Moreover, the pain is not limited to the sender.
The recipient must know all these relevant banking details, be certain that they are correct, and then share this sensitive information via the channel of their choice (such as by email or text).
Payment service providers face the challenge of handling any exceptions and investigations if something goes wrong – such as one small piece of information has been provided or input incorrectly. Unfortunately, things do go wrong quite often; and at a significant cost to the industry.
Failed payments cost the industry US $118.5 billion in 2020Accuity, 2021