own experience of working for banking and exchange institutions, whose business models are maintained through inertia rather than a desire to serve the customer.

We aim to replace complexity with simplicity, and instead provide a fair system whereby more money stays in the accounts of the people it belongs to, and not the middleman.

The point is, while we deal in dollars, pounds and euro we do so because that is what our customers want today. Perhaps in the future they will require Bitcoin transactions – if so, we will cater to that need.

I doubt we will ever be dealing in wool or chickens again. But by enabling people to connect with other people, we are going back to the roots of why currency needed to exist in the first place.

 

To read more about freemarket and our peer-to-peer exchange platform, download our eBook here. Alternatively, you can drop us a line on Twitter, Facebook or LinkedIn.


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James is freemarket’s Chief Commercial Officer. He has a history of finding new ways to solve age-old financial challenges and was responsible for launching some of the first online money transfer and prepaid card initiatives in Europe.


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