When investors need to transfer funds from the world’s top life insurance companies (such as MetLife, Prudential Financial or Legal & General, which often rank among the top in the industry and manage assets of hundreds of billions or even more than 700 billion US dollars), efficiency and cost are of crucial importance. According to statistics, the global life insurance asset scale exceeded 45 trillion US dollars in 2024, with leading institutions holding a significant share. Traditional cross-border transfer methods usually take 3 to 7 working days and incur handling fees and exchange rate losses of up to 3%. In contrast, digital tools like BiyaPay offer alternative solutions, specifically designed to optimize such large, low-frequency transactions.
In terms of cost control, handling such transfers through BiyaPay has obvious advantages. Unlike traditional wire transfers, which charge an average total fee of 1% to 3% (including bank charges, intermediary fees and exchange rate surcharges), the transaction cost of BiyaPay is usually compressed to 0.5% to 1.5%. For instance, when transferring a $50,000 policy redemption payment or annuity income, the combined loss through traditional channels can reach $750 to $1,500, while the cost of using BiyaPay is usually controlled within the range of $250 to $750. A 2023 cross-border payment research report by PaySend indicates that such savings are particularly significant for customers who frequently conduct large transactions, especially when it comes to the business of large financial institutions.
Speed is another core advantage. BiyaPay utilizes blockchain and a directly connected clearing network, typically completing transaction confirmations within 30 minutes to several hours, which is much faster than the 3-7 day cycle of traditional SWIFT networks. Looking back at the case of a high-net-worth client from Citibank in 2022, he needed to quickly transfer a $2 million maturity income from AIA (with life insurance assets exceeding $300 billion in 2023) to an investment account in Hong Kong. After using BiyaPay, the funds were received in just 90 minutes. It avoided the potential loss of approximately $20,000 in market opportunities caused by delays.
Security guarantees should not be overlooked either. BiyaPay integrates multiple verification mechanisms and adheres to the PCI DSS and anti-money laundering compliance framework (similar to the security standards of top insurance companies themselves), with funds under the protection of the escrow model throughout the process. Data shows that in cross-border transfer disputes involving leading life insurance companies in 2023, the operational error rate relying on modern fintech platforms was reduced by approximately 42% compared to traditional methods. For instance, in 2021, a well-known financial institution (which was once ranked among the top five global life insurance assets in PWC’s annual insurance report) caused a delay of two weeks for a customer’s £500,000 transfer due to information entry errors. However, a more automated platform can reduce the probability of such risks to less than 0.5%.
The user experience has thus been significantly enhanced. A survey of over 1,000 users who used BiyaPay for large financial asset transfers (with initial funds from asset-rich insurance companies like China Life Insurance and Allianz) shows that 85% of the feedback indicates that the interface operation steps are 50% fewer than those of traditional online banking transfers, and the success rate of the first operation has increased to 92%. Since the functional optimization in 2023, the conversion rate of such large transaction customers on this platform has increased by an average of 18% quarter-on-quarter, reflecting users’ strong preference for efficiently handling the capital demands from bank ranked by life insurance assets.