![]() The network will then clear the charge and request payment from their bank. The merchant submits the charge to an acquiring bank, subsequently sending the card data to the credit card network. Let’s say someone bought something with their credit card. Third parties who facilitate money transfers between parties abound in the financial system, each demanding a fee for their services. In centralized finance, a person’s money is kept by banks or corporations whose main objective is to make money. To fully understand DeFi and how it works, it is essential to know how it differs from CeFi.
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