👋 About Fazil
It is the perfect substitute for cash and those vintage purses. Fazil provides a digital 100% wallet and on your mobile, at no cost to you and without commissions, to which you can load money when you need it to pay your daily expenses with your mobile through Apple Pay or Google Pay.
You simply have to be over 18 years old and have your current Spanish ID. Very soon also with NIE and PASSPORT.
You can do the same as with other banks but in an easier and more intuitive way and without any commission. You can pay with your virtual card both in physical stores and online, send, request and receive money, make SEPA transfers (to all of Europe)... but above all, manage and move your money from day to day in a very simple way.
Also, if you want you can buy products that you will see within your user area that are specially designed for you and at impossible prices.
Fazil operates thanks to third-party EDE licenses that support card issuance and electronic money account management.
Electronic money institutions, also known as EDE, are those whose activity is focused on issuing means of payment in the form of, precisely, electronic money, and which is accepted as a means of payment by companies other than the issuer. They are regulated in Law 21/2011 of July 26.
These entities transform money in general terms into electronic money so that it can be used in transactions in those online establishments that are authorized. By way of example, it can be said that one of the best-known entities with these characteristics is Paypal.
No, Fazil has the technological support of Pecunpay (EDE), an Electronic Money Institution regulated by the Bank of Spain, so it can issue payment cards and electronic money accounts.
Unlike a bank, the money deposited in our accounts is neither loaned nor invested. It is 100% available and guaranteed at all times.
Fazil also has a network of product and service providers in Europe and Asia to create products at a very competitive cost that you will surely like.
App, Web App, PWA... 
The technological development of Fazil is based on the latest in web technologies, known as PWA (Progressive Web App). This means that it is not necessary to download a native application (from the Apple or Google store) to be able to use it, with all the advantages that this entails:
You can add fazil to your mobile home screen as if it were a native app.
You will be able to access your fazil account anywhere in the world with just a web browser and your access credentials. All transactions are always encrypted using SSL security certificates.
If you lose your mobile, you do not lose access to your account since fazil is not linked to a specific device. Most neobanks are only based on a native App installed and this means that if you lose your mobile, you will not be able to access your account until you receive the duplicate card to be able to install the app again on another device.
You will have the latest version of the application every time you access. Unlike native APPs that require downloading the latest update every time a new version is developed.
We will be more agile in the development of updates since instead of having to develop 3 applications (ios, android and web), we generate a single APP compatible with all devices.
You simply have to enter https://app.fazil.io, enter your phone number with which you created the fazil account and enter the secret key. If you don't remember it, we will send you a code to your mobile so you can restore it.
The security of Fazil. not a bank complies with all security and encryption protocols. Each and every one of the transactions are encrypted and sent through SSL security protocols. In addition, to carry out each transaction, we will verify through our internal security protocols that it is you who is managing the transaction and it is not a third party.
On the other hand, we operate through the SSL (or TLS) digital certificate of banking operation, also WTLS protocol. The standards used are the PKCS#7 defined by RSA and S/MIME if the system is based on secure messaging. The authentication procedure consists of TRANSACTIONS BASED ON SET Visa, payment protocol par excellence for the practice of Retail Electronic Commerce. SET (Secure Electronic Transaction) is a protocol that electronically emulates, through the use of certificates and digital signatures, the payment of goods and/or services by credit or debit card.
Regarding card payments in your online purchases, you will have an additional security bonus with 3D Secure to avoid fraud.
💳 Electronic money
According to the Bank of Spain, it is the monetary value represented by a credit payable to its issuer and which has these characteristics:
Accepted as a means of payment by companies other than the issuer.
Stored in your electronic support.
Issued upon receipt of funds of an amount whose value will not be less than the monetary value issued.
According to the Bank of Spain, there are currently several entities with these characteristics in our country, such as MoneyToPay and YoUnique Money or SEFIDE EDE. Although it is true that some of those authorized in the European Union can operate in Spain. Also Pecunia Cards PECUNPAY, with whom we work.
💰 Commissions, price...
Negative. You can create your account without fear because we will not charge you a penny!
Also, if you decide that in the end you don't like it (we doubt that will happen), you can unsubscribe whenever you want. No permanence, no fine print or weird stuff. Transparency above all and stay only for love!
Well, you will see… within your user area you will see a section that we call STORE. In it you will find several products that you can buy such as scooter insurance, insurance for your smartphone, computer or tablet, among other products (at the best prices). They are products from other companies that we think you will like and maybe one day buy.
In this way, every time one of our users contracts something, the provider pays us a commission. And so we all win. fair, right?
🦾 Fazil, a Fintech
In order to understand in detail what 'fintech' is and what its impact will be in the world of startups, let's go to the roots first.
'Fintech' would refer to the combination of 'financial' and 'technology'. Financial practices that have an extreme dependence on technology would count with this etymological base of little rigor. Now, as it is a term that is beginning to arrive little by little, there are those who see it in one way and others, logically, in another. For example, some refer to 'fintech' as “technological companies that offer financial services outside of large traditional companies”. Roughly speaking, it could be explained as the development of financial services based on technological innovation.
However, in its breadth it should be defined as "companies that provide financial services through technology ALONGSIDE traditional banking". And what services? This is where creativity and vision of what the market needs comes into play.
Right now, the big question in the banking ecosystem has to do with market niches and whether there is still room for innovation and the development of new services and products.
At Fazil we are convinced that the banking of the future will be very different from what we understand by banking today, since the new generations do not feel identified with the traditional banking model.
Unlike a traditional financial institution, a fintech is generally formed with a very limited structure and resources. Following the startup model, fintechs have a desire to grow exponentially, which is also called high scalability potential. In addition, this small structure allows great flexibility when making decisions and implementing new solutions that in a traditional entity would take more time and resource management.
According to the Millennial Disruption Index report, 7 out of 10 young people would rather visit their dentist than go to the bank. Furthermore, according to the same report, the 33% thinks that in 5 years he will not need a bank.
This is why we have created Fazil, which differs in its approach from other neobanks such as Bnext / N-26 / Revolut / Rebellion and provides value with substantial differences in user experience and the number of possible implications.
Absolutely NO. According to the data, only 20% of fintechs compete with traditional banks. According to a study by the Financial Digitization Observatory, 48% of the 300 state 'Fintech' are complementary to banks, 32% are collaborative and 20% are competitors.
The financial sector is immersed in a process of digital transformation and innovation in which fintech companies are "key allies" with which to complement and actively collaborate. Traditional banking improves its innovation with this intellectual competition, gains in agility and response times, its time to market is much faster...
It has access to a new market niche that is difficult for it to access by offering a new financial service model that is more transparent, agile and focused on the needs of increasingly digital customers.
Fazil has been designed as a complement to traditional banking to which users can transfer money from their other account and make daily expenses with their mobile.
