Tag: Swift

Beyond Swift: The revolution of instant international payment solutions

For over half a century now, the global financial system has relied on a SWIFT mechanism that, in 2026, feels archaic. It was certainly revolutionary at the time for the banking messaging system that it is. It helped create a safer and more orderly way to get money from one bank to another.

Today, it’s seen as legacy infrastructure that brings with it a lot of friction. A transfer can take days to settle (in the 80s, sending money from the UK to Hong Kong in three days was impressive!), while fees are now seen as high and quite unpredictable. And, perhaps most disappointingly for a correspondence system, tracking the location of the funds is difficult. 

While information travels instantly, money has lagged behind – partly because replacing a large global system, which takes fraud seriously, is understandably sticky. But a quiet revolution has been happening from the bottom up. API-first financial infrastructure has been booming over the past decade, and alternative finance is growing so big that it no longer feels like an alternative.

The problem with legacy systems

To understand the magnitude of this revolution, you first have to appreciate the inefficiencies of the current status quo. Traditional Swift is a chain of correspondent banks – money doesn’t actually go from point A to B, but it passes through a series of intermediaries, all of which collect their own fee.

This structure is therefore inherently opaque. A business might send $10,000, but the recipient might receive $9,850. If the business says it wants the recipient to receive $10,000, then the sender will pay high fees, and it often won’t be clear whether they’re wire fees, exchange spreads, and so on. 

How modern API-first solutions work

The solution to this is interoperability and direct connection. Modern fintechs aim to be borderless, and they’re building their own “financial infrastructure” to achieve it. They might use SWIFT when it works out best, or they might establish entities in multiple countries and connect directly to local banking systems. They might use treasury tricks, where they can deposit/withdraw money from multiple users simultaneously to align a transfer, and achieve it even with no money ever crossing the border. In the end, it’s about choices, flexibility, and being agile.

This API-first approach means instant settlement. Because the payout is a local bank transfer, it clears within seconds.  Plus, the fees are clearer and the tracking is more accurate (fewer intermediaries).

The advantage for global business

For treasury managers and CFOs, the ability to consolidate liquidity is a game-changer for obvious reasons. Before, expanding into new regions like Latin America or Southeast Asia meant opening multiple local bank accounts, which was a bureaucratic nightmare, whether you’re a large corporation or an independent store.

Modern platforms allow users to see their global finances in one view. Through a single API integration, a company can automate pay-ins and pay-outs in dozens of countries. This means it’s easier to track liquidity and cash flow, but it also means it’s easier to manage multiple currencies and have an FX strategy. You can build up reserves in a multi-currency account wallet and execute timely transactions when the exchange rate is favourable (or when it’s large enough to get a bulk FX discount).

Who is driving the change?

Transparent cross-border payments are made up of global generalists and specialized regional experts. Wise is perhaps the most recognizable name and it was an early mover in setting the standard for transparency and mid-market exchange rates, while Airwallex carved out a strong position by offering a comprehensive platform that combines payments with card issuing and expense management – ideal for larger enterprises. 

Latin America is always an interesting environment because it has historically been characterized by fragmented banking systems. Belvo has set the standard for Open Finance, as they’ve helped build the API rails so businesses can access banking data and initiate payments in markets like Mexico, Brazil and Colombia. On the issuing side, Pomelo provides the cloud-native infrastructure to help companies launch and scale, while Dock operates heavily in the background as a banking-as-a-service powerhouse.

Prometeo has positioned itself to focus specifically on borderless banking for treasury management. Here, the international payment solution provides a single API that consolidates these local networks to allow for automated liquidity movement between Latin America and the US.

Value movement

Instant international payments is still a new concept to larger banks. But for those looking to take advantage of maturing open banking regulations, payments is an area which is improving in quality while decreasing in cost. It has come at a time of the rise of crypto, which is in part how crypto has been kept at bay away from mainstream use. Going forward, it’s unlikely to see large corporations embrace interoperability because it’s a playing field leveller, and so bottom-up fintech movements will continue to shape consumer experience.

