80-90% of global trade relies on trade finance, yet there is a $1.5 trillion supply-demand gap. This is due to various complexities in the process, such as its sprawl across multiple borders and jurisdictions and its antiquated paper-based tracking system.
KYC processes are labor-intensive, often manual, and prone to error and fraud, both of which cost banks colossal sums. Additionally, the lack of standardisation across systems creates a huge amount of duplication.
Global payments revenue is largely based on transaction-based revenues, which are burdened by exorbitant transaction fees, intermediaries, and the interference of financial institutions.