Yes, through the BiyaPay platform, users can efficiently transfer funds from large banks renowned for their life insurance asset scale. According to the S&P Global 2023 ranking data, the top ten global banks in terms of life insurance assets (such as jpmorgan Chase, BNP Paribas, and HSBC Group) manage an average of over 2.3 trillion US dollars in life insurance-related assets. These financial institutions have built complex cross-border payment interfaces with huge amounts of entrusted funds (for instance, the 2023 annual report of China Life Insurance Group shows that its asset size amounts to 5.26 trillion yuan). BiyaPay has established API direct connection channels with over 100 major international banking systems. As a result, its cross-border clearing success rate in the first quarter of 2024 reached as high as 98.6% Users can conveniently initiate fund transfers from accounts of top banks (such as Scottish Widows, a subsidiary of Lloyds Banking Group, which manages £528 billion in life insurance assets).
Choosing BiyaPay to handle such transfers can significantly optimize financial costs. Compared with the average single transaction fee of $35 to $50 for traditional SWIFT wire transfers and the implicit exchange rate surcharge of 1.5% to 3%, BiyaPay adopts a tiered pricing model: For remittances under $10,000, a fixed fee of $8.9 is charged. The rate for large transfers is 0.12%, and the exchange spread is compressed to within 0.5%. Referring to the 2024 EU Payment Services Directive (PSD3) audit case, a German client transferred 1.5 million euros from Allianz’s affiliated Yu Li Bank (which manages life insurance assets worth 490 billion euros) to Hong Kong. Using BiyaPay saved 5,800 euros compared to traditional channels. The delivery time has been shortened from 72 hours to 18 hours.
In the dimension of risk management, large banks regulated by insurance assets, such as BNY Mellon (which holds insurance funds of 1.9 trillion US dollars), implement the ISO 20022 message specification, and its abnormal rate per million transactions is only 0.07%. BiyaPay has reduced the anti-money laundering screening cycle for inter-bank transfers from the industry average of 150 minutes to 23 minutes by deploying distributed ledger technology (DLT). According to the McKinsey 2023 Global Payment Risk Report, for the accounts of banks ranked by life insurance assets, the BiyaPay intelligent routing system dynamically adjusts the verification strategy based on the compliance requirements of 127 jurisdictions worldwide. The error interception rate is 40% lower than the industry benchmark, and the system availability rate reaches 99.95%.
In terms of processing efficiency, BiyaPay’s core clearing engine supports processing 5,800 transaction requests per second (TPS). Compared with the data on insurance-related remittances processed by the Federal Reserve’s CHIPS system in 2024, the average processing time for BiyaPay’s US-China transfer service for policyholders of MetLife (with total assets of 687 billion US dollars) in the United States was 17 minutes, which was better than the median value of 55 minutes of its peers. Its multi-currency wallet simultaneously supports the instant exchange of 38 fiat currencies and mainstream cryptocurrencies, with a peak exchange capacity of 1.2 billion US dollars per day on average. The fluctuation range of user fund arrival speed is controlled within ± 9 minutes (standard deviation σ= 4.2), significantly enhancing the processing efficiency of periodic payments such as insurance benefits and annuities.