How to Choose the Best International Payment Methods for Global Business

Tapping into global markets can be a game-changer—but if your payment setup isn’t solid, it can get messy fast. Moving money internationally isn’t just a backend detail; it directly shapes how your business scales, how partners see you, and whether or not you stay on the right side of local regulations.

Your method affects everything from speed and fees to trust and transparency. Nail it, and you’ll avoid delays or hidden costs—you’ll also lay the groundwork for long-term growth, smoother relationships, and a business that runs like it should across borders.

Understanding the International Payments Landscape

Cross-border payments are at the heart of doing business globally, but the landscape is anything but simple. You’ve got everything from old-school bank transfers to sleek, modern fintech platforms, and which one works best depends on how your business runs, where your customers are, and what local habits look like.

Every option comes with its pros, cons, and price tags. If you understand how each method works—think intermediaries, currency conversions, and local red tape—you’ll be in a much better spot to avoid slowdowns, cut unnecessary fees, and stay agile while you scale. It’s less about picking one perfect system and more about knowing what fits where, and why.

Digital and Alternative Payment Solutions

Digital payments are gaining traction globally, offering scalable solutions to businesses aiming to localize in different countries. Cryptocurrencies, while volatile, offer direct and fast transfers, especially in markets with limited banking infrastructure or where capital controls restrict traditional methods. Though still niche, some firms use crypto for high-speed or high-risk trades, or to hedge against currency devaluation. There are even entire businesses adapted for the use of cryptocurrencies: A cryptocasino, for example, might offer a similar scope of services to other online casinos. However, it relies entirely on crypto for payments taken and given out. That way, it adds another level of excitement to people using these services.

Peer-to-peer platforms like PayPal and Venmo make sending money across borders a lot simpler—especially for freelancers, solo creators, and small teams. They’re especially handy in industries like digital services or content creation, where clients might not have access to traditional banking. That said, how useful they are really depends on the country.

Multi-currency wallets are another game-changer. They let you hold and move money in different currencies without constantly losing out to conversion fees. Some even sweeten the deal with perks like cashback or interest on balances—small wins that add up fast.

And then there’s the local heavyweights. In places like China and Brazil, platforms like Alipay and PIX are the default. If you’re doing business in these regions and not offering local payment methods, you’re basically closing the door on smoother sales. Adding them builds trust and makes it way easier for customers to pay—no fuss, no friction, better conversion.

Common International Payment Methods Explained

Businesses trading internationally often use a mix of proven and emerging payment solutions. SWIFT, a secure messaging system connecting global banks, remains the standard for many international wire transfers. It’s reliable but often slow and expensive, especially for smaller transactions. These transfers often include intermediary fees that increase the total cost.

In contrast, SEPA enables faster, cheaper transfers between eurozone countries, though it doesn’t help much beyond that region. Within Europe, SEPA transfers are favored for their speed, cost efficiency, and straightforward reconciliation processes. Countries that want to become a part of Europe also get help facilitating this, growing the area for economic benefits.

Traditional bank transfers are widely used and require no special setup. However, fees and speed vary greatly between banks and regions. Settlement times may range from a few hours to several days. On the digital side, payment gateways like PayPal, Stripe, and Square enable online transactions in multiple currencies. These services are known for convenience, global reach, and buyer trust, but can carry high conversion and transaction fees.

Modern fintech platforms, like Wise (formerly TransferWise), have gained popularity by lowering transfer costs and providing clear exchange rates. Their multi-currency accounts and faster delivery times are especially appealing to small businesses and startups operating globally. They also offer excellent API documentation for integration with modern financial tools.

Key Criteria for Selecting International Payment Methods

Choosing a payment method isn’t just about sending money. It’s about aligning with business goals, customer expectations, and regional requirements. Firms must weigh cost, compliance, usability, and scalability to find what fits best for each market. Understanding the unique economic landscape and legal framework of each region ensures a smoother rollout and better ROI.

Multi-Currency and Global Market Support

Global-ready payment platforms should offer multi-currency capabilities. Customers prefer paying in their own currency, and businesses benefit from accounts that avoid constant conversion. This reduces foreign exchange risk and improves customer experience.

