Cross-border B2B payments can be challenging, with regulatory differences, language barriers and high global remittance costs.
Regulatory differences increase turnaround times for transactions and negotiations, causing operational costs to go up, Tranglo CEO Jacky Lee told PYMNTS.
Language barriers may cause key points to get lost in translation, so companies need to think about whether they need to support multiple languages.
High global remittance costs — with a fee that stands at an average 6.3%, according to World Bank data cited by Lee — exist because of complexities involved in routing and central intermediaries.
Tranglo has experience meeting these challenges. Founded in 2008, the company helps financial institutions (FIs) and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution.
In addition to challenges, the company sees these opportunities, Lee said: “high potential in business payment in terms of liberating the global…