News Team update

Q2 2023 Mission Update: Speed

Amy Dicketts

19.07.23 (updated more than 1 year ago)

Read time 1 minute

It's getting faster to send money with Wise

Speed

57% of transfers are now arriving instantly (under 20 seconds) in Q2 - a 2% increase in instant transfers compared to Q1, and up 6% from this time last year.

We continuously drive to deliver maximum ease at full speed.

This quarter the improvements came from improving the performance on a number of our routes. These included:

Running checks more efficiently
When you send money, we need to run checks to make sure your money is safe - however these can lead to delays. Last quarter, we invested time into making these checks as efficient as possible so they don’t slow down your transfer - and we saw significantly fewer delays in Q2. We still see some delays which are mostly driven by a fraud prevention check - it’s on our list of things to fix for Q3.

We're growing in Brazil
A greater proportion of our transfers are being sent to and from Brazil, where we offer instant transfers via PIX. This is contributing to an overall increase in instant transfers.

Getting to full speed in Asia
We boosted the number of instant transfers we’re able to make via many of our Asian routes. We’re seeing month on month growth of instant transfers, partly driven by improvements paying out in Thailand by routing more transfers to better performing partners, and in Pakistan where our new partner has enabled us to payout transfers instantly again.

We're paying out more frequently in Australia
We found a technical complexity which meant we were missing the opportunity to pay out transfers more frequently in Australia. We fixed this, which means we payout transfers once more per day, meaning their overall transfer time is faster.

2% fewer transfers were late in Q2

Accuracy

Accuracy has improved for two main reasons:

We're able to run our financial crime screening checks faster, meaning fewer transfers are delayed
We've reduced the amount of delays when paying out to Thailand and India. In India, we did this by tackling issues we'd seen with some of our partner banks.

However, we're still seeing volatility in Pakistan which is causing us to have limits on how much of our funds we hold there, which is resulting in us having delays when paying out some transfers.

What we’ll be working on next quarter

In Q3 we'll be monitoring the changes we've seen in India and seeing if we can make any further improvements.
We want to improve how we access and analyse data to speed up our fraud prevention checks and reduce delays on instant transfers

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