The Angel of Inventors since 2009
RSS icon Email icon Home icon
  • TransferFast has found a Sweet Spot’ in a local banking

    Posted on March 16th, 2016 Mr. Leo Siemann No comments

    Erki Hendrikson and Sergo Ulpus @ Tehnopol coffee morning

    Not long ago Estonia had one of the fastest and the best e-banking systems in the the World till the SEPA payments were introduced back in Feb 2014 … Then it all went to slow motion again. So, instead of few minutes we could experience 1-2 days transfers from one local bank to another which in many cases weren’t just frustrating but also caused bank fines for innocent people. Then TransferWise started its revolution from London, showing the way to the highstreet banks how to transfer currencies from one country to another with a fraction of the cost what they charged. It was so cool that even Sir Richard Branson made his investment at Transferwise with some 25M. Still, it didn’t touch much of the Eurozone apart from the UK and Sweden who kept their own currencies but made waves in far East, US and Australia. Now we had Transferwise but as soon money reached to the land it was stuck again! Never mind the fast transfer accross the borders. So there was a obvious need to break trough this SEPA / Single Euro Payments Area / system and it happened. Well, it took just another 3 cool estonians: Erki Hendrikson, Sergo Ulpus and Jaak Sarv who started together a smart fintech company called TransferFast. Their service is so fast that it literally takes few minutes to get your funds shifted  in  between local banks and soon across Europe as well. How exactly they do it you can find out from their homepage but in a nutshell this is also a peer-to-peer solution which has emerged under the legacy of Skype what was also invented in Estonia back in 2003.

    So, in order to avoid hefty bank fines and to keep your friends & family happy  You can now move your money fast with  TransferFast :)