We are thrilled to be featured in PitchBook's latest deep dive report on the cross-border payments industry! Thank you Rudy Yang for the opportunity. Download the report to gain valuable insights into market dynamics, shifting trends, and the future of global payments so you can stay ahead of the curve. #Fintech #CrossBorderPayments #Remittances
International money movement in the context of NYC subways 💸🚇 : While living in Brooklyn, I relied heavily on the L Train to get to Manhattan. It was easy - with a 10min walk and a 15min train ride, I could get from my apartment to Manhattan in a breeze. However, this experience changed drastically when the MTA began its multi-month construction journey on the L line, disabling my tried-and-true commute path for several back to back weekends. If you've lived in Brooklyn, you likely know the pain I experienced of a disabled L Train. Suddenly, my simple 25min journey turned into a 60min+ journey. Instead of one direct train, I needed to find a series of connecting trains. I went from L Train -> Union Square to G Train -> 7 Train -> 6 Train -> Union Square. My journey became longer, harder, and costlier. When money moves across borders, the same pain points can arise. Typically, a series of connecting banks are used until a payment arrives at its final destination. This system is known as correspondent banking, and it exists because not all banks have direct connections - their own "L-lines" - with each other. And like the NYC subway system, when there is a disruption in one connection, the entire journey can get affected. Fortunately, fintech companies have found ways to improve the system or bypass it altogether. My latest 50+ page note highlights these innovations and provides a deep-dive on the cross-border payments industry, including contributions from Airwallex, Brightwell, Convera, Crown Agents Bank, DSGPay, PayQuicker, and The Clearing House. Read the report here 👉 https://lnkd.in/eVVKurXG