Problem

Cross-border payments, especially for enterprise-scale needs like international payroll, are currently facing profound challenges that hinder the efficiency of the global digital economy. These issues are rooted in rigid and fragmented conventional financial systems.

Key Limitations of Current Systems:

Expensive and Slow

Traditional payment processes, such as SWIFT transfers, involve numerous intermediaries (correspondent banks) that impose high fees and cause delays lasting several business days. Consequently, companies bear significant operational burdens, while employees have to wait an unacceptably long time to receive their salaries.

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Lacking Transparency

The lack of visibility over fund flows makes it difficult for companies to track payment statuses in real-time. On the receiving end, hidden fees and unfavorable exchange rates can erode the value of a salary, leading to uncertainty and dissatisfaction.

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Inefficient for Mass Payments

Existing systems are not designed for automated mass payments. Companies must manage individual transfers to various countries, a process that is complex, error-prone, and highly resource-intensive.

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Centralized and Outdated

Conventional solutions rely on centralized institutions that are susceptible to single points of failure and a lack of digital innovation. They fail to harness the full potential of fast and efficient digital assets.

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In summary, the current state of cross-border payments creates friction that is detrimental to both businesses and individuals, impeding the growth of an inclusive and efficient digital economy.