Tremble banks: Facebook can operate as a financial entity in Spain – iprofesional.com

Tremble banks: Facebook can operate as a financial entity in Spain

06-01-2017 The social network won the approval of the Bank of Spain to manage electronic money. The banking of that country had been targeted as a threat

The technology not stop gaining ground in the ‘traditional’ markets. Facebook has just be approved by the government Spanish to manage transfers electronic money private.

In this way, the social network figure in the record features Bank of Spain to allow operations through his messenger, Facebook Messenger, the second-most used in the world after WhatsApp, which also belongs to the company of Mark Zuckerberg.

Facebook reported that since account with the authorization Central Bank of Ireland, and therefore had to notify to the rest of the central banks from Euro Zone. This allowed him to make his way in the countries of the bloc.

According to the figure in the registry of the Bank of Spain, the entity Facebook International Limited is registered from the 25th of October. And you can develop seven types of activities: issuance, distribution and rebate electronic money, performances of payment transactions, issuance instruments payment, shipment of money and, finally, implementation of operations payment in which is transmitted the permission through "devices of a telecommunication, digital or it."

In this way, Facebook stands as a strong rival for Spanish banks, which struggle to avoid losing ground in this type of operations. The entities financial of that country launched few months ago Bizum, a platform from which you can make, among other, operations, such as those offered by the social network.

In the third ranking competitors of the financial market, prepared by Instituto de Estudios Bursátil (IEB), warned that Facebook is one of the greatest threats to the banker for having “a potential raid in the business bank transfers at the global level”.

This “means dramatically commissions implemented by the financial institutions for this type of operations,” said Rodrígo García de la Cruz, author of the report, which also includes the threats to Apple, Amazon, Google, and Paypal.

As indicated by Europa Press, although it still has not explained how implement the service in the countries of the eurozone. It is estimated that associate a card debit, as occurs in the united States, where the service is active since more than a year ago.