Most international payments reach the recipient's bank in minutes, but local rules and hours can still slow the final step, say speakers at a Money20/20 panel.
Sending money abroad is now quick, but getting it to land is still slow. About three in four Swift payments reach the recipient's bank within 10 minutes, a panelist named Amaro said at Money20/20. After that, the final step can drag.
Amaro said local rules, operating hours and other challenges slow settlement once a payment arrives. She said this holds whether it was sent by stablecoin, tokenized deposit or a traditional rail.
Kush Saxena, CEO of Banking Circle Group, said moving data is getting easier, but moving money is not a commodity. Regulated currency brings extra hurdles. Citi's Sen put it this way: "Data can move at the speed of light, but that's not enough. The cash has to be available."
Last month, Citibank introduced an instant cross-border payment service, built with Swift. It aims to help customers avoid the need for local banking relationships. The stakes are large. McKinsey reported in August that cross-border payments hit about $190 trillion last year and earned the industry about $290 billion.
The material does not say how Citi's service works in detail, what it costs or where it is available. If your business pays suppliers or staff overseas, expect delays at the receiving end, and ask your bank how it handles local payout.
If you pay people overseas, ask your bank how money is paid out locally, because the last step is often the slowest.
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