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- The US, despite being the key player in the global financial system, is woefully behind when it comes to its own payments system.
- Frictions abound.
- For example, It costs $10-$35 to wire money same-day between major banks, something that in the UK is free, 24/7 and takes seconds.
- A staggering 34% of companies rely on paper checks for the majority of their payments (costing $4-$20 per transaction).
- This is a great paper covering all these frictions and more. A sobering read.
- NB paper written by individuals associated with Diem (formerly Libra).
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