Opportunities for Improvement in Cross-border Payment Market
The results of a report released by Earthport provide a detailed understanding of the ideal cross-border payment solution from the perspective of both payment professionals and payment initiators. The global survey, which is based upon responses from professionals across the financial ecosystem, was conducted by payments strategy consulting firm Glenbrook Partners.
According to the report, there is widespread concern and frustration over current practices and prices within the cross-border market specifically among payments in the ‘sub-US$10,000’ level.
Other key findings include:
Even those corporates with mature treasury and payment functions still face sizable challenges transacting on a global basis. Respondents cited the biggest challenges as being the length of time it takes to clear funds, difficulty tracking payment progress and problems with payment reconciliation. They also expressed concern about the lack of foreign exchange fee transparency.