Simplify international business payments with a single platform that unifies domestic and cross-border transactions.

A delayed international payment can disrupt everything from supplier payment relationships to global growth plans. Whether you’re paying vendors or contractors abroad or acquiring a foreign company, you need a way to move money that’s fast, reliable, and compliant. 

Of course, moving money across borders is rarely straightforward. Each country has its own rules, formats, and compliance requirements that can easily derail a transaction. When you rely on traditional banks, processing is often slow, costly, and out of step with fintech speed. What should be a simple transaction often gets bogged down by delays and extra steps. Those inefficiencies add up, creating friction that slows growth.

Key takeaways

• A modern payments system allows fintechs to manage both domestic and international payments in a single workflow, reducing setup time and the risk of compliance errors.
• Traditional banks often make international payments slow and complex, creating friction for fintechs paying global partners and suppliers.
• Features like automated compliance checks and currency risk management help fintechs move money confidently and protect their margins.

What are international business payments?

International business payments are financial transactions between parties in different countries. These cross-border payments enable companies to pay overseas suppliers and employees, as well as complete global deals. Unlike domestic transfers, they often require navigating multiple currencies and financial systems, which adds complexity to each transaction.

How do international payments work?

International payments move through networks of banks and providers that transfer funds across borders. The process includes converting currencies, formatting payments to meet country-specific requirements, and completing checks to prevent fraud and ensure regulatory compliance.

The banking bottleneck in international payments

Even in a global economy, international business payments remain a persistent pain point for fintechs, hindered by regulatory complexity and outdated banking infrastructure. 

Challenges vary depending on which type of bank you rely on:

Small banks

Small banks typically can’t support cross-border wires directly, so they rely on correspondent banks or third parties for international payments. That often translates into extra steps and added costs, which in turn raises the risk of errors and formatting issues.

Many countries have their own requirements for formatting and local addresses, and a single misstep can result in a failed transaction. Compliance checks can add further delays. When problems occur, small banks often lack the expertise to resolve them quickly. 

Large banks

Most large banks can process international payments, but the experience rarely matches fintech’s speed. Lengthy setup timelines, extensive documentation requirements, and call center dead ends make it difficult to onboard and resolve issues quickly. Compliance checks, though essential, are often applied with a heavy hand in larger institutions, dragging transactions out even further.

Costs add another layer of friction. Big banks typically charge high fees for cross-border transfers and currency conversions. If your payment volumes are modest, you may find yourself paying premium rates with little leverage to negotiate better terms.

A modern approach to international payments

Traditional banks are no longer your only option. Modern banking and treasury management platforms offer faster, simpler ways to handle international business payments with compliance woven in at every step. 

Here’s how a modern approach streamlines international business payment workflows so you can pay your global suppliers, partners, and teams on time. 

One interface for every payment

Managing international transactions shouldn’t feel like running an entirely separate operation. With a single API, you can handle domestic and cross-border payments through the same streamlined workflow. 

Even if global payments aren’t part of your daily workflow, you’ll have a reliable solution ready when you need it, so there’s no need to manage multiple systems or deal with unnecessary friction. 

Modern platforms handle the complexity behind the scenes. By automatically applying localized requirements, such as Brazil’s unique address fields or payee and beneficiary information that may be required in the Philippines, they reduce the risk of errors and help payments clear the first time. The result is a system that feels simple to your team but has the depth to navigate global requirements with confidence. 

Compliance built into every payment

Regulatory compliance is a persistent challenge in international payments. Every transaction must be vetted for anti–money laundering (AML) risks and screened against global watchlists like the Office of Foreign Assets Control (OFAC), which can slow bank processes to a crawl. 

Modern platforms shift that burden off your team. Automated checks run as transactions are initiated, catching risks before funds are released and ensuring money never reaches sanctioned parties. 

Meanwhile, built-in rules for each jurisdiction, whether it’s address fields, International Bank Account Numbers (IBANs), or Society for Worldwide Interbank Financial Telecommunication (SWIFT) codes, help keep transactions aligned with local requirements without adding operational overhead.

Smarter currency risk management

Currency fluctuations can dramatically change the cost of a transaction. Forward contracts allow you to lock in exchange rates for future payments, offering predictability in otherwise volatile markets. 

While this kind of protection is critical for import/export businesses, it also reduces financial uncertainty for any fintech that makes large cross-border payments, especially during M&A activity. 

For example, if a U.S. company is acquiring a Spanish business valued at 150 million Euros, that may translate to roughly $175 million USD. But if the Euro strengthens by 10% before the deal closes, the USD-equivalent cost jumps by about $17.5 million. With a forward contract, the buyer can lock in the original rate, shielding the transaction from that swing.

Simplifying international business payments starts here

International payments shouldn’t hold your business back. With a single interface to handle all transactions, automated compliance, and tools to manage currency risk with precision, you can move money globally at the speed your partners and customers expect.

Priority’s Banking & Treasury management platform, Passport, offers embedded international payment capabilities that take the guesswork and compliance risk out of cross-border transactions. Whether you use these capabilities occasionally or every day, simplifying the process gives your fintech the flexibility to scale and compete in a global market.

Ready to give your fintech the reach it deserves? Get in touch.