Wire transfers are integral to any small business operating internationally. SMBs have relied on this payment method for ages yet fail to realize the many issues that come with it. The mentality from the banks of, “it’s not broken so why fix it” has failed to empower SMBs with new technology out there – technology that is better and far more efficient, like the Blockchain. Though there have been advances in global payments in the past 50 years, the initial structure of the movement of money remains the same.
Here are 10 things that SMB’s didn’t know about international wire transfers:
[1]http://www.investopedia.com/terms/c/correspondent-bank.asp
[2] Source: https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/A%20vision%20for%20the%20future%20of%20cross%20border%20payments%20final/A-vision-for-the-future-of-cross-border-payments-web-final.ashx
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