Traditional finance already has 'technological capability for doing instant cross-border payments, which means the rebels will have to find other factors to differentiate themselves by,' says jp_koning. Opinion elonmusk
jurisdictions currently now have real-time retail systems in place running alongside their older batch retail systems. This is up from almost none back when Elon was working in the payments sector.
Say a Wise customer in Ireland wants to send 500 euros to a family member in India. First, the money must be moved from the customer's Irish bank account to Wise's account at another Irish bank. In the old days of batch processing, this leg of the remittance would have taken a day or two. Thanks to the European Central Bank's system, introduced in 2018, a flow like this can now occur in just a few moments.
In sum, the Irish and Indian legs of a modern remittance can be processed in a few heart beats, much faster than the multiple day lags that dominated 20 years ago.
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