from the world's big
Money sending might finally get the revamp it desperately needs
As we've become more globalized, the demand from businesses and individuals for faster, easier, and cheaper cross-border payments has increased. This year, total cross-border remittances will amount to more than $22 trillion worldwide and are set to exceed $25 trillion within just two years.
With such vast sums involved, McKinsey estimates that each transaction yields an average of $20 for the bank which is a large profit margin. Now, the industry is facing pressure to become cheaper and more efficient. What's driving this demand, and what's in store for the future of cross border payments?
Individual consumers are a significant growth market for cross-border payments. In the developed world and among the growing global middle classes, e-commerce is also a huge growth factor.
However, as discussed at length migrants from developing countries face some of the biggest hurdles in sending money back to family in their homeland, many of whom may be among the world's 1.7 billion unbanked. This explains why, looking at the historical timeline of money transfer firms, Western Union has maintained a market stronghold for more than 150 years now. Throughout that time, the company has remained the go-to means for anyone to send or receive cash, regardless of their banking status. The catch is that it comes with fees, which could stretch to over eight percent in some cases.
High speed vs. low cost
Even for those with a bank account, improvements in cost and speed of remittance have been small. Interbank network SWIFT rolled out its Global Payments Initiative (GPI) in 2017, aiming to create a fast and frictionless cross-border payment service.
By the end of 2018, the service had been adopted by 270 banks worldwide, making it possible to send international payments within 1-2 days, whereas previously it would have taken 4-5 days. However, many emerging economies such as Mexico and Turkey are not yet operating at SWIFT standards and miss out on its benefits.
Because the banks are failing to live up to demand, PayPal remains a popular choice, although again, it's a costly service with fees over 4% for international payments.
Competing firms such as TransferWise and Payoneer offer slightly more cost-effective alternatives to PayPal but still have only slightly pushed down fees leveled off since around 2016. One key challenge to lowering costs for these companies is that they're still dependent on the banks which still charge them high fees.
Crypto is now the front runner in cross border payments
The emergence of distributed ledger technologies and blockchain is proving to be a game-changer for global payments.
Blockchain enables people to send and receive cryptocurrencies, securely, cheaply, and near-instantly, from anywhere in the world. Although Bitcoin was the first cryptocurrency, there are now several blockchain projects starting to shake up the global payments industry.
The oldest and most prominent of these is Ripple Labs. The company has developed a product called RippleNet, a global ledger of private blockchains which are used as payment gateways. Any financial institution or payment provider can join the RippleNet, and once they do so, they can interact with other members, exchanging payments quickly and cost-effectively.
RippleNet can process payments in either fiat or cryptocurrencies, using its own cryptocurrency, called XRP, to maintain liquidity across the network. RippleLabs counts over 200 institutions as its partners, including American Express, Santander, and Standard Chartered. This explains why XRP is currently the #3 cryptocurrency in the world.
While Ripple is firmly focused on the existing financial infrastructure, other contenders have emerged with similar but subtly different targets. The Stellar network for example is an open-source, distributed payments infrastructure, but unlike the RippleNet, anyone can join the network.
Stellar boasts an impressive advisory team, which includes Patrick Collison (CEO of payment services company Stripe), Matt Mullenweg (founder of Wordpress) and Naval Ravikant (founder of AngelList.)
OmiseGO for example are also working on payment processing, however, they are focusing on improving financial inclusion in the developing world. It's an independently operated extension of Asian venture-backed payment company Omise. OmiseGO operates in a similar way to Ripple but is fully decentralized and available to individual users through its open wallet.
OmiseGO has the leverage of the existing relationships established by Omise, which include serving as a payment processor for Chinese giant Alipay. The project has also secured high-profile partnerships for payment processing with McDonald's and the Thai government.
It's true that the financial sector has made steps towards increasing the speed and lowering the cost of cross-border payments in recent years. However, demand is outstripping the pace of development. If blockchain and cryptocurrencies fulfill their initial promise, these technologies could ultimately replace the existing financial infrastructure with faster and cheaper cross-border payments, challenging the banking sector in a way it hasn't been challenged since the internet was invented.
