New Trade Rules and Payment Choices Complicate Cross-Border Transactions
Banks face compliance challenges from new trade rules while consumers weigh options for overseas payments, including multi-currency wallets and cashback.
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New trade rules raise compliance worries for banks over cross-border payments
As of October first, banks will bear the new burden of overseeing cross-border payment transactions. They are required to confirm the validity of service contracts and foreign entities involved. Furthermore, banks will also be tasked with tracking export revenues and handling overdue export bills, creating a challenging landscape in service imports and exports aimed at curbing money laundering and suspicious trading practices.
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From prepaid cards for children to complimentary travel insurance, banks and fintech firms have moved past offering zero foreign currency fees as the sole selling point for their overseas digital payments services.
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