Today, payment processes can play a crucial role in driving success. However, the mode of payments is evolving so rapidly that it is difficult for businesses to keep pace. Technology is driving many Point of Sale (POS) experiences – from the card and contactless to mobile and eCommerce. With smart devices and apps dominating the digital era, businesses rely heavily on these methods to operate their routine transactions for several stakeholders.
Furthermore, a range of regulatory standards and tracking terms are required to record and manage payments properly. More often than expected, businesses strive to keep a tab on all such terms and record transactions in the right format and code. They also face complex processes to verify money transactions and evade chances of laundering or fraudulence.
To meet the fluctuating customer demands and enable fast, assured, and secured payments, every stakeholder participating in payments has an innovative role to play. This paper focuses on the complexities of International Payments and how businesses can optimally address them.
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