Five essentials for handling international payments
Do you know what your corporate clients expect when they make international payments?
In our increasingly connected world of cross-border commerce, banks and their corporate customers are looking at this question more closely than ever.
Regardless of the size of your bank or where it’s located, there are five essential elements that any international payments offering should meet to remain competitive:
5. Be fast – Gone are the days of waiting days for an international payment to go through. Your corporate clients want a fast global transfer of the funds so that the party on the other side can get started fulfilling their end of the deal, whether that’s producing a good, making a shipment, or whatever the business being done.
4. Show the money – Whether it’s $500 or $500 million, we all want to know our money is safe when it travels. That’s why your corporate clients want to be able to know where their payment is at every step of the transaction until it arrives safely at its final destination.
3. Avoid surprises – No one likes unexpected charges. Your corporate clients making international payments are no exception. They want to be able to know where fees are deducted and how much so they can manage their finances, and relationships, accordingly.
2. Keep it clean – Part of a fast payments process is being able to easily reconcile the right payment with the right purchase. As any corporate will tell you, the remittance information sent along with their payment should not be altered as you pass it along.
1. Offer a top-notch service – This is the number one thing your customers expect. And if you can offer fast payments that are traceable at all times with a complete overview of the charges that apply and clean, unaltered remittance data, then you’re well on your way to giving your customers the cross-border payments experience they expect.
How can you give your corporate clients the service they expect?
In this short video, banks from around the world explain how SWIFT gpi helps them support their clients’ international payments, and why they encourage others to use it as well.