Differences in time zones and banking times often push Asian payments up to the next day.
summary
- Huma, ARF and Geoswift to provide same-day settlements to Asian merchants
- Global e-commerce sellers often have to wait for business days to receive payment
- Payfi network bypasses traditional bank bottlenecks
Traditional banks create important payment bottlenecks, especially in Asia. For this reason, on Friday, August 14th, Huma Finance, the company behind Payfi, partnered with ARF, Geoswift and Polyflow to provide same-day payments to sellers on the global e-commerce platform.
This solution is needed in Asia, which has one of the largest seller communities, especially in Asia. There, differences in time zones and banking times often create significant payment delays. For example, if a US buyer begins payments after an Asian bank closes, the seller will only receive the funds the next business day.
“Global E-Commerce is open 24/7, but traditional bank rails aren’t,” said Richard Liu, co-founder of Huma Finance. “Payfi closes that gap. The settlement spinning is lagging behind the real-time cash flow of merchants everywhere.”
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Payfi bypasses bank restrictions
Huma Finance runs a PayFi network that coordinates payments, provides Stablecoin liquidity, and embeds AML/KYC checks for compliance. ARF provides payment rails that bridge stable liquidity to local Fiat currency.
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Geoswift receives payment triggers and fund merchant accounts as soon as they receive the instructions. This allows the network to provide payments in hours rather than days.
“Our merchants wanted a faster settlement,” said Raymond QU, founder and CEO of Geoswift and co-founder of Polyflow. “We have provided and set up a whole new benchmark for PSPs serving the Global Marketplace.”
Cross-border payments were one of the key use cases for Crypto and Stablecoins. Still, the system has a long way to go. According to McKinsey, Stablecoin’s distribution accounts for $30 billion in daily transactions. This is less than 1% of all money flows.
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