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New Cross-border Payment Options

There are now more options for making international payments.

Companies that maintain international operations or that have business partners located in other parts of the globe have to deal with making cross-border payments, which can sometimes be a burdensome process. However, two groups have recently extended the list of options for corporations that

Companies that maintain international operations or that have business partners located in other parts of the globe have to deal with making cross-border payments, which can sometimes be a burdensome process. However, two groups have recently extended the list of options for corporations that want to send funds overseas.

Earthport said it would be employing Bank of America Merrill Lynch's CashPro Online banking channel to increase the number of people who could receive payments in Asia Pacific, Latin America and Europe.

"As a company we are dedicated to solving the challenges traditionally associated with cross-border payments," stated Hank Uberoi, Earthport's executive director. He added that the partnership was "breaking down boundaries to growth, improving customer satisfaction and creating new revenue opportunities for our clients."

Citigroup has also been striving to improve cross-border payments. The company said it would be adding eight countries to the list of those that its clients can send money to through its WorldLink Payment Services.

Now, businesses and individuals will be able to connect to automated clearing houses in 29 countries across Africa, Asia, the Americas and Europe. Brazil, Israel and South Africa were among the latest additions.

The global head of the service, Michael Vallance, noted that many customers were increasing their demands for making payments in the local currency, particularly when it came to transacting in developing and emerging countries.