Cross-border payments are a necessary activity for many businesses, people, and governmental organizations. Many businesses serve customers from other countries and rely on suppliers for goods, so they must be able to receive and make payments across borders.
Similarly, many people rely on the ability to easily send or receive cross-border payments, such as international migrants who send money to family members in their home countries or individuals who buy from foreign retailers online. When these types of payments are combined – those sent from one jurisdiction to another by an individual, business, or government agency – they are referred to as “cross-border retail payments.”
In this system, in order to access the system, the bank registers with bank information. Banks have access to the account information and personnel information which customers have provided. They have access to every customer transaction. Using intermediary banks, transactions can be carried out, along with a status indicating whether they were altered or tempered. If the transaction’s currency is different, some cross-border payments require the services of an intermediary bank. All customer feedback can be viewed.
The customer also needs to register with details to log in to the system. They are able to add and modify personnel and account information. The system contains the bank list. Customers can connect to the bank by providing their respective bank account information. They can make a transaction by filling in with necessary details. All transactions can be viewed, along with a status indicating whether or not the transaction was modified or tempered. Customer can share their experience of using the system and suggestions for improvement.
- It’s easy to maintain.
- It’s user-friendly.
- View transactions with ease, as well as a status indicating whether or not the transaction was modified or tempered.
- Make international payments with minimal effort.