Cross-border payments are speeding up, but settlement at the destination remains an industry challenge

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Cross-border payment rails, speed and interoperability continue to improve, but local settlement at the destination remains a widespread industry challenge. A Swift executive said the last leg of a transaction accounts for 80% of total processing time; about three-quarters of Swift payments can reach the recipient’s bank within 10 minutes, but are then still affected by local rules, business hours and compliance restrictions.