Payments innovations such as real-time payments, accounts receivable (AR) and accounts payable (AP) automation and virtual cards can enhance many aspects of businesses’ cross-border payments processes.
The businesses that invest in them often do so with specific operational goals in mind, and these goals tend to vary depending on whether the international business is based in the U.S. or the U.K.
U.S. businesses said they are more likely to see innovations that enhance their cash management capabilities as beneficial, while British businesses said they believe the chief benefit cross-border payments innovation can provide is cost reduction, according to “Innovating Cross-Border Payments,” a PYMNTS and Visa collaboration that drew on a survey of 456 decision-makers from businesses across 22 industries.
Get the report: Innovating Cross-Border Payments
Overall, the three primary benefits that businesses believe cross-border payments innovation can deliver are cost reduction, enhanced cash management and fraud protection.
Seeking Three Primary Benefits
In the U.S., payments innovations have been in the news recently in the form of the Securities and Exchange Commission’s ongoing lawsuit against international payments firm Ripple, which argues that its ongoing sales of the XRP token used by its RippleNet for fast, inexpensive cross-border transactions amounts to an ongoing unregistered securities sale.
Read more: At Senate Hearing, CFTC Chair Behnam Steps up Battle…
