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Why Can’t Global Banks Introduce a P2P Money Transfer System Within Ten Years?

Six months ago I needed to receive a money transfer from the United States. I sent my partner an SMS with the number of my dollar bank card and started waiting for the money. The next day my partner called me and said that I had to provide him with complete bank account details, namely: beneficiary bank, correspondent bank, beneficiary’s bank account at correspondent bank, bank account number and SWIFT code. When I provided him with all this, he was shocked at the sheer volume of information and ultimately he sent the money using Western Union, paying a large charge.

I was amazed – Ukraine is hardly Silicon Valley but for decades we have performed card-to-card transfers as a fundamental banking service. Even my grandmother uses such services!

I thought about this issue – if financial institutions can cope perfectly well with account-to-account transfers, w ...

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