The global economy spent approximately $44 billion last year on fees for remittances. Remittances—money sent from one country to another—most often go to low-income households and are proven to reduce the overall poverty of a given nation. They also come with high transaction fees and long transfer delays—significant obstacles to people trying to pull themselves out of poverty.
A core cause of high fees for remittances is friction—money moves slowly and inefficiently from one country […]
