Digital payments take many forms around the world and move a collective 10 trillion USD + each day. The majority of these transactions are conducted using one or any combination of three instruments:
Direct bank transfer e.g., SWIFT, Fedwire, ACH
Global and domestic bank clearing networks that move 3.6 quadrillion USD in 102 million transactions per year
Common throughout Europe for all transaction sizes, and in the US and Canada for large and commercial transactions
Payment cards e.g., Visa, American Express
Plastic cards leveraging credit and debit networks to move small purchases of 26 trillion USD in 257 billion transactions per year
Common in most geographies throughout the world for small transactions, especially the US, Canada, Europe, and Asia-Pacific
Mobile wallets e.g., Apple Pay, Google Pay, Alipay
Mobile apps that proxy traditional payment instruments to move more than 8 billion USD in 300 million transactions per year
Common in Asia-Pacific for all transactions (via bank transfers); gaining broad acceptance in the US, Canada, and Europe
Direct bank transfer
In general, non-cash payment instruments are underpinned by a traditional account held at an insured financial institution, such as a commercial bank or credit union. Whenever money is exchanged via one of these payment instruments, whether electronically or by an offline ledger, it is ultimately transmitted between financial institutions. To reconcile these payments,
a variety of domestic and international standards are used for direct bank transfer between businesses and consumers (also sometimes called “electronic funds transfer”), such as ACH/IAT, CHIPS, SWIFT, RTGS, Fedwire, BEPS, NEFT, and KFTC.
Despite their ubiquity, each of these systems rely on legacy infrastructure that remains vulnerable to fraud and transaction inefficiencies.
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