Global cross-border payment targets may miss key business needs, report warns
A report by The Payments Association warns that global cross-border payment targets may fail to reflect key business concerns like total costs, security, and settlement timing.
A new report by The Payments Association in the UK and EU suggests that existing global benchmarks for cross-border transactions may fail to address critical corporate needs. According to the study released on Tuesday, current international standards focus heavily on broad metrics rather than key business concerns, including total expenses, security, and the exact arrival time of funds.
While global initiatives have driven general improvements in international payment efficiency, the association warned that high-level progress risks masking persistent delays and hidden charges encountered by commercial end users. The findings highlight a growing gap between macroeconomic targets and the practical operational realities faced by cross-border merchants.
Sources: Fashion United