The chosen method must work across time zones, currencies, and payment cultures. For example, bank transfers may work well in Europe, while mobile wallets dominate in Southeast Asia. A system that adapts to multiple regions can drive sales, boost retention, and inspire long-term customer confidence.

Security, Compliance, and Regulatory Considerations

Regulatory compliance is critical in cross-border payments. Systems must meet global and regional standards like PCI DSS for card security, GDPR for data privacy, and AML/KYC protocols for preventing fraud. These standards are non-negotiable for maintaining a business’s legal standing and customer trust.

Robust compliance reduces legal risks and builds partner trust. Failing to meet standards can delay transactions, harm relationships, or lead to costly fines. A proactive approach to compliance strengthens investor confidence and makes partnerships easier to establish.

Integration, Scalability, and User Experience

Efficiency matters. The best payment systems integrate seamlessly with existing business tools and platforms. APIs, plug-ins, and automation reduce friction, while user-friendly dashboards cut training time.

A scalable system can handle growth, new customers, and emerging markets. A clean checkout experience reduces cart abandonment and increases revenue. Scalability also involves supporting new features, like recurring billing, instant refunds, or payment splits for partner models.

Transparency and Cost Effectiveness

Cost control starts with visibility. Look for providers that are upfront about fees, including those for currency exchange, settlement, and failed transactions. Avoid surprises that eat into profits.

Transparent pricing and fair rates let businesses plan effectively, maintain margins, and build reliable supplier relationships. Clear cost projections also help with budgeting, contract negotiations, and quarterly reporting.

Comparing Leading International Payment Providers

Choosing the right international payment provider can make or break a global strategy. The leading players differ not only in pricing and speed but also in ease of integration, currency support, and how well they address local market needs.

Traditional Methods: Bank Transfers, SWIFT, and SEPA

SWIFT continues to be a pillar of cross-border payments, particularly for large transactions and conservative industries like manufacturing or real estate. The network connects over 11,000 institutions in more than 200 countries, offering broad reach. However, SWIFT payments can take multiple days and often involve hidden fees from intermediary banks. Exchange rates can be unpredictable, and tracing delayed payments adds complexity.

SEPA is the gold standard for euro transfers within Europe. Payments arrive usually within a business day, and costs are minimal—often even free for consumers. For B2B payments within the eurozone, SEPA enables predictable, fast settlement with easy reconciliation. But its geographic limitation makes it only part of a wider payment strategy.

While both SWIFT and SEPA offer security and reliability, their rigid structures and limited innovation make them less attractive to fast-growing digital firms or startups targeting global e-commerce.

Digital Gateways: Stripe, PayPal, Wise, and Adyen

Stripe is known for its developer-friendly APIs and advanced customisation tools. Businesses in tech, SaaS, and e-commerce use it to build flexible checkout flows that match their brand. With over 135 supported currencies, and most recently adding the common Chinese payment system Weixin Pay as a supported payment method to its terminals, and automatic currency conversion, Stripe fits businesses looking to scale globally. Their advanced fraud detection, tax tools, and support for alternative payment methods—including mobile wallets—make it a go-to for online-first businesses.

PayPal provides instant familiarity and trust, especially among consumers. It handles transactions in over 200 markets and 25 currencies. The ease of use makes it ideal for small and medium-sized online shops. However, PayPal’s fees—especially for currency conversion and receiving cross-border payments—can be significantly higher than newer providers.

Wise has disrupted the industry by offering near mid-market exchange rates and transparent, low-cost transfers. It’s favored by freelancers, remote teams, and small businesses making frequent payments in multiple currencies. Wise’s ability to provide local bank details for a dozen different regions makes international transfers feel like local payments.

Adyen’s built for scale. It supports 250+ payment methods—local cards, bank transfers, e-wallets, the lot—and it plugs into physical POS systems too, so you get a proper omnichannel setup. It’s got compliance and fraud checks baked in, with machine learning doing the heavy lifting. If you’re running a global retail operation or anything subscription-based, this is the kind of backend that doesn’t flinch when things get big.

