In the 1969 Apollo 11 mission, it took Neil Armstrong close to three days to reach the Moon. But guess what. It takes just as long, or longer in some cases, to transfer money from one country to another, even today. Technology has not been able to make any significant dent in cross-border payments, and banks—the primary movers of money across countries—still rely on legacy systems.
Multiple financial institutions from Money Transfer Outlets (MTOs) to banks and neighbourhood shops are involved in a tedious exercise. The process is inefficient, costly and time-consuming. But the market is up for grabs.