Youtor
The Financial System Explained — SoFis Galileo amp Technisys Tech
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=H1chC-65kXI
In this video, we'll take a deep dive into the many layers of the financial system to explore how money moves from your hand to another person's or business' bank. Today, you'll learn what happens after you swipe your credit card. • From Plaid, Robinhood, Chime, HSBC, and many other players, we'll see how SoFi's technology platforms, Galileo and Technisys, participate in many layers of this vast, complex national and international financial system to enable fintech companies and other banks to offer services to consumers in the economy. • Example Transaction: • To help you understand how all of the categories of services and layers of systems work together to facilitate transactions and the moving of money throughout our economy, let’s start with an example. This should serve as a primer that you can refer back to as we go through each layer of the system later in the video, when you have a better understanding of each part. And … SCENE! • Consumer Prepares to Buy • Let’s imagine a customer, John, walks into his local store to buy a product — say, a new coffee maker. He’s chosen his product and is ready to pay. John pulls out his credit card, issued by SoFi, his chosen fin-tech banking provider. • Regulatory Bodies Central Banks • Remember that all of this is happening under the oversight of regulatory bodies and central banks, which set the rules and maintain the stability of the economy and its financial system. • Fintech Companies Core Banking Systems • John’s card was issued to John when he opened his account with SoFi. By leveraging Galileo’s API, SoFi made it possible for John to open this account digitally and receive a physical card. Technisys, the core banking system, is managing John’s account, ensuring that his balance is correctly maintained, and will be updated after the transaction. • Point of Sale Payment Gateway • John’s local store uses a point of sale (POS) system, like Square. When John swipes his card, the POS system collects his card information and transmits it to a payment gateway, a service that securely sends credit card data from the store to the credit card network. • Credit Card Networks • The credit card network (Visa, Mastercard, etc.) receives the information from the payment gateway, confirms the card details with SoFi, and checks if John has enough balance in his account for the purchase. • Commercial Banks • Once the credit card network gets approval from SoFi, it conveys the approval back to the payment gateway, which then tells the POS system to complete the transaction. SoFi, with Technisys’ core banking service, then adjusts John’s account balance. • Infrastructure Providers • Keep in mind that all of this is happening digitally, with data being transmitted across servers and data centers managed by infrastructure providers. So, companies like Google Cloud, Amazon Web Services, or IBM could be playing a role in facilitating this transaction. • Transaction Complete • John receives his receipt, confirming that the payment was successful, and he leaves the store with his new coffee maker. The entire process was seamless and quick, but it involved multiple layers of the financial system working together efficiently. • • 🧠 Here are more videos on the related knowledge: • My $255,000 Growth Stock Portfolio: • My $255,000 Growth Stock Portfolio —... • What are stocks? • What are Stocks? Stocks Explained for... • Robinhood Crash Course - Start Investing With $1: • Robinhood Crash Course — How to Start... • How Does Robinhood Make Money? • How Robinhood Makes $400M a Year on F... • How to Protect Your Robinhood Account: • Urgent Alert - Robinhood Users: How t... • Yes, Stocks Go Down: • Yes, Stocks Go Down - These Four Stoc... • What are warrants? • What is a Stock Warrant? Stock Warran... • What are Special Purpose Acquisition Companies (SPAC)? • Special Purpose Acquisition Company (... • Why are SPACs big deals for retail investors? • SPACs are Greater Opportunity Than Yo... • What are the dangers of SPAC warrants? • The Dangers of SPAC Warrants Explaine... • Why I'm Investing $29,000 in $SBE Chargepoint: • Why I'm Investing $29,000 in Chargepo... • • ☘️ Join our Private Patreon Community: • If you would like to support the channel, get priority answers from me, and help me grow Bull Academy, you can become a patron at http://Patreon.BullAcademy.org • Sources: • / f2a55226c6aa • SoFi.com • Galileo-ft.com • Square.com • Plaid.com • ----------------------------------------------------- • 🤑 Get started investing with a free stock from Robinhood: http://join.robinhood.com/lincold1 • 🙏🏾 Thanks for watching http://BullAcademy.org with Lincoln W Daniel • ---------------------------------------------------- • DISCLAIMER: This and all of my videos are for entertainment purposes only. My statements are my opinions and should not be accepted as financial advice.
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