What exactly are cross-border payments?
Global trade and economic activities are centered on cross-border payments. Cross-border payments have, however, for far too long suffered four specific difficulties: high fees, slow speed, constrained access, and insufficient transparency. Cross-border payments that are quicker, less expensive, more transparent, and inclusive would enhance financial inclusion, international trade, and economic growth.
Targets to enhance cross-border payments
Setting worldwide quantifiable targets to address the cross-border payment challenges of cost, speed, transparency, and access is a fundamental element in the roadmap.
Following a public survey, the goals were established, and during the G20 Leaders Summit in October 2021, they gave their approval. They offer a shared perspective on the changes and are crucial in establishing the Roadmap's objective to improve cross-border payments and establish accountability.
What type of information will consumer see when sending money abroad through their bank?
The new Cross-border Payments Regulation requires payment service providers to disclose an estimate of the applicable currency conversion charges as well as the estimated total amount of the credit transfer in the currency of the consumer's account, including any transaction fees and any currency conversion charges, when consumers initiate credit transfers involving a currency conversion. Unless the customer chooses to send money in his own currency, in which case the customer's bank will not undertake a currency conversion, payment service providers will finally publish the expected amount to be transferred in the payee's national currency.
Whatever your needs are, Agathis is your specialist partner is cross border payments. Contact us today and together we’ll come up with the best and most cost-effective plan for your business!