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Wow. 32% of Transferwise remittances are now instant: https://transferwise.com/gb/blog/mission-update-q3-20
One way they've sped things up is by doing instant ACH. Wait, ACH is glacial, right? How does this work?
The moment that Transferwise receives notice of an intent to pay via ACH, it will lend the...
One way they've sped things up is by doing instant ACH. Wait, ACH is glacial, right? How does this work?
The moment that Transferwise receives notice of an intent to pay via ACH, it will lend the...
...balance to the client. Now the remittance can proceed. When the ACH payment settles 24 hours later, Transferwise cancels the debt. Voila, instant.
By the way, this same trick is why some Americans got their $1200 stimulus 5 days before everyone else! https://twitter.com/jp_koning/status/1250874780745596929
By the way, this same trick is why some Americans got their $1200 stimulus 5 days before everyone else! https://twitter.com/jp_koning/status/1250874780745596929
Remittances are also going faster because Transferwise is directly connecting to some central banks, including the Magyar Nemzeti Bank, Hungary's central bank.
Hey, central banks. Instead of forcing remittance firms to connect to you via a bank, why not give them direct access?
Hey, central banks. Instead of forcing remittance firms to connect to you via a bank, why not give them direct access?
