With Wise I can move funds between borders and currencies in less than half an hour on average.
A trial of cross-border payments using central bank digital currencies (CBDCs) delivered "a substantial improvement in cross-border transfer speed from multiple days to seconds" according to a report on the experiment. The report [PDF] considers phase two of Project Inthanon-LionRock (IL2), the cross-border experiment …
Comparing stuff to SWIFT is kinda of a joke right? It's a terrible messaging system with some 'special' issues. You should compare it to actual rolled out cross border systems like Promptpay which is instantaneous.
There's nothing about the blockchain that speed up the transfer, but it does add major security problems!
Cross border batching like this is usually intentional, (e.g. group 1000 transactions worth $10 million both ways, the net sum of the transfers might only be 1000 dollars across the border, with the rest cancelling out, you only need to move $1000 dollars, but you charge customers for moving $10 million... profit the difference. The longer you can batch the more likely you can get the sum to be zero, and not have to actually move money at all).
See Bahtnet. Use an agreed transfer currency (in Bahtnet's case its the Baht), foreign banks hold baht balances, and simply transfer the money in BoT's internal system. It comes down to which currency. For Asian that'll end up as CNY, since the majority of goods come from China. It will never be 'bitcoin' or some other transfer crypto token, mined by some random dude on the internet FFS!
Again, there's zero utility in the blockchain and lots of security problems:
Everyone in the block chain sees every transaction, even ones not related to them.... security concerns, more places for that info to leak.
The transfers are a matter between two parties, here a "vote' decides, including lots of irrelevent parties.... national security problem, the two parties can agree on the transfer and yet the majority block it.
The vote is *instances* of the same software. So 100 parties in a transfer blockchain may only be running 1 or 2 different classes of software from providers A & B, if B has more instances, and the people who wrote B decide to cancel your bank transfers, then they can do it themselves using their software.
It's known as SEPA Instant Credit Transfer and you can get a list of participating banks online. As a matter of fact, it is one of the factors I look at when choosing a bank in a country now I am taking everything away from Revolut. Wise, for instance, also has some entities registered which means that a Wise transfer does not need to be 100% in-system to be fast.
The idea is that a credit transfer under €100k is credited on the receiving account in under 10 seconds, at any given time (this also does away with the curious notion that somehow bank computers were having the weekend off as well, so an electronic transaction late on a Friday would sit idle until Monday).
No need to blow half a country's energy budget on slow blockchain transactions.
Not for minion level finance (i.e. under €100k). As soon as you go over that (limits differ per country), KYC and AML rules can kick in and can in some cases enable the ability for a bank to hang on to your money for weeks without you being able to do anything about it.
I know of a currect problem with Revolut, which resulted in a lot of money suddenly hanging in limbo - I think that only just got resolved.