Cathay United pioneers 2 hour wire transfer
Taiwan News, Staff Writer
2014-07-16 10:01 AM

Cathay United Bank (2882) is vying for the fastest remittance speed among domestic banks. Cathay United guarantees funds transfer in two hours on international remittances to any location in Asia. This is a significant time reduction compared to the “same day” or “two to three day” service provided by other institutions.

Institutions providing remittance services in Taiwan’s financial industry can be classified into two categories. Foreign banks can provide faster service based on the advantage of an international network. Domestic banks have fewer overseas locations and many operate from a single branch. Thus, most domestic banks collaborate with overseas correspondent banks to provide international remittance service, limiting maximum transfer amounts and timeliness.

Cathay United management stated, in order to expand into Asia, domestic banks have invested significant manpower and resources to establish overseas locations. To increase the efficacy of these branches they cannot operate alone and must be networked together. Additionally, this network should be prioritized to solve customer fund allocation issues.

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