The US and Europe can learn a lot from startups that are nimbler, more digitized, and potentially better at serving underserved people.
your Venmo balance on a Friday night to move $500 to your bank account. You tap the Transfer Balance button: It could be either “instant” with a 1.75 percent fee, or a free transaction that will take one to three business days if you’re lucky.
ACH is notoriously slow. People are so accustomed to this system that it affects the way we imagine banks work, and it shapes our relationship with money in the United States. Overhauling this system to bring it into the 21st century, however, has been an uphill battle. Yet in emerging markets that have historically been viewed as less developed, fintech startups have sparked a rapid reshaping of people’s relationship with money. These companies are eager to prove the value of their innovations, and eager for new, sometimes less regulated markets full of potential customers.
“Everything has to be built from scratch, and there is a high need for very simple tools,” says Sergio Almaguer, the CEO and cofounder of, a Mexico City-based B2B software and payments company. Building a solution to automate payments and invoicing between companies was predicated on the Mexican government’s implementation of an electronic invoicing system in 2004 called CFDi for its federal tax code, following in the footsteps of Chile.
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