Q2 2024 Mission Update: Speed
Speed and Accuracy
This quarter, 59%* of your transfers were completed in under 20 seconds. That’s slightly down from 62% in Q1. And 95% still arrived within 24 hours.
We track the accuracy of our transfer arrival estimates as ‘Early’, ‘On time’ or ‘Late'. This quarter, the on time transfers dropped from 81% to 78%, resulting in 3% fewer transfers being on time.
The drivers of these reductions in speed and accuracy were largely related.
What contributed to these changes?
We had some improvements in speed thanks to teams moving some transfers to a new service we've built to help us handle payouts at scale. This new service offers speed improvements by running multiple checks at once instead of sequentially, so they can be carried out faster, and by using a single source of truth for estimates which makes them more precise.
However, we’ve also faced some challenges that brought speed down. Issues integrating with our partners in THB, IDR, and PKR have resulted in slower payouts and a drop in the number of instant transfers.
Fewer transfers from USD were instant this quarter because we've updated our security measures to avoid speeding up transfers which could be fraudulent. However, this has caught more transfers, which reduced the total number being processed instantly.
We’re also still experiencing issues when trying to pay out large amounts of transfers instantly due to the time needed for security checks. We've reported on this several times before and are actively working on fixes to allow us to process more transfers at scale.
Looking ahead to Q3, we should see improvements with speed. We'll be delivering instant payouts to PHP and increasing our coverage of instant transfers to banks in AUD, thanks to two new direct integrations that we're working on in the Philippines and Australia
We’re also excited to launch instant pay-ins to Mexico and payouts to Nigeria, which will expand our instant transfer coverage further.
*Transaction speed claimed depends on individual circumstances and may not be available for all transactions.
