![]() That means the actual funds aren't hitting the rails until a consumer is trying to cash out – and that transaction can take days,” explains Brendan Berry, Head of Payments Products at enterprise crypto solutions provider Ripple. ![]() “Many of these platforms have created a really slick user interface that sits on top of a domestic payment rail. A slick interface doesn’t mean faster banking While revolutionary in its own right, this isn’t better banking, but simply software innovation atop infrastructural ossification. The providers of digital financial services are software companies that partner with banks and technology providers via APIs to embed financial products into an easy-to-use customer experience one degree removed from banks themselves. Banking is now software, and software is banking. This indicates a shift in the way both the public market and the private sector view the finance industry. In other words, most people take a digital-first approach to interacting with money and finance. The total value of mobile device payments reached $1.3tr in 2022. In China, one study by EY showed that over 87 per cent of respondents used fintech services. In Asia – the global leader in digital finance adoption – online banking is expected to reach nearly 1 billion users by 2024. ![]() Thanks to payments apps such as Venmo and Cash App alongside open banking platforms, over 65 per cent of Americans are expected to be mobile banking users by 2025. In fact, many consumers may believe that society has already realised that goal. This expansion can also help open access to new markets and further fuel the pandemic-driven rise in ecommerce. That promised land offers individuals, businesses and banks alike the ability to send and receive payments instantly, at any time, domestically and across borders – all with low fees and efficiency unstifled by the red tape inherent in current standards of international financial transactions. ![]() The intertwining of software and finance is rapidly driving the payments industry towards its holy grail of a seamless global banking ecosystem. ![]()
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