Blog · Approx. 1 minute read
PayThink International Payments have lots of tech, but rules are stuck in the past
In today’s digital economy, most people think that sending money across borders is a seamless process.
While it’s true that most front-end user experiences now offer a more frictionless environment for both consumers and businesses, the behind-the-scenes processes that allow for money to move from payor to payee still rely on an incredibly archaic system.
The reality is, we are still far from simple when it concerns global money transmission. Due to regulations that are designed to thwart money laundering, anyone attempting to transact on a global scale will encounter a patchwork of complex laws and local requirements that make payments anything but borderless. Payment service providers focusing on moving money globally must act as the interpreter of these requirements, where any mistake may prove to be costly.
To get comfortable with cross-board payments, read the full article visit www.paymentsource.com.
Originally posted and written by PaymentSource.