BABB – Take Your Bank to Wherever You Go

Let's imagine someone asks you "Have you ever thought about an alternative to traditional banking?" You will definitely reply "Why? What is the need for an alternative?". Quite understandable. Because you will consider an alternative for a system only if something is not working or needs improvement. Nowadays, personal banking has drastically changed in such a way that there is no need to visit the branch in person for doing any kind of transaction. Most banks provide web/mobile access to their customers by default or on request. So you can easily do any kind of transactions from your smartphone within few minutes. Right?

To understand some key issues in traditional banking, let us go a bit further. In general, How will you open a bank account? Pretty simple. Go to the nearest branch of the bank from your location. Fill the application form and submit the relevant documents to verify your ID and address. Your account will be active within few hours or a maximum of 1 working day. Most likely, you will get the debit card and internet banking access within 1-5 working days. That’s it. Then, you can easily access your bank account with the single tap of your phone. Sounds good. Right?

Now, the question is "How will you open a bank account if you are an immigrant of a foreign country"? It is not straightforward because you won't get any address or ID proof on arrival. For IT or other skilled professionals, the company will either help or take responsibility for opening the bank account. So, opening a bank account is not difficult for them. What about for low-income people, refugees or asylum seekers? You cannot say that a refugee or asylum seeker won’t have any need for doing financial transactions. They also need a bank account to send/receive money to their friends/family members. Right? But, the problem is how can a refugee /asylum seeker provide proof of residence in a foreign country? It will take a long time for them to get some kind of proof of stay.

How to find an easy method for money transfer to this kind of people? BABB, a decentralized banking platform based on the blockchain technology provides an innovative solution which will help an individual located in any country to send/receive money anywhere in the world without the need of any supportive documents. Because it will be implementing a new concept called “Social KYC”.

Do you know what is KYC? KYC (Know Your Customer) is a process followed by banks and other financial institutions to verify their customers and in order to protect them from AML (Anti Money Laundering) and other fraudulent activities. Social KYC means you can vouch or guarantee someone which will help them to open a bank account provided they don’t have any kind of supportive documents to verify their identity.

You need to hold a special token called BAX token to access the features of this banking platform. For getting more information about the benefits, pricing, and sale of the BAX token, please visit https://getbabb.com/