Speed

The number of instant transfers is back up to 52% in Q4 (a 2% increase from Q3 '22), which is a very good way to round out 2022!

The improvement in speeds are largely down to two changes:

The first, and most exciting, change is that we've made transfers from Brazil instant!

The second is that we're able to run our financial crime screening checks on transfers more reliably, even when we experience high volumes of incoming payments. This has reduced the number of delays and increased the number of transfers being sent instantly.

As if that wasn't enough, the Christmas season brought even more speed gifts for customers:

• Sending money to Malaysia is instant again after we fixed issues with payout partner
• Payouts to Israel sped up from 48 hours to 6 hours, and to the US from an average of 25 hours to 6 hours
• We sped up payouts to Mexico, and now more than 90% of transfers arrive in less than 1 hour
• Payouts to Poland take less than three minutes - before this, 65% of transfers took over an hour

Accuracy

We reduced the number of late transfers by 2%, largely thanks to the fixes we mentioned above.

In addition to this, we've also reduced the number of delays when you send money to Indian Rupees, after working with our partners to make improvements to their performance.

However, we still faced some issues which contributed to delays in Q4:

• We had an issue when paying out transfers to Pakistan which caused delays and ultimately led us to turning off instant transfers on this route
• We had ongoing delays sending money to Brazil due to fund shortages in our account. Now that we have more funds coming in, thanks to our new instant payments from Brazil, we're seeing fewer shortages which means fewer delays