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Indian Businesses Benefit from Faster, Cheaper Cross-Border Payments Thanks to Zil Money

For Indian businesses, navigating the complexities and delays of international payments has long been a costly headache. Traditional cross-border payment processes can take anywhere from 5 to 7 days, tying up capital and hindering growth. But a Kiwi tech firm, Zil Money, is changing the game, offering a blockchain-powered solution that delivers US payments in minutes, saving businesses millions and revolutionising how they operate.

The Problem with Traditional Cross-Border Payments

The current system relies on a network of correspondent banks, multiple intermediaries, and manual processes. This leads to:

• Long Processing Times: Payments can take days to clear, delaying access to funds.
• High Transaction Fees: Each intermediary takes a cut, significantly increasing the overall cost.
• Lack of Transparency: It's often difficult to track the status of a payment, causing uncertainty and frustration.
• Currency Exchange Risks: Fluctuations in exchange rates can erode profits.

Zil Money's Innovative Solution

Zil Money, based in New Zealand, has developed a cutting-edge platform that leverages blockchain technology to streamline cross-border payments. Their system bypasses the traditional banking network, connecting directly to US banks. This direct connection dramatically reduces processing times and fees.

How it Works

Here's a simplified breakdown of how Zil Money's technology works:

1. An Indian business initiates a payment request through the Zil Money platform.
2. The platform instantly converts the payment to USD and sends it directly to a US bank.
3. The US bank credits the recipient's account within minutes.

The Benefits for Indian Businesses

• Faster Payments: Receive US payments in minutes, not days.
• Reduced Costs: Significantly lower transaction fees compared to traditional methods.
• Increased Transparency: Real-time tracking of payment status.
• Improved Cash Flow: Faster access to funds allows businesses to invest and grow.
• Enhanced Competitiveness: Reduced costs and faster processing give Indian businesses a competitive edge in the global market.

Beyond the Numbers: Transforming Business Operations

The impact of Zil Money's technology extends beyond just financial savings. By eliminating payment delays and reducing uncertainty, businesses can focus on their core operations, build stronger relationships with international partners, and expand into new markets. This is a game-changer for Indian SMEs looking to thrive in the global economy.

Looking Ahead

Zil Money's success story highlights the potential of blockchain technology to disrupt traditional financial systems and empower businesses worldwide. With a growing number of Indian businesses adopting their platform, Zil Money is poised to play a vital role in shaping the future of cross-border payments.