If a German company wants to buy an industrial robot from a Japanese manufacturer using U.S. dollars during a holiday or weekend, it will have to wait. The Fedwire Funds Service, typically used for such transactions, is open during regular business hours, Monday through Friday.
For an increasing number of businesses, this kind of wait is no longer acceptable.
"The recent Fourth of July holiday was a working day in most parts of the world, and people still want to make payments on U.S. bank holidays and on weekends," said Tony McLaughlin, head of emerging payments and business development at Citi Treasury and Trade Solutions.
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