financeFinancial Services

Redefining Finance: How Black Banx Competes with Payment Giants

Redefining Finance: How Black Banx Competes with Payment Giants

With the continued development of new software, just about every traditional bank now offers account services via websites and corresponding apps. Taking this a step further has been technology companies who’ve developed online money transfer services.

As travel and remote work are at an all time high, lifestyles are now more global than ever, and today’s payment platforms and digital wallets have proven useful for consumers needing to transact and maintain their accounts from halfway across the world.

From Paypal, which accounted for 22% of all online transactions in the world with a mobile payment volume of $227 billion in 2021, to Square, which according to Forbes was the favorite payment platform for merchants in 2022, consumers have numerous options to choose from for their online money transfer needs.

However, not all banking needs and overall financial circumstances are alike and, for all the advantages they provide, many payment platforms and digital wallets still lack at getting consumers the most use and value out of their money.

Changing the Landscape

With a mission is to unlock a borderless financial system for everyone where money

can flow freely, Black Banx addresses some of the disadvantages that come with the use of standard payment platforms and digital wallets.

Disadvantage/limit of present payment platformsHow Black Banx fills the gap
  Fees   Many payment platforms and digital wallets of today charge fees for certain transactions, such as for receiving payments, sending payments internationally, and for currency conversions.   These fees can add up and cut into the total amount of money one actually sends or receives.  Black Banx charges NO FEES for incoming deposits, as well as NO FEES for transfers between Black Banx accounts.   Depending on the type of Black Banx account, withdrawals to external/non-Black Banx accounts are charged a minimum fee that is no more than 0.28 Euro per SEPA payment or 8.00 USD per SWIFT (Green Accounts).
Security risks   Even the most popular or widely used payment platforms and digital wallets are susceptible to hacking and fraud.   When accounts are compromised, customers could lose money or have personal information stolen.
  Black Banx maintains strong relationships with the leading banks in the world to ensure customer funds are always safe. Customer’s money is never held at one bank in one country. Black Banx provides further protection by keeping segregated accounts at leading banks in various countries, resulting in customer money being globally diversified and protected by multiple jurisdictions.     In terms of data protection, Black Banx is fully PCI DSS 3.2 certified, complying with the highest Data Security Standards and employing a Team of Security experts paying utmost attention to protect customer data. Black Banx Servers are located in ISO certified Data Centers, complying with the highest of standards in the banking industry.  
Currency restrictions   Again, depending on their terms or where they mainly operate, some payment platforms and digital wallets are limited to only certain currencies.   This is cumbersome for consumers who need to make or receive payments in currencies that are different from what is available to them locally.  Black Banx enables customers to have private and business accounts, make international payments, and process inter-platform payments in 28 FIAT and 2 crypto currencies.   In addition, Black Band also offers multi-currency Mastercard Debit Cards (plastic and metal) and virtual cards, as well as interest bearing savings accounts in EURO, USD, GBP, JPY.  
  Limited acceptance   Not all merchants or businesses accept PayPal, Venmo, or other payment platforms or digital wallets as a form of payment, especially in certain countries.   This often limits one’s monetary liquidity, particularly when traveling or working overseas.  Along with enabling customers to send and receive payments in more than 28 different currencies, Black Banx also enables direct payments to be made via the Black Banx Debit Card.
Delayed access to funds   When sending or receiving payments via a payment platform or digital wallet, there may be a delay before the funds become accessible.   Depending on the provider’s processing times, such delays can range from a few hours to several days.
  Black Banx processes international payments in 28 FIAT and 2 crypto currencies using local instant settlement system where possible (e.g. FPS, SEPA instant credit, etc.)   The company also offers real time 24/7 currency exchange services and crypto trading services, as well as batch upload or API to execute large numbers of payments for business customers.   This enables customers to send and accept local and international payments almost instantly, and hold or manage funds in multi FIAT and crypto currencies.  
  Limited control   Most payment platforms and digital wallets have strict policies regarding transactions and account activity. In some cases, accounts may be suspended or terminated without warning when in violation of said policies.  Along with enabling customers to manage and monitor their Black Banx cards and accounts in real time, Black Banx does not designate limits on these and allows customers to configure these on their own.

The Bottom Line

Indeed, banking has come a long way since the establishment of the Banca Monte dei Paschi di Siena in Italy in 1472. While bills and coins remain a widely utilized medium of exchange, so too has digital payments.

As trade and employment continues to become increasingly global, so too will people’s banking requirements. It is beneficial that institutions like Black Banx are committed to not only keeping up with those needs, but are always at work to provide solutions that are future-ready and continue to prioritize what is best for its customers.

About Black Banx

Black Banx was founded in 2014 by German billionaire Michael Gastauer with the aim of easing the flow of money for consumers on a global scale. Officially launched in 2015, Black Banx has since grown to now serve over 20 million retail customers and 1.5 million business customers.

For more on the company and its financial services, or to apply for a Black Banx account, visit

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