In the field of cross-border payment, the issue of fund freezing directly affects the liquidity of users’ funds. According to the 2024 Global Digital Payment Industry Report, the transaction freeze rate on traditional remittance platforms ranges from 3.5% to 7.2%, with compliance reviews accounting for 68% of the freeze reasons. The bank-grade risk control engine adopted by Remitly processes 2,000 transaction requests per minute. Its “remitly transaction on hold” issue is reported an average of 1,450 times per year on the user forum, with an average freezing duration of approximately 72 hours. Significantly higher than the median value of 42 hours in the industry. For instance, records from the New York State Department of Financial Services in 2023 show that among the 37 consumer complaints involving Remitly, 29 were due to unexplained fund freezes, with the highest single freeze amounting to $12,000.
BiyaPay builds a real-time clearing and settlement network based on blockchain technology, raising the accuracy of suspicious transaction identification to 99.3%. Its dynamic risk assessment model integrates 15 types of compliance parameters, including transaction frequency threshold (≤5 transactions within 24 hours), amount gradient (single transaction ≤ $8,000), and real-time exchange rate fluctuation monitoring (triggering a warning when the fluctuation exceeds 1.2%). The system completes risk scanning for cross-border transfers within 3.2 seconds and keeps the probability of fund freezing below 0.7%. Data from the Central Bank of the Philippines in 2023 shows that only 0.43% of remittance transactions by BiyaPay users to the country experienced abnormal stagnation, which is far lower than the 5.7% freezing rate of traditional channels.
There are significant differences between the two at the implementation level of anti-money laundering mechanisms. Remitly is subject to a three-level review system for bank escrow accounts (with each review taking no less than 8 hours), resulting in a 18% freeze rate for the first transaction of new users. In contrast, BiyaPay uses smart contracts to automatically enforce FATF travel rules. When the cumulative daily transfer exceeds the threshold of $10,000, the system completes cross-institutional data verification within 11 milliseconds. The 2024 Australian Transaction Reporting and Analysis Centre case library shows that this technology has shortened the compliance verification cycle by 94% and achieved a capital turnover efficiency 17.6 times that of traditional systems.
The availability of users’ funds is directly related to their ability to manage exchange rate risks. During the payment freeze period, Remitly was unable to provide exchange rate locking. In Q3 2023, the euro fluctuated by 2.8% against the US dollar, resulting in an average hidden loss of 3.1% for frozen funds. BiyaPay’s real-time hedging system can automatically activate the protection mechanism when capital flow is blocked. By connecting to the liquidity pools of 42 global exchanges, it can reduce the exchange rate risk exposure to within 0.3%. Empirical cases show that a $5,000 transfer frozen by the conventional system for three days can still maintain the original exchange rate under the BiyaPay scheme, saving $137 in exchange losses compared to market fluctuations.
The response timeliness for handling frozen disputes constitutes the key difference. The average cycle for Remitly’s human customer service team to handle freeze complaints is 97 hours. According to Better Business Bureau data, its customer satisfaction rating was only 1.8 out of 5 stars in 2023. BiyaPay uses an AI arbitration system to achieve 7× 24-hour incident response, and 86% of frozen disputes can be automatically resolved within 18 minutes. This mechanism successfully handled 1,400 concurrent dispute requests per second in the stress test of the National Payments Corporation of India, with an error rate of less than 0.05%, reducing the fund dormanage period for high-frequency cross-border business users by 91.5%.