Cross-border payments can cause massive headaches within businesses, but it is a necessary evil in today’s global supply chain.
French bank BNP Paribas has just released its updated Currency Guide for businesses to use as a tool when making cross-border payments. The guide offers data for more than 130 currencies and includes information to facilitate businesses’ processing of international payments.
The updated guide includes an overview of each currency, current currency guidelines, payment formatting guidelines and additional information including specific local regulations and other key data.
“Designed for organizations of all sizes and profiles, the BNP Paribas Currency Guide helps manage the uncertainty and complexity of making international payments,” the guide’s homepage says.
These complexities are a major risk factor for many companies, experts say, as firms struggle to navigate individual requirements for varying jurisdictions. The Currency Guide provides businesses with an outline of these individual requirements to ensure international payments are secured. Not only are there rules and regulations about cross-border payments, but there are also differing preferred best practices for different nations. Altogether, cross-border commerce can be costly if not done correctly.