Sallie Krawcheck and Bob Kulhan will be talking money, jobs, and how the pandemic will disproportionally affect women's finances.
Can an orgasm a day really keep the doctor away?
- Achieving orgasm through masturbation provides a rush of feel-good hormones (such as dopamine, serotonin and oxytocin) and can re-balance our levels of cortisol (a stress-inducing hormone). This helps our immune system function at a higher level.
- The surge in "feel-good" hormones also promotes a more relaxed and calm state of being, making it easier to achieve restful sleep, which is a critical part in maintaining a high-functioning immune system.
- Just as bad habits can slow your immune system, positive habits (such as a healthy sleep schedule and active sex life) can help boost your immune system which can prevent you from becoming sick.
How masturbation affects your brain...<p>Orgasms are a very common human phenomenon. The physical and mental health benefits have been researched frequently as a result, and yet, there is still so much to be learned about how our bodies and brains react to the chemicals and hormones released during and after experiencing this type of sexual release.</p><p>"The amount of speculation versus actual data on both the function and value of orgasm is remarkable" explains Julia Heiman, director of the <a href="https://kinseyinstitute.org/" target="_blank">Kinsey Institute for Research in Sex, Gender, and Reproduction</a>.</p><p>Masturbation causes a rush of <a href="https://www.webmd.com/mental-health/what-is-dopamine" target="_blank">dopamine</a>, which is a chemical that is associated with our ability to feel pleasure. Along with the rush of dopamine that is released during an orgasm, there is also a release of a hormone called <a href="https://www.livescience.com/42198-what-is-oxytocin.html" target="_blank">oxytocin</a>, which is commonly referred to as the "love hormone."<br></p><p>This concoction of chemicals does more than just boost our mood, it also can play a key role in decreasing stress and promoting relaxation. Oxytocin decreases <a href="https://www.webmd.com/a-to-z-guides/what-is-cortisol" target="_blank">cortisol</a>, which is a stress hormone that is usually present (in high volumes) during times of anxiety, fear, panic, or distress. </p><p>According to BDSM and fetish researcher <a href="https://www.psychologytoday.com/us/therapists/dr-gloria-brame-colbert-ga/278388" target="_blank">Dr. Gloria Brame</a>, an orgasm is the biggest non-drug induced blast of dopamine that we can experience. </p><p>By boosting the oxytocin and dopamine levels and subsequently decreasing our cortisol levels, the brain is placed in a more relaxed, euphoric, and calm state. </p>
Masturbation boosts your immune system and raises your white blood cell count.<p>How do those effects on the brain from reaching orgasm translate to boosting our immune system and making our body healthier?</p><p>The increase of oxytocin and dopamine that causes a decrease in cortisol levels can help boost our immune system because cortisol (well-known for being a stress-inducing hormone) actually helps maintain your immune system if released in small doses. </p><p>According to <a href="https://www.health24.com/Sex/Great-sex/incredible-health-benefits-to-masturbating-20181030-2" target="_blank">Dr. Jennifer Landa</a>, a hormone-therapy specialist, masturbation can produce the right kind of environment for a strengthened immune system to thrive. </p><p><a href="https://www.ncbi.nlm.nih.gov/pubmed/15316239" target="_blank">A study</a> conducted by the Department of Medical Psychology at the University Clinic of Essen (in Germany) showed similar results. A group of 11 volunteers were asked to participate in a study that would look at the effects of orgasm through masturbation on the white blood cell count and immune system.</p><p>During this experiment, the white blood cell count of each participant was analyzed through measures that were taken 5 minutes before and 45 minutes after reaching a self-induced orgasm. </p><p>The results confirmed that sexual arousal and orgasm increased the number of white blood cells, particularly the natural killer cells that help fight off infections. </p><p>The findings confirm that our immune system is positively affected by sexual arousal and self-induced orgasm and promote even more research into the positive impacts of sexual arousal and orgasm. </p>
