In this episode, Dharm sits down with Michael Boel, Head of Clearing Technology at Banking Circle, to explore why moving money around the world remains slower, more expensive, and more complex than many people realise. Drawing on more than 15 years of experience across banking, capital markets, and payments, Michael shares his journey through the industry and reflects on how payment infrastructure has evolved to meet the demands of an increasingly digital economy. He also discusses Banking Circle's growth from a startup into a global financial infrastructure provider serving banks, fintechs, and payment service providers worldwide. A central theme of the conversation is the inefficiency of traditional cross-border payments. While customers often expect transactions to happen instantly, international payments can involve multiple intermediary banks, foreign exchange conversions, compliance checks, and legacy systems. Michael explains how these layers create delays, increase costs, and add complexity for both businesses and consumers. Dharm and Michael explore the role of correspondent banking and why many international payments still rely on infrastructure that was designed decades ago. They discuss how intermediary institutions, bilateral agreements, and currency conversion processes contribute to both the cost and uncertainty often associated with moving money across borders. The conversation also examines how Banking Circle is tackling these challenges by connecting directly to local clearing systems and central bank infrastructures. By reducing reliance on intermediaries, the company aims to make global payments feel local, improving speed, transparency, and cost efficiency. Another key topic is tokenisation and its potential to reshape payments. As stablecoins and digital assets continue to gain attention across the financial sector, Michael shares his views on the opportunities they create, including faster settlement, greater transparency, and programmable payments. However, he also highlights the need for industry collaboration, investment, and regulatory certainty before these technologies can achieve widespread adoption. Regulation and financial crime prevention are another major focus. Michael explains the significant operational and technological investment required to meet anti-money laundering, sanctions screening, and compliance obligations, while balancing the need to deliver seamless customer experiences. Looking ahead, Michael predicts a future with greater interoperability between payment systems, increased adoption of tokenised assets, and reduced friction in global commerce. He also discusses the growing role of artificial intelligence in accelerating innovation and helping financial institutions manage increasingly complex payment ecosystems. For anyone interested in payments, banking infrastructure, fintech innovation, or the future of digital finance, this episode offers valuable insights into the forces shaping the next generation of global payments.