Meeting the Demand for Speed and Security: The Case for Modern Cross-Border Payment Solutions

Whether paying international customers or overseas employees and contractors, U.S. businesses face the challenge of meeting the demand for fast, transparent transfers while managing their risk and costs. Partnering with providers offering global payment solutions gives businesses the quickest route to modern cross-border capabilities and popular payment methods they need to adapt and thrive on a global scale.  

Real-Time International Payments Are Becoming the Expectation

Real-time payments are on the rise as new payment rails, partnerships between banks and fintechs and the emergence of alternative payment methods enable transfers in minutes or seconds—instead of the hours to days required for traditional wire transfers. Faster payments are also popular with consumers. 42% choose digital wallets as their top method for making cross-border transfers, with 92% naming speed as the reason for their choice.  

Real-time international payment solutions offer businesses reduced payment processing times while providing a seamless recipient experience. Their customers and workers benefit from faster access to their payments, along with more secure, transparent and affordable options for remitting funds.  

Compliance & Fraud Protection: A Growing Challenge 

While emerging global payment capabilities offer advantages for businesses and consumers, they also increase complexity. In a recent Mastercard survey, 41% of small and mid-size business owners said they were worried about fraud when making cross-border payments, and nearly a third were concerned about adhering to payment restrictions in the destination country. 

National and regional regulations frequently change based on new technology and emerging risks, meaning businesses must stay vigilant about data privacy, anti-money laundering (AML), Know Your Customer (KYC) and counter-terrorism financing (CTF) requirements. Offloading security and compliance to a global payment solutions provider enables businesses to streamline management and complexity while protecting against fraud and noncompliance, ultimately providing a modern and more secure experience for recipients. This approach also benefits from expert guidance when navigating regulatory requirements in global markets. 

Meeting Demand for a Seamless Customer Experience 

According to Mastercard, nearly half of consumers said they found it more difficult to make cross-border payments than domestic ones, and 52% were challenged by the slower speed of transfers. Whether spending their earnings, transferring money to an international bank account or sending payments to family back home, payout recipients are looking for more convenient, flexible ways to manage their funds. 

A cross-border payment platform can help simplify the process, offering the latest features, services and multiple payment options to support smoother international transactions: 

• Local payment methods and access to multiple currencies enable businesses to pay wherever they have a presence and meet regional preferences

• Fraud protection and prevention solutions to counter security threats, reducing risk for your business and recipients 

• Fast, convenient payment methods, including secure bank transfers, reloadable virtual cards and 1-click provisioning to digital wallets
• Affordable options with low transaction fees and competitive exchange rates that help remove the barriers to international payments

• Multilingual customer service to support your recipients in their language 

By modernizing the cross-border payment process, businesses will be equipped to offer their recipients faster, more secure international payment options—an competitive advantage in today’s uncertain economic environment. 

With over two decades of experience delivering innovative consumer and workforce payout solutions, Onbe is here to support you as you expand your global reach. Learn more about Onbe’s global payment solutions.