Settlement time and expense is too long and too expensive for the typical consumer. Apifiny CEO Haohan Xu discusses how disruptive technologies will shake up the remittance world in this article published in Global Banking & Finance Review.
In “It’s About Time: Disruptive Settlement Technologies Are Coming to Banks,” Haohan opens by stating, “The race is on to reinvent settlement. As customer demands for faster settlement times increase, and new technologies come online, banks are under pressure to meet their clients’ heightened needs.”
He goes on to say that new technology, in the form of blockchain, is on hand to help settlement play out in real-time, not hours or days. Primary points include:
- The complicated and time-consuming journey that cross-border payments must take prior to settlement.
- The fact that the backend tech of legacy settlement organizations like SWIFT are showing their age.
- The emergence of Distributed Ledger Technology (DLT) solutions to better serve worldwide banks’ settlement needs.
- How Roxe’s global instant settlement network distinguishes itself from other DLT entrants, with it’s ability to enable instantaneous and more reliable global asset transfer for banks—without exposing them to the volatility of a core cryptocurrency.
- The need for banks to rethink settlement and consider the benefits of the latest blockchain technology developments.