Making international payments as easy as domestic payments

Unsurprisingly, more businesses are looking beyond the traditional bank payment network to embrace new solutions that offer choice, cost advantages and flexibility.

These benefits stem from new and alternative payment routing, streamlined back-office processes and optimised workflows that gives customers choices about how and when payments are made.

Having a choice of international payment routing options has previously been limited to the SWIFT network. SWIFT is ubiquitous and offers adequate speed but is comparatively expensive.

Today, specialist payment providers are building their own international payment networks using banks in key destinations to access domestic payment rails, such as ACH in the United States. Payers then have the option of using SWIFT or opting for “local” routing depending on the destination, currency account and urgency of the payment.