SLIDE 34 Challenges Today
Half of the people in the world don’t have access to a a ban ank ac account t an and have had ad to to develop par aral allel payment sy systems to to conduct t tra ransa sacti tions Th They are are centr tral alized an and hence can an be hac acked Fra raud, , cyb yber-attac acks s an and even simple mistakes s ad add to to the cost st an and complexity of doing g busi siness, ss, an and they expose se al all par arti ticipants ts in the netw twork rk to risk if a a centr tral sy system, , such as as a a ban ank, , is compromise sed Interm rmediari ries s are are slow in their r tas task- Auth thenti ticati tion, , Identi tificati tion, Cleari ring , Settl tling g etc tc. . Th The time betw tween tra ransa sacti tion an and settl tlement can an be long Duplicati tion of eff ffort rt an and the need for third- party arty val alidati tion an and/or the pre rese sence of inte termediari ries s ad add to to the inefficiencies Cre redit card ard org rganizati tions s have esse senti tially cre reated wal alled gar ardens s wi with th a a high gh price of entr try. . Merc rchants ts must t pay y the high gh costs sts of onboarding, g, wh which often involves s consi siderable pap aperw rwork an and a a time-consu suming vetti ting g pro rocess ss Sending a a PPT T to to you vs vs sending g you a a Asse set/ t/currency (Intellectu tual al) Privac acy is undermined
Cost- Transferring money take time and cost (3 to 16%)
