Speed

In Q2, 51.7% of all transfers were instant!

This is a really exciting milestone for us as now over half of all transfers sent on Wise are received in less than twenty seconds - of course, we're working hard to make the other half of transfers move just as quickly.

Next quarter we're hoping to deliver integrations which will mean that transfers to Israeli Shekel will take a few minutes instead of a few days, and transfers to Polish Zloty will be instant!

We're also working on some initiatives which will stop us delaying transfers while we run our financial crime checks. Currently, we monitor customers' ongoing transfers and pause them to get more information when we think they could be risky.

We know that the rules behind how we assess risk aren't very precise, which means we stop too many transfers. In Q3, we want to improve our risk models, so that we stop fewer good customers. This will mean less money is suspended, helping more transfers move faster.

We'll focus on high value transfers in Q3, and if successful roll this out to other ongoing monitoring models in Q4.

Accuracy

Unfortunately delays increased this quarter - from 13% in Q1 to 17% in Q2. This meant only 76% of our delivery estimates were accurate.

This was due to increasing payout issues in India and Brazil.

Our partner in India has committed to releasing fixes in July, which should improve our speeds. If it doesn't, we may explore sending more transfers out through other available partners to improve reliability.

In Brazil, we're finding it a challenge to make sure we always have enough money in our accounts to meet our transfer demands, which means some payments are delayed. This is known as a liqiduity shortage. We're exploring how we can improve our liquidity management to make sure we always have enough money to pay out the transfers instantly, and avoid delays.

We're also seeing increasing delays when screening transfers for money laundering. This should happen in a matter of seconds, but it's taking longer which means these transfers aren't instant. We're going to explore if we can increase the number of transfers we can screen instantly to make our speeds more reliable.