Neema, a pioneering global cross-border payments network catering to financial institutions, launched today Dynamic Routing, an innovative technology designed to enhance every transaction by maximizing both success rates and cost efficiency. Neema’s extensive cross-border payments network empowers financial institutions across the globe to effortlessly process transactions in over 120 countries. It accommodates the most widely used payment methods and currencies specific to each destination, ensuring that users experience a localized payment environment. The introduction of Dynamic Routing further extends Neema’s vision of building a globally connected financial ecosystem.
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Traditionally, the majority of cross-border transactions between banks have been facilitated through the SWIFT network, a system that has linked financial institutions since the 1970s. Despite its extensive use, the foundational protocol is now outdated, resulting in transactions that are often costly, sluggish, and susceptible to errors. Transfers frequently take several days to finalize, with many experiencing delays or even being lost in transit.
When funds are transferred between banks in different nations, the SWIFT network relies on a series of correspondent (intermediary) banks to execute the transfer. This creates a singular route from sender to recipient, typically involving one or more intermediary banks. Consequently, this leads to elevated fees, protracted settlement times, and a significant lack of transparency throughout the transaction process.
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Dynamic Routing, along with Neema’s vast network of financial partners, enables a smarter method for global money movement. Rather than depending on a single pathway, Dynamic Routing establishes multiple real-time routes between countries. Each transaction it powers undergoes instant analysis, taking into account factors such as exchange rates, speed, and reliability to identify the optimal route. Every payment is personalized, with transfers between the same countries often utilizing different, optimized routes.
Additionally, Neema’s AI-driven security infrastructure and expansive international reach provide enhanced visibility into coverage and technical vulnerabilities, allowing the company to effectively address potential gaps while offering one of the most robust quality assurance systems in the industry.
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“At Neema, our primary mission is to address the genuine challenges that businesses encounter when transferring funds across international borders,” said Moshe Kimhi, CEO of Neema. “The introduction of Dynamic Routing represents a significant advancement in this realm enhancing the speed, cost-effectiveness, and reliability of international payments. This innovation is instrumental in empowering businesses to expand and function more efficiently within the complexities of the global economy.”
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Source: prnewswire
