Remittances, or the process of sending money back home, have been on the radar of traditional financial institutions for years, yet they have only recently captured headlines. The pandemic and the introduction of blockchain created new buzz and left many in the digital banking sector wondering what’s next.
But, a look to the future must mean understanding the current landscape. Traditionally, the transferring of funds across borders has been complex, burdensome and costly for both the individual and the financial institution. Lengthy application processes, implementation of new procedures, documentation and compliance are hurdles banks need to jump to allow clients to send cross-border payments.