More recently, this industry has seen the rise of Peer-to-Peer P2P payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents. One of the biggest parameters for payments is timing, which looms as a crucial element for execution.
By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution. This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. Read this Term industry. The origin of the term fintechs can be traced back to the s where it was primarily used as a back-end system technology for renowned financial institutions.
However, it has since grown outside the business sector with an increased focus upon consumer services. What Purpose Do Fintechs Serve? The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.
This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more.
While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology. The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers.
As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices. David has been with OzForex since when this then small internet business was based in a garage on Sydney's Northern Beaches.
During this time David has enabled and overseen the rapid growth of the company from an Information Technology perspective. Originally joining as a software developer, David played a fundamental role in developing the platform and architecture of our dealing and administration systems and now oversees several very capable teams who continue this work whilst he remains very much hands on. A key to this role has been a deep technical understanding combined with the ability to view things from a business perspective.
With 20 years experience in IT and over 10 of those within the internet industry, he has previously held key roles in both Australia and the UK in industries as diverse as payment cards and systems, media, telecommunications and finance. David kids himself that he is a capable enduro and 24 hour mountain bike racer!
Mark brings over 11 years experience working in public practice and both privately owned and publicly listed international companies. Prior to joining OzForex in Jason spent four years at Macquarie Group and prior to that, three and a half years at Westpac Bank and two years in retail stock broking in New Zealand.
Jason has fourteen years of broad operational experience working with retail, wholesale and institutional clients across a number of financial products and services including foreign exchange, equities, cash instruments, bonds and unit trusts. Jeff commenced working with the OzForex Group in September and is responsible for the operations, treasury and banking functions of the business globally.
Based in Sydney Jeff is also responsible for the businesses Project Management Office and Payment Improvement initiatives as well as managing all merger and acquisition opportunities. Prior to joining the Group, Linda had operated her own company secretarial services business where her key clients included dual listed companies, Xero, Trade Me Group and Summerset Group.
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Managing Director and Chief Executive Officer. Skander joined OFX in February He has more than 25 years' experience in financial services across consumer. Richard Kimber is Chief Executive Officer of the OzForex Group. Richard Kimber has 25 years of diverse global leadership experience that has included several. Neil Helm. CEO at OzForex. OzForexMonash University. Greater Sydney Area. Join to connect · Report this profile. Experience. OzForex Graphic. CEO. OzForex.