PayThink Cross-border pay's rules are confusing, but that's necessary

From exchange rates to IBANs, there’s a lot to keep track of when it comes to international payments. Whether you’re sending funds through a solution provider or your bank, you’re required to supply a wide range of information to ensure your payments arrive successfully into your vendor’s bank account.

Worse still, no process is sacred in this ever-evolving financial landscape, and there’s no guarantee that what is required today will be accurate tomorrow. Countries shift, enter different agreements, and depart from old processes. From the other side of the world, those unexpected changes have a big impact on even the most seasoned AP staff, and keeping up can feel like an uphill battle.

Even though countries have additional requirements, a core list of pertinent information stays relevant to every country. These are the most basic details needed to send payments: receiver’s full legal name; receiver’s full legal address; receiver’s country; receiver’s account number/IBAN; bank SWIFT/BIC code; bank’s address and the bank's country.

Sounds like a lot already, right? But wait, there’s more.

These days, basic banking details are rarely enough to ensure successful international payments. Usually at least one other piece of information is required to make sure your money is sent to the correct location. Read More.