Washington Works Blog

Technology improves a lot of things, especially when it is used to make something that is usually time-consuming and difficult less so. One aspect of life that is changing rapidly is the financial services sector. Finance, banking, insurance, and other industries that would be tabbed as financial services have embraced mobile technology for its ease of use and efficiency. The development of computer applications that make it easier to invest, diviest, and manage financial services and money are becoming prevalent throughout society. Let’s take a look at FinTech.

While many different people open businesses, the primary reason that they all do so is to make money. A positive cash flow is essential if the business is to generate funds that support a cause or provide a decent living. However, to collect this cash flow, a business must have their invoices returned. As it happens, this doesn’t often occur in a timely manner.

Today’s businesses are looking to expand their cashless payment options to include those made through mobile devices. Doing so, can provide your organization with a variety of benefits. 

Do you remember how your bank issued you a new debit or credit card with a built-in, security-enhancing chip? There are now ATMs specially designed for use with these chips. Unfortunately, the same technology that was originally meant to secure your finances can also be used against you in the form of fraudulent cash withdrawals.