Even though banks can transfer money for their customers instantaneously, they often profit from holding these funds as their cash ‘float’. Cross-border payment fees are saddled with hidden fees from corresponding banks, in addition to the already high service fees and large foreign exchange spreads. Further, ever more complex and demanding regulatory compliance requirements on banks drive up the costs of doing transactions; these are then passed onto their customers. The global volume of cross-border payments is estimated at US $2 trn per year of which US $500bn are from migrant workers sending money home to their families. Although the fees for money transfers have dropped by 22% over the past decade, the actual fees remain high at 7-8% of Gross Transaction Value (GTV).