As global trade expands, so do companies’ global payments. That can be challenging given the complexities involved in making payments to recipients in other countries, including differences in payment systems, formats, and regulations, as well as different currencies. But banks and other payments providers are working to make paying globally easier for corporates.
“Payment schemes are generally geared domestically,” said Ather Williams, head of global payments in Global Transaction Services at Bank of America Merrill Lynch. “There are different payment formatting requirements with each payment scheme.”
In December, Bank of America Merrill Lynch announced an agreement with Earthport, a payment services company based in the U.K., that gives the bank access to Earthport’s links to clearing networks around the world.
BNY Mellon is rolling out a new global payments infrastructure that the bank says will allow it to provide companies with payments more quickly and flexibly, as well as making it possible to supply them with more data about those payments.