Cross-border payments are prohibitively expensive but sadly a necessity for many across the globe. There are a myriad of reasons for this that include cost, speed, access and transparency that all conspire to make for a challenging environment.

Fintech holds the key for a long-term solution and Xprizo is leading the charge.

For the past thirty years, a lack of easy access to digital financial services has made domestic payments efficient, cheap and perhaps most importantly, inclusive. Cross-border payments have not moved at the same pace, falling a long way behind, until now.

A recent survey of 250 US and UK firms conducted by PYMNTS found that four out of five companies reported experiencing challenges affecting their ability to pay international workers. 

High costs are one of the key barriers to optimised cross-border payments. The reason behind this is that the framework is overly complicated between the correspondent banks. These banks are the link between the two financial parties based in different jurisdictions that don’t have an existing relationship in place. In most instances, multiple correspondent banks are involved in every cross-border transaction, each charging a fee for their service. 

Xprizo’s solution is to bring as many banks and local payment providers into its ecosystem to support those living within emerging markets by making international remittance easier. While challenges still exist, the company is working to enhance the experience of international money transfers, making it more affordable and accessible. 

This strategy also greatly increases the speed at which money can move across borders. Several factors play a role in this that include time zone differences, the number of intermediaries in the payment chain, and compliance checks such as Know Your Customer (KYC), Anti Money Laundering (AML), and Combating the Financing of Terrorism (CFT). 

Xprizo’s mission is delivering innovative banking solutions that are efficient, inexpensive, inclusive, and transparent. The ecosystem is built to facilitate cross-border payments that can match those completed in domestic environments.

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