The ability to transfer funds between different financial platforms is a common need for users. This capability allows for greater flexibility in managing finances and accessing funds across various services. For example, individuals may wish to move money from a payment application to a bank account for bill payments or savings purposes.
The importance of interoperability between financial services stems from the convenience it provides consumers. It eliminates the need to hold accounts solely with institutions that directly integrate with one another. A historical lack of such integration often led to cumbersome workarounds, such as transferring money to a common bank account as an intermediary step. Modern payment systems increasingly prioritize direct transfers to streamline the process.
