{"id":16653,"date":"2021-09-17T21:00:00","date_gmt":"2021-09-17T19:00:00","guid":{"rendered":"https:\/\/www.11onze.cat\/?p=16653"},"modified":"2021-11-23T16:47:00","modified_gmt":"2021-11-23T15:47:00","slug":"universal-bank-account","status":"publish","type":"post","link":"https:\/\/www.11onze.cat\/en\/magazine\/universal-bank-account\/","title":{"rendered":"\u2018Universal bank account\u2019: how a utopia is born"},"content":{"rendered":"<div class=\"component text\">\n  <div class=\"container\">\n\n\n    <div class=\"row\">\n      <div class=\"col  col-lg-8  offset-lg-2\">\n        <h3><b>With a strong community, a shared structure and leading technology, operating worldwide with a single account can be a reality. 11Onze&#8217;s Head of Product, Jordi S\u00e1nchez, explains what has inspired us to change the world of banking.<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Can you imagine that with a single gesture we could make transactions, apply for loans or move our savings around the globe? Experts of the new digital banking have been asking themselves the same question over and over again for months, and they have <a href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/news\/universal-bank-account-its-time-to-reimagine-beyond-digital-banking\/articleshow\/78214496.cms?from=mdr\">found the answer<\/a> around a breakthrough concept: the universal bank account. They claim that if everyone had a single universal account, it would make the banking industry more efficient, and make life easier for customers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;There are many things in 11Onze that already resemble this universal bank account ideal,&#8221; says S\u00e1nchez. Currently, Spain is a paradigmatic example of how the banking sector tends to concentrate, with a few people controlling the whole market and therefore offering products at the price they want. On the other hand, inspired by this universal bank account, new banking institutions, using blockchain technology, can share information, services and structure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The 11Onze community is inspired by this utopia and has made of it its own work philosophy. &#8220;On the one hand, from the sector&#8217;s point of view, it helps reduces costs and makes the market more competitive. On the other hand, from the customer&#8217;s point of view, it allows everyone to have a basic account to operate more freely&#8221;, summarises our product manager. In short, 11Onze is building a banking experience that is unique in the world.<\/span><\/p>\n\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n\n<div class=\"component gallery\">\n  <div class=\"container\">\n    <div class=\"row\">\n      <div class=\"col col-lg-10 offset-lg-1\">\n        <div id=\"slider_1\" class=\"carousel slide\" data-wrap=\"false\" data-interval=\"false\">\n          <div class=\"carousel-inner\">\n            <div class=\"carousel-item active\">\n              <img decoding=\"async\" class=\"d-block w-100\" src=\"https:\/\/www.11onze.cat\/wp-content\/uploads\/2021\/09\/Jordi-Sa\u0300nchez-1.jpg\" alt=\"\">\n              <div class=\"carousel-caption\">\n                \n              <\/div>\n            <\/div>\n          <\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n<div class=\"component text\">\n  <div class=\"container\">\n\n\n    <div class=\"row\">\n      <div class=\"col  col-lg-8  offset-lg-2\">\n        <h3><b>A single card for multiple transactions<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">So, if in the utopia of the universal bank account, a virtual number would be assigned to each client, a type of identification that would allow us to operate from anywhere on the planet, at 11Onze we also assign each person a code that will allow them, through <\/span><a href=\"https:\/\/www.11onze.cat\/ja-som-aqui\/\"><b>Fem Cua<\/b><\/a><span style=\"font-weight: 400;\">, to download our top-level application, <\/span><a href=\"https:\/\/www.11onze.cat\/en\/magazine\/canut\/\"><b>El Canut<\/b><\/a><span style=\"font-weight: 400;\">, and start operating. In addition, clients will have a single card to manage different transactions, a digital wallet that fully complies with the PSD2 (Payment Services Directive).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the same time, 11Onze will take care of our entire community through a KYC (Know Your Customer) centre. These processes ensure that the financial institution strictly complies with a series of criteria to know, recognise and monitor all the current accounts it is responsible for. In La Pla\u00e7a we have already explained how the <a href=\"https:\/\/www.11onze.cat\/en\/magazine\/11onze-app-test-biometric-security\/\">11Onze application will protect all customers<\/a> thanks to the latest biometric recognition technology.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;Although a bank operation, such as a transfer or a loan application, does require a password to validate the operation, a uniform KYC saves the duplication of processes when the client registers or has to complete bureaucratic procedures because all financial entities will be sharing a database and will have a common procedure,&#8221; S\u00e1nchez adds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><b>The financial hub: a lot of offers for a fintech<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Lastly, and most importantly, this new-generation system, arrived to revolutionise traditional banking, will allow customers to choose where they want to open their universal bank account via the 11Onze access code. &#8220;At 11Onze, we concentrate a lot of IBAN offerings in a single fintech. This means that you can choose where to open your accounts among several European banks. We want to be a financial hub so that customers can operate with diversity and security,&#8221; says our product manager.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Like any leading fintech, 11Onze has created a shared network with other financial institutions which improves efficiency, shares strategies, technology and services, and reduces structural costs. At the same time, it helps customers to quit using multiple unrelated accounts, which obstruct free operations in the global marketplace. We are already the first fintech community in Catalonia. Get ready, now, to be the spearhead of all fintechs in the world. The world is changing. Money, too. It evolves with 11Onze.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Want an 11Onze account?<\/b><b> Order batch in <\/b><a href=\"https:\/\/www.11onze.cat\/en\/ja-som-aqui\/\"><b>Get in line<\/b><\/a><b>. With the code we\u2019ll give you, you can open an account on October 1st.<\/b><\/p>\n\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n\n<div class=\"component cards\">\n  <div class=\"container\">\n    <div class=\"row\">\n      <div class=\"col col-xl-8 offset-xl-2\">\n        <h1>If you liked this article, we recommend you read:<\/h1>\n        <div class=\"cards__wrapper\">\n          <div class=\"card\">\n            <a href=\"https:\/\/www.11onze.cat\/en\/magazine\/canut\/\" class=\"card-link\" target=\"_self\"><\/a>\n            <div class=\"card-img\">\n              <img decoding=\"async\" src=\"https:\/\/www.11onze.cat\/wp-content\/uploads\/2021\/09\/11Onze_visual_banksy_THUMBNAIL-740x600.jpg\" class=\"card-img-top\" alt=\"\">\n                <span class=\"card-category\">11Onze<\/span>\n            <\/div>\n            <div class=\"card-body\">\n              <p class=\"card-title p2\"><strong>Do you know what El Canut is?<\/strong><\/p>\n              <span class=\"card-time\">3 min read<\/span>\n              <p class=\"card-text small\">What was \u201cEl canut\u201d? 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