Masturbation can ease and prevent pain, which allows you to achieve the restful sleep that helps your immune system stay strong and healthy.<p>The benefits of masturbation have long been debated, but the more research that is done on the topic the more we understand that there are many positive reactions that happen in our bodies and brains when we orgasm.</p><p>Orgasms can help prevent or mitigate pain, which boosts the immune system, preventing cold and flu symptoms. </p><p>According to neurologist and headache specialist Stefan Evers, about one in three patients experience relief from migraine attacks by experiencing sexual activity or orgasm. Evers and his team <a href="https://www.livescience.com/27642-sex-relieves-migraine-pain.html" target="_blank">conducted an experiment</a> with 800 migraine patients and 200 patients who suffered from cluster-headaches to see how their experiences with sexual activity impacted their pain levels. </p><p>The study showed that 60% of migraine sufferers experienced pain relief after participating in sexual activity that resulted in orgasm. Of the cluster-headache sufferers, about 50% said their headaches actually worsened after sexual arousal and orgasm. </p><p>Evers suggested in his findings that the people who did not experience pain relief from migraines of headaches during their sexual activity did not release as large amounts of endorphins as those who did experience pain relief. </p><p>According to <a href="https://www.sharecare.com/health/chronic-pain/chronic-pain-affect-immune-system" target="_blank">rheumatologist Dr. Harris McIlwain</a>, people who suffer from chronic pain have immune systems that are simply not functioning at full capacity - therefore, alleviating pain (through orgasm, as an example) can help boost the immune system. </p><p>Orgasms can also promote relaxation and make it easier to fall asleep. Serotonin, oxytocin, and norepinephrine are all hormones that are released during sexual arousal and orgasm, and all three are known for counteracting stress hormones and promoting relaxation, which makes it much easier for you to fall asleep.</p><p>There are <a href="https://www.ncbi.nlm.nih.gov/pubmed/1233384" target="_blank">several studies</a> showing that serotonin and norepinephrine help our body cycle through REM and deep non-REM sleeping cycles. During these sleep cycles, the immune system releases proteins called <a href="https://www.sleepfoundation.org/articles/how-sleep-affects-your-immunity" target="_blank"><span id="selection-marker-1" class="redactor-selection-marker"></span>cytokines<span id="selection-marker-2" class="redactor-selection-marker"></span></a>, which target infection and inflammation. This is a critical part of our immune response. Cytokines are both produced and released throughout our bodies while we sleep, which proves the importance of a good sleep schedule to a healthy immune system.</p>
Masturbation promotes a high-functioning immune system; a healthy immune system prevents cold and flu.<p>The immune system is a balanced network of cells and organs that work together to defend you against infections and diseases by stopped threats like bacteria and viruses from entering your system. While there are many things we need to do to keep our immune systems functioning at optimal levels, masturbation (or other means of achieving orgasm) has proven to have positive effects on the immune system as a whole.</p><p>Just as bad habits (such as an inconsistent sleep schedule or harmful chemicals in your body) can slow your immune system, positive habits (such as a healthy sleep schedule and active sex life) can help boost your immune system. </p>
The word "learning" opens up space for more people, places, and ideas.
- The terms 'education' and 'learning' are often used interchangeably, but there is a cultural connotation to the former that can be limiting. Education naturally links to schooling, which is only one form of learning.
- Gregg Behr, founder and co-chair of Remake Learning, believes that this small word shift opens up the possibilities in terms of how and where learning can happen. It also becomes a more inclusive practice, welcoming in a larger, more diverse group of thinkers.
- Post-COVID, the way we think about what learning looks like will inevitably change, so it's crucial to adjust and begin building the necessary support systems today.
The coronavirus pandemic has brought out the perception of selfishness among many.
- Selfish behavior has been analyzed by philosophers and psychologists for centuries.
- New research shows people may be wired for altruistic behavior and get more benefits from it.
- Crisis times tend to increase self-centered acts.