How Advancements in Technology are Accelerating Global Money Transfer Times: City Express, an Early Adopter of Automation

The rapid advancement of technology is revolutionizing many time-consuming tasks, and global money transfers are no exception. Global money transfers are complex processes, largely due to the highly volatile nature of exchange rates, which are influenced by various macroeconomic factors. Exchange rates fluctuate constantly, driven by the supply and demand of currencies. Despite this volatility, money transfers used to take considerable time, leading to uncertainty in the exchange rate market. To address these challenges, banks formed an alliance known as SWIFT (Society for Worldwide Interbank Financial Telecommunications), aiming to provide reliability in money transfers. However, SWIFT's effectiveness was limited until the widespread adoption of the internet. With the internet's expansion in the late 1990s, the landscape began to change. Communication became more agile, and intercontinental transactions became feasible. The development of software to automate financial transactions meant that money became more than just physical currency—it became digital, allowing merchants and traders to access more reliable exchange rates. In the 2000s, the internet experienced a significant boom, and as hardware became more affordable, computers became common household items. This technological shift led to increased automation in banking and finance, prompting banks worldwide to adopt advanced software systems. Although this progress introduced new challenges, such as cybersecurity threats, customers eventually embraced e-banking. As confidence in digital banking grew, inter-country money transfers surged in popularity, particularly as cash-out centers emerged in virtually every neighborhood. Over time, bank transfers became the preferred method for larger transactions, fueling an increase in international labor migration to developing countries like Nepal. In Nepal, billions of dollars began flowing into the country through money transfers, largely due to foreign labor. Companies like City Express Money Transfer were early adopters of automated money transfer systems. By embracing this technology, they were able to facilitate transfers that could be completed within a single business day. In fact, transfers from certain countries, such as Australia, could be processed in as little as 300 seconds. City Express Money Transfer Australia Pty Ltd. launched its services in 2018 with a state-of-the-art platform designed to send money to Nepal, later expanding to over 40 nations. With the integration of advanced authentication platforms like Veriff and cutting-edge hashing mechanisms, City Express Australia has become a key player in the money transfer industry, leveraging the latest automated technology. As technology continues to evolve, people are now making payments and sending money through their smartwatches. The future looks promising, with expectations that these advancements will further simplify people's lives and enhance the efficiency of global money transfers.