As a remote worker who is based in New Zealand but does most of his work in the U.S., I’m all too aware of the cost, complexity, and stress of international payments. I generally receive payments in one of two ways: either via PayPal or via direct bank transfer. The odd client still pays with physical checks, but luckily that seems to be decreasing. There are pros and cons to the two systems that make up the majority of my inbound payments – PayPal is fast and easy, but expensive. Bank transfers tend to be cheaper, but are pretty much unpredictable in terms of timing.
Which is why I’m interested to hear what Wayerz is cooking up. Wayerz is a software platform that helps digitize the formerly broken bank-to-bank relationship. Wiring, inter-bank billing, reporting, and reconciliation are all tasks that have no standard methodologies, and no common platforms to offer transparency. Wayerz is looking to change that with its Global Payment Network (GPN).