Denizen has introduced a global borderless account to offer expat banking that will enable them to carry out transactions in multiple countries instantly.
The new platform will help the customers to manage their finances across borders as well as enable them to avoid international transfer fees.
Currently, cross-border transactions face country-specific regulations, currencies and settlement times delaying access and preventing free flow of money across the world.
The global account is expected to be helpful for world travellers, expatriates, tourists, immigrants and other global populations, who maintain multiple accounts across countries to carry out bill payments, transfer money and for other transactions.
Denizen co-founder and CEO Joaquin Ayuso de Paul said: “National borders act as barriers to the free movement of money, inhibiting individuals and limiting the potential for global commerce.
“Denizen is on a mission to simplify banking for global citizens. By delivering the world’s first truly borderless account, we make it easy for anyone to access the financial system from anywhere, then carry it with them as they move for work or travel.”
The initial funding to Denizen was provided by BBVA’s New Digital Businesses unit.
BBVA general manager for new digital businesses Ian Ormerod said: “As someone who has lived and worked in a number countries globally, I know first-hand how difficult it is to manage money across borders.
“Denizen solves a very significant problem for more than 50 million expats and 250 million migrants.”
Currently, the service is available for expatriates living in Spain and the US.
The service is expected to be expanded to nearly 10 European Union countries and the UK in the second half of this year.