Every day, businesses collect payments from customers who are not located in their home country. This is a costly, slow and manual process because the funds cannot be sent directly from sender to receiver; instead, they’re passed through multiple intermediary banks and middlemen who each take a fee and delay the process. These middlemen established this system in the 1970’s, and use it to this day to profit.
This is also frustrating for individuals as they are paying hidden fees, marked up rates and left in the dark on their payment status.
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