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First Finance International Bank unveils worldwide platform
Puerto-Rico's First Finance International Bank (FFIBI) is bringing financial services closer to everyone by unveiling its worldwide platform offering cross-border payments for a fraction of the cost charged by the traditional banking institutions.
After five years of development and collaboration with industry leaders, the neobank offers clients, advanced, affordable, innovative, and user-friendly financial services tailored to their specific needs. The newly reinvented FFIBI platform is providing individuals and corporations with competitive multiple transaction options through cross-border payment and transfer to 126 countries, including access to E-gift card, bill payment to 12 countries, currency exchange, airtime top-up, and more.
"To address consumer need for a complete, reliable, and affordable financial solution, FFIBI offers a unique suite of services that currently has no equal in the marketplace," said Michel Poignant, FFIBI CEO. For his part Jorge Marrero, Chief Compliance Officer of FFIBI stated: "Guided by extensive research of our target customers as well as their needs and wishes, FFIBI offers our clients a financial solution that includes the most advanced technologies available in terms of compliance, security, and efficiency."
Neobanks or digital-only banks, are fintech firms that offer apps, software and other technologies to streamline mobile and online banking. They lack physical branch locations and shouldn’t be confused with online banks.
Venture capitalists have been pouring funds into neobanks over the past decade and there will be 47.5 million digital-only bank account holders in the US by 2024 but neobanks aren’t for everyone.
Prospective neobank customers should assess their comfort level using technology platforms. Are you willing to download another app, give it access to your sensitive financial data and make investments online? Are you comfortable using modern technology, like AI and chatbots, for virtual online support? Or do you prefer in-person support? Another aspect to consider is the vulnerability of online-only banks caused by breaches in security systems.
Neobanks are growing. It's easy to be lured by heavy marketing, new account discounts and a promise of offering something different. Consumers should always read the fine print and see what the app store customer reviews say.
FFIBI was licensed on May 16, 2017, as an International Financial Entity (IFE) with the Puerto Rico Office of the Commissioner of Financial Institutions.