International and cross-border payments These two terms are often used interchangeably to refer to what is essentially one thing: payments that cross national borders. Cross-border or international payments can travel a convoluted road to reach a destination. A payment within the eurozone could be send over Europe’s SEPA network or one of the other clearing mechanisms on the continent, but most transactions don’t have such easy means readily available. A payment from the UAE to Belize, for instance, will likely go through the USA. In practice, that means that such a payment would need to comply with US laws and regulations, even if these have no equivalent either in the source country or the destination.
International and cross-border payments
These two terms are often used interchangeably to refer to what is essentially one thing: payments that cross national borders. Cross-border or international payments can travel a convoluted road to reach a destination. A payment within the eurozone could be send over Europe’s SEPA network or one of the other clearing mechanisms on the continent, but most transactions don’t have such easy means readily available. A payment from the UAE to Belize, for instance, will likely go through the USA. In practice, that means that such a payment would need to comply with US laws and regulations, even if these have no equivalent either in the source country or the destination.
challenge of financial exclusion, Oct 31 2020 on known.davekokandy.com