Huma Finance Co-founder Advocates for PayFi in BRICS Economies Amid SWIFT Criticisms
Huma Finance co-founder Liu highlighted the potential for blockchain-based payment solutions to thrive across BRICS nations, excluding countries with stringent foreign currency controls like China and Russia. His comments coincide with BRICS members exploring digital currency settlements to enhance financial coordination.
"Swift is so old, slow, and expensive," Liu stated, criticizing conventional cross-border transfers that take days to settle. He emphasized the efficiency of T+0 settlements enabled by blockchain rails, contrasting it with traditional systems like SWIFT, which operate on T+3 or T+4 timelines.
Huma's PayFi model leverages blockchain liquidity to front-settle payments, allowing merchants and suppliers to receive funds almost instantly. Liu cited Amazon's T+2 or T+3 payments to Asian suppliers as an example of inefficiencies that PayFi aims to resolve by detecting fund flows in real-time.
