How to Handle the Complexity of Cross-Border Payments

How do cross-border payments work?

There are three primary models for cross-border payments, so we’ll begin by breaking them down.

  1. Dual accounts

Why are cross-border payments complex?

So, we’ve established that cross-border payments aren’t as simple as making a domestic payment.

  • High costs
  • Longer time to complete
  • Fragmented data formats
  • Legacy data platforms
  • Security issues

What is changing in the regulatory payments landscape to support cross-border payments?

With a list of issues that long, it’s not surprising there have been serious international efforts to simplify and rationalise cross-border payments.

  • The G20 effort
  • ISO 20022
  • The Single Euro Payments Area (SEPA) scheme

Capabilities and market developments for cross-border payments

We’ve gone pretty quickly from relatively simple descriptions of transactions between international banks to a brief overview of one of the most significant shifts ever to the back-office operations of the global financial system.

Localizing the shopping experience

Like a duck paddling furiously under the water, the consumer shouldn’t see the payments infrastructure that lies behind their shopping choices.

Greater visibility on FX rates

As anybody who’s ever been on holiday knows, these can be a pernicious hidden cost in a number of surprising ways. Scale this issue up to a global business, and the problem is compounded.

Working with a local acquirer

You can’t be everywhere at once, and you can’t conduct a transaction with everyone everywhere.

Real-time payments

In the developed world, many of us take real-time payments for granted — but they are far from routine across much of the global economy, despite expectations having been significantly raised by the near-instant payments most users enjoy with their retail banking provider.


Overall, in a globalized world, cross-border payments are a fact of life.



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2Checkout (now Verifone)

2Checkout (now Verifone)

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2Checkout (now Verifone) is the leading all-in-one monetization platform for global businesses built to help clients drive sales growth across channels.