Cross border payments carry additional risks and challenges. Buyer and seller may have very different business cultures and practices.
As per the recent research cross-border work remains increasingly attractive, and is likely to increase in volume.
Confidence in cross-border opportunities is high, despite a mixed economic outlook globally. It’s likely that cross-border transactions and advisory will be growing areas of work and will gain in importance for large law firms and in-house counsel in large businesses.
Of the people surveyed:
- 75% agreed that cross-border payments or transactions are increasingly attractive to businesses globally and will grow;
- 78% agreed that the growth of cross-border transactions is driven by the internationalization of commerce and may continue to rise irrespective of economic cycles; and
- 63% agreed that their organization will be involved in an increasing number of cross-border transactions in the future.
Despite the optimism, cross-border transactions are seen as complex and considered disproportionately challenging and risky by businesses and legal advisors. Lawyers who can advise confidently and demystify these challenges will play a critical leading role in helping their own and their clients’ businesses to grow.
With demand for cross-border legal advisory work likely to grow, lawyers that can advise confidently and demystify these challenges will play a critical leading role in helping their own and their clients’ businesses grow.
Deals will be done faster and with less risk, where lawyers can access guidance around market-standard practice and documentation that resonates in the context of international business and is understood, recognizable and trusted by all parties.
A lot of problem is solved if both the parties of the transaction are in the same platform. Apart from the speed of the transaction which is real time, it gives clear visibility on the rates and charges.
Today, Monvenience provides one the best platform, for cross border payments and domestic transactions as well.
Monvenience and its partner are a leading provider of multi-channel payment solutions with over 100 payment methods and 34 transaction currencies, giving customers around the globe payment methods they know and trust. It collect payments through international cards, western union, and more than 50 eWallets worldwide. SWIFT and SEPA connects are available as well.
Monvenience is a full service global payment provider integrated with a large number of local payment providers, enabling quick pay-outs in local currencies. With EUR payments, they enable their clients to execute instant money remittance through unique IBAN accounts.
Visit the Monvenience Homepage to know more.