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Sometimes innovations are so simple you have to scratch your head to try and work out why it hasn’t been done before – or curse yourself that you didn’t think about it first. That’s exactly the feeling you get when you look at Transferwise, an online currency exchange service that uses the mid-market exchange rate and charges just £1 for a transfer of less than £300. So you’re saving on the exchange rates typically charged by bureau de changes which include a mark-up and service charges. Transferwise – well done, you’re making it easier and cheaper for individuals and companies to move money around Europe. No doubt the banks will look at the simplicity of the approach and bemoan the overheads that cause them to pass charges much larger in comparison on to the customer. They’ll also be concerned about the impact on profits. Currency exchange is a lucrative revenue stream and customers now have a viable alternative which means they don’t have to accept previous high charges as a necessary cost of their transaction. It is similar to the way users of peer-to-peer and peer-to-business lending platforms are benefiting from innovations in finance. We’re full of admiration for the people who use these routes to reduce the costs on borrowing or maximise the value of their money at a time where established institutions prevent that from happening. This type of lending might not be long established, but that doesn’t mean it isn’t credible. Credibility comes from the level of interest and activity in a service, or the value people place on it, and with nearly £350m of loans made through crowdfunding in the UK to date (with much of that in the last 12 month) there is a clear upward curve as awareness is turned into transaction. To join the growing number of people using peer-to-business lending, register with rebuildingsociety.com