46. How technology moves money around the world
May 12, 2021
When you make a payment, your money doesn’t reach the destination bank account straight away. Instead, it goes through an underground railroad of payment providers and intermediaries to reach its destination.
In traditional banking, this process is expensive and slow, but new fintech players are changing the system.
In this episode, you’ll hear from Justin Xiao how fintech company Railsbank is solving this problem, and how tiny snippets of code called APIs tie technology companies together.
Learning notes from this episode:
- APIs are tiny snippets of code that allow one tech product to be integrated into another tech product. For example, each time you see Login with Facebook in a website or an app, that company is using the Facebook API to allow you to login.
- Railsbank allows companies to move money around just like a bank would, by giving access to its services via its API
- To learn more about APIs, listen to episode 37: APIs: Why Uber uses Google Maps
Say hi to Justin Xiao on LinkedIn here.
Listen here on Apple Podcasts.
Listen here on Spotify.
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