Boston, October 25, 2012 – A new report from Aite Group examines how companies based outside of the United States transmit remittance information to and from U.S.-based companies; it also provides insight into firms’ preferences regarding the exchange of remittance details. The report is based on a NACHA-commissioned Aite Group survey of 280 companies outside of the United States that do business with U.S.-based companies.
A number of factors make cross-border payments and remittance exchange more complex than domestic activity. Among them are laws and regulatory requirements, foreign exchange possibilities, formats used for the exchange of payments and remittance details, and integration with technologies deployed. Despite such complexities, international payments must be made and remittance details must be exchanged.
“While ensuring that banks' solutions are easy to implement and use, banks and technology vendors should focus more on the timely delivery of remittance information than on straight-through processing,” says Nancy Atkinson, senior analyst with Aite Group and co-author of this report. “For those automating processes, data translations and systems integration are in many ways more valuable than standard formats.”
This 58-page Impact Report contains 44 figures and five tables. Clients of Aite Group’s Wholesale Banking service can download the report by clicking on the icon to the right.