Money Has Reached the Destination Country, Why Does It Still Take Hours? The Real Cross-Border Payment Bottleneck Is Shifting to the "Last Mile"
Swift data shows that 75% of cross-border payments reach the beneficiary bank within 10 minutes, yet about 80% of end-to-end time is spent on the beneficiary side's last mile. This article analyzes five structural frictions and examines the competition in end-to-end orchestration.