How are cross-border payments arranged?

05 Nov 2022

The cross-border payment model is arranged by relying on banks holding deposits owned by other responding banks to provide payments and services on their behalf.

Cross-border payment services are inherently more complex than domestic payments, and they are frequently slower, less transparent, and more expensive as a result of the lack of an end-to-end system or rule set, as well as the need to transact in different currencies and time zones and meet different regulatory requirements.

Although use cases differ, pain points are usually the same for enterprises and consumers. Because cross-border digital payment is rarely sent directly from source to receiver, the majority of issues are around speed, transparency, and cost.

PayCEC is fully PCI DSS certified , the highest degree of PCI Security Standards organization (Visa, MasterCard, American Express) accreditation, which requires the gateway to be tested and upgraded on a monthly basis. PayCEC assists merchants in improving business outcomes by providing them with a business management page where they can track transactions, dates and hours, and income.