Speed

We've seen an impressive 3% increase in instant transfers (arriving in under 20 seconds) in Q1, compared to the end of 2022

The main driver was the increased number of people sending transfers to or from Brazil, using PIX, which is an instant payment method.

The improvements also came from improving the performance on a few of our routes. These included:

• More payments to Indian rupee (INR) are now instant. Thanks to new integrations with our partner, we’re now able to maintain a consistent level of instant payments to INR.
• We started working with new partners to process transfers to Pakistani rupee (PKR), helping us to return to offering instant transfers on this route after previous disruptions.
• Pay ins from Hong Kong dollars (HKD) are now instant after we integrated with JP Morgan’s Global Payment API which now tells us instantly when people fund their transfers.
• Sending money to Polish zloty (PLN) got faster as we connected with a new bank which has access to Poland's instant payment rails. 80% of payments arrive on the same day, with 60% arriving in just a few minutes.

There were also a few setbacks along the way:

• Speed when paying to Thai Baht (THB) declined in February due to us not being able to get enough money into our our partner account in time, meaning payouts were delayed
• We made fewer instant transfers to Ghanaian cedi (GHS) and Kenyan shilling (KES) as we made our delivery estimates slower to better reflect the performance of our payout partner, which wasn't delivering payments instantly

Accuracy

The number of late transfers decreased by 1% in Q1, as we worked on improving our transfer estimates to reflect when you might experience a slower transfer due to our verification checks.

A lot of these are a bit pessimistic, meaning more transfers arrive earlier than estimated but we think it's better to under promise and over deliver!