re: Bank of China NY Signs On To Deutsche Bank’s Cross-Border Clearing Service
That is very true. This isn't exactly the same thing, but I just read an article in the Financial Times that people in Africa essentially pay a "remittance tax" of almost $2 billion/year because of the higher-than-average cost of sending money there. That's partly becasue 2 companies (Western Union and MoneyGram) dominate the business, according to the Overseas Development Institute. Not quite the same as SWIFT payments, but shows how much room for improvement there is still in the payments system.