Yamini Sagar
speaker
130 appearances
1 recordings
1 series
first heard Feb 2025
last heard Feb 2025
Yamini Sagar’s voice in public audio — every appearance, attributed to the second.
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Appearances
What happens is in this process, every bank in the middle takes their cut, both in explicit fees, that's the wire fee and other fees that we pay, and hidden currency exchange spread that customers rarely see, right?
These hidden costs account to a staggering $233 billion lost each year.
And the total cost, including the fees, is about $300 billion.
So what is also frustrating is the complete lack of transparency, where your money basically disappears into this black box, and you have no way to track or know where it is or when it's going to arrive.
And banks still remain the most expensive service providers, charging an average of 13.4% per transaction, according to World Bank's June 2024 edition.
And the other problem is there are 1.4 billion people who are unbanked around the world who are effectively just locked out of this entire ecosystem.
There's another problem where if we look at community banks and credit unions who serve the local communities and strengthen them,
They basically offer international payments through larger banks because it's very expensive for them to build this infrastructure.
So what happens is they manually key this into the bigger bank systems, which is a very inefficient process.
And the technology investment is so massive that either these small institutions completely avoid international payments, or if they provide it, they charge premium fees that burdens their customers, which could be both individuals and businesses.
And what happens is they end up losing their customers to big banks.
So in conclusion, for everyone, this means not only high costs, but also payment delays and untraceability, among other issues.
Yes, so at Instarails, we took into consideration all these current problems and we came up with a fundamentally different approach.
What we do is we provide the complete technological infrastructure that banks need, making it easy for credit unions, community banks and businesses.
We have eliminated the inefficient multiple correspondent bank problem by providing a single integration to our proprietary payment network that reaches 150 countries and 70 plus currencies.
And this means fewer intermediaries, which substantially lowers our fees, dramatically fastens the transfers.
And for instance, our client who switched to us from a big bank is saving more than $3,000 on every $100,000 payment.
What's also truly game-changing is our integration with real-time payment rails across the globe, like PIX in Brazil, Instapay Paysunet in the Philippines, UPI in India, and 72 more countries.
where we can pay bank accounts near instantly.
So for instance, one of our client processing payroll is able to pay employees in less than 15 minutes after sending it.
Showing 41–60 of 130 · page 3 of 7
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