Interoperability and payments’ last mile problem
Transcription:
Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record.
Joey Pizzolato (00:11):
Connecting disparate systems always has its challenges. What do you think the biggest challenge is facing the payments industry?
Leigh Amaro (00:17):
One of the key tenets of Swift is interoperability, right? So 70% of our payments hit the Benny Bank within 10 minutes. That’s pretty fast. The challenge is that Benny bank to the final bank. So 80% of the speed actually falls into that last hop. And that’s where interoperability really is challenging for the ecosystem. And when you have fragmentation in the ecosystem, that lowers the user experience for all, the value for all. So one of our key tenets is how do we inter-operate across that ecosystem to ensure you don’t have friction in that last mile? And that’s the use cases we’ve talked about where we’ll allow the Swift ecosystem to populate from a wallet perspective. We tokenize deposits, stablecoin, all of that is built into our ecosystem. So those digital islands aren’t created and we really up-level the experience for the whole community.
Joey Pizzolato (01:08):
Leigh, thank you so much for being here today.
Leigh Amaro (01:10):
Thank you for having me, Joey.
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