Social networking spawns a new concept as banking harnesses the potential of Web 2.0. The BBC reports.

There is a wave of sites trying to convince people that the web is the place for their money.

The concept is called social lending and the idea is to introduce people who need money to people who want to lend some - cutting out the middlemen like banks and mortgage companies.

… And the web is also turning other established financial models on their head, such as currency exchange.

FXA World is the world’s first peer-to-peer currency exchange where you can trade your foreign currency at a rate that you have set or at the rate the banks trade among themselves.

Social networking spawns a new concept as banking harnesses the potential of Web 2.0. The BBC reports.
There is a wave of sites trying to convince people that the web is the place for their money.
The concept is called social lending and the idea is to introduce people who need money to people who want to [...]