Specialised Solutions: Local Payment Methods and Industry-Specific Options

Local payment systems like UPI in India, PIX in Brazil, and Alipay in China aren’t just checkout options—they’re deeply baked into how people spend. Supporting them shows you’re not just “operating” in a market—you’re actually meeting people where they are. They’re fast, cheap, and trusted, which usually translates to better conversion and happier customers.

In tightly regulated industries—think insurance, healthcare, travel—generic payment tools won’t cut it. That’s where sector-specific platforms come in, with baked-in features like recurring billing, automated invoicing, or live tax handling. They’re built for the paperwork-heavy, compliance-driven stuff most payment systems ignore.

You might need to dig a bit deeper to find the right niche tool, especially if you’re handling things like customs forms, legal agreements, or partner payouts. But the trade-off is usually a smoother customer experience and way fewer headaches on the regulatory side.

Revolutionary treatment transformative for Irish clinics

A LEADING podiatrist and business owner who has completed nearly 1000 treatments using a revolutionary new medical device has hailed its potential as the future of treating painful skin lesions.
Having adopted Emblation’s Swift® device, Dublin-based podiatrist Joseph Egan revealed that it has become the most effective form of treatment in his three clinics across Ireland.
Designed by global medical microwave leader Emblation, Swift is an innovative form of treatment that uses targeted bursts of microwaves to treat warts and verrucae.
Joseph, who is the owner and director of MyFeet, explained that he was convinced to implement the device into his clinic after seeing promising research on its results – and has since reaped the benefits of its highly effective treatment.
Joseph said: “We are seeing hugely positive results for patients across our clinics. I’ve been really impressed with how effective treatment with the device has been.
“When you compare this against more traditional forms of treatment such as cryotherapy or treating with salicylic acid, the difference is night and day.
“For us, it’s been a positive step change, leading to a much easier process. Using Swift means we don’t have to provide protective padding or dressings and they don’t need regularly changed.
“Additionally, patients aren’t having to go through persistent pain every week that they otherwise would if they went down other routes like cryotherapy, acid or invasive surgery.”
Unlike other traditional treatments, Swift utilises revolutionary microwave technology, targeting the tissue with a highly controlled dose of energy, with research showing that the treatment has an efficacy rate of up to 86.4% on verrucae.
Over 345,000 treatments have been performed across the world and the innovative microwave technology is undergoing trials as a treatment for conditions such as fungal nail, facial acne and melanoma.
Speaking about the future of treatments, Joseph added: “In my opinion Swift is currently the most effective form of treatment clinicians can provide for their patients when it comes to warts and verrucae.
“The research is what convinced us to start using it and it’s been an excellent decision from both a patient care and business standpoint and we’ve not looked back since.
“From a business perspective, we recouped what we paid for the device in three to four months, which is a massive bonus. From the get-go, we’ve wanted to improve our treatments for customers and Swift® has managed to do that – almost instantly.”
Emblation founders Gary Beale and Eamon McErlean, who first crossed paths during their postgraduate studies at Heriot-Watt University in Edinburgh, jointly established the company.
Speaking on Joseph’s feedback, Chief Commercial Officer, Jonathan Williams said: “It’s obviously incredibly encouraging and motivating to hear such positive feedback about Swift.
“The treatment has proved to be a real game changer when it comes to patients’ quality of life, and we’re still very early into our journey in Ireland. We’re happy Swift® has had such an impact for Joseph and most importantly his patients and we can’t wait to continue to grow Swift’s presence across the country.”
In 2021, the firm experienced a significant injection of capital when Apposite Capital, a London-based specialist in healthcare, invested an eight-figure sum.
This financial boost propelled the firm’s rapid global expansion, resulting in the acquisition of a distribution company to form Emblation Inc.
This financial injection also paved the way for the establishment of new Emblation subsidiaries in Canada and Germany, in addition to their expansion into more than 20 other countries.
This financial boost tripled the company’s workforce necessitating larger office space. Emblation has now moved into their state-of-the-art headquarters £4m headquarters in Stirling.
To find out more about Emblation visit https://emblation.com/
 
To find out more about MyFeet visit: myfeet.ie