{"id":19431,"date":"2022-05-11T06:00:05","date_gmt":"2022-05-11T13:00:05","guid":{"rendered":"https:\/\/www.trulioo.com\/?p=19431"},"modified":"2023-07-31T23:52:05","modified_gmt":"2023-07-31T23:52:05","slug":"cross-border-business-payments","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/business-verification\/cross-border-business-payments","title":{"rendered":"Improving cross-border business payments"},"content":{"rendered":"\n<p>Compared to all the developments in consumer payments, <a href=\"\/blog\/payments\/cross-border-payments\">business payment processes<\/a> are slow, inefficient and outdated. Adding in the complexities of <a href=\"\/blog\/payments\/cross-border-payments\">doing business globally<\/a> makes cross-border payments especially problematic.<\/p>\n\n\n\n<p>But advances in technology, compliance and business processes create significant opportunities to speed payments, decrease fraud and improve integration among numerous stakeholders. And considering the <a href=\"https:\/\/www.juniperresearch.com\/press\/b2b-cross-border-payments-to-grow\" target=\"_blank\" rel=\"noopener\">total value of B2B cross-border payments<\/a> will reach $35 trillion in 2022, efficiency gains will have widespread impacts on operations.<\/p>\n\n\n\n<p>It\u2019s vital to perform <a href=\"\/blog\/business-verification\/know-your-business\">Know Your Business<\/a> (KYB) verification checks at the onboarding stage to help ensure accounts are legitimate. Before any payment, or if account activities significantly change, due diligence into the validity of the account and the risk it poses needs examination such as:<\/p>\n\n\n\n<ul>\n<li>Is the company registered?<\/li>\n\n\n\n<li>Does the onboarding information match records?<\/li>\n\n\n\n<li>Who are the key management and owners?<\/li>\n\n\n\n<li>What are the business activities?<\/li>\n\n\n\n<li>What transactions will happen?<\/li>\n<\/ul>\n\n\n\n<p>But the realities of doing business globally often result in answers to these questions that are opaque, complex and difficult to unravel. There can be multiple parties to a transaction, different jurisdictional standards and requirements, layers of ownership, and intertwined corporate structures that contribute to slow and costly business onboarding.<\/p>\n\n\n\n<p>According to Consultancy UK, it takes \u201c90 &#8211; 120 days to <a href=\"https:\/\/www.consultancy.uk\/news\/31153\/the-time-is-now-for-corporate-banks-to-become-truly-digital\" target=\"_blank\" rel=\"noopener\">onboard corporate banking customers<\/a>. 85% of corporates have poor know your customer (KYC) experience, and 12% are already changing banks as a result.\u201d Bad experiences, lost customers and decreased revenue is problematic for all parties involved.<\/p>\n\n\n\n<p>Fortunately, digital solutions can help automate the process, speed onboarding and control fraud. To help understand the landscape, issues and solutions around business payments, Trulioo and The Paypers are presenting a webinar:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-examining-kyb-what-s-to-come-and-how-to-prepare\">Examining KYB: What\u2019s to Come and How to Prepare<\/h2>\n\n\n\n<p><strong>Tue, May 31, 2022 \u00b7 7:00 AM Pacific Time (U.S. &amp; Canada) (GMT -7:00)<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.bigmarker.com\/the-paypers1\/Examining-KYB-What-s-to-Come-and-How-to-Prepare\" target=\"_blank\" rel=\"noopener\"><strong>Sign Up<\/strong><\/a><\/p>\n\n\n\n<p>In a world of instant, cross-border business transactions, it\u2019s clear that the future of online payments is moving towards technological adoption. But despite this growing digital demand, organizations must take action to avoid a fraud crisis. While digital payments offer faster settlement times and lower costs compared to traditional payments, they run the risk of poor onboarding techniques and light Know Your Business (KYB) routines.<\/p>\n\n\n\n<p>Save your spot today to find out how your organization can adjust to the latest developments while remaining competitive with topics that will be covered such as:<\/p>\n\n\n\n<ul>\n<li>An overview of payments trends in Europe and the U.S.<\/li>\n\n\n\n<li>The state of KYB and why it lags behind KYC<\/li>\n\n\n\n<li>Predictions for future-proofing KYB strategies<\/li>\n<\/ul>\n\n\n\n<p>Presenters<\/p>\n\n\n\n<p><strong>Erik Howell<\/strong> Partner, Flagship Advisory Partners<\/p>\n\n\n\n<p><strong>Garient Evans<\/strong> SVP, Identity Solutions, Trulioo<\/p>\n\n\n\n<p><strong>M\u00e9lisande Mual<\/strong> Publisher and Managing Director at The Paypers<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-innovations-in-business-payments\">Innovations in business payments<\/h2>\n\n\n\n<p>Traditional business payments\u2019 costs, risks and inefficiencies are becoming increasingly unviable as new digital techniques emerge. Understanding the potential pitfalls and opportunities, and these new business processes can help your operations improve payment flows, better manage risk and ensure compliance. Implementing effective digital KYB processes can help initiate a robust business payments program from the onboarding step.<\/p>\n","protected":false},"excerpt":{"rendered":"Compared to all the developments in consumer payments, business payment processes are slow, inefficient and&#8230;","protected":false},"author":8,"featured_media":19432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[328],"post-types":[88],"post-topics":[111,61,73],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.1 (Yoast SEO v22.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Improving cross-border business payments<\/title>\n<meta name=\"description\" content=\"New cross-border business processes can help your operations improve payment flows, better manage risk and ensure compliance.\" \/>\n<meta name=\"robots\" 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