The immediate benefit to India from the cross-border expansion of UPI is reduction in remittance costs. This is a key concern for a nation that receives the highest amount of international remittances. Wire transfers through the SWIFT network route money through several intermediaries that take their individual cuts. UPI settlements are instantaneous, reducing liquidity costs for intermediaries. The system is transparent about exchange rates, and so squeezes out hidden markups in international wire transfers. Since UPI has partner networks, cross-border transfers can be accomplished locally instead of over premium networks.