Managing payment security on global scale

The recent Mastercard report revealed that payment security is one of the biggest concerns global businesses have surrounding international payments that prevents them from expanding their operations to new locations. With the rise of digital payments and the demand for cross-border payments, many financial institutions have ramped up their offerings, but there are also new players entering the market. In addition to enabling businesses to scale internationally with ease, this is great for spurring innovation, but there is a worrying lack of consideration for cross-border payment security risks and challenges they could pose to individuals, organisations, institutions, and payment systems as a whole. In this article we will explore the common security considerations for global payments and provide you with insights on how to safely manage your transfers globally.

The verification of beneficiary details is another way businesses can protect cross-border transactions. By using trusted payment providers, businesses can verify the legitimacy of recipients, reducing the likelihood of fraud. Most payment providers reject payments to unverified recipients, protecting your funds. Additionally, saving beneficiary information for recurring payments not only streamlines the process but also minimises the risk of errors in payment processing and the resulting delays. Finally, it’s critical to double-check that you can send the funds to the country your recipient is located in as due to geo-political reasons, some countries are limited by the majority of payment providers and institutions.

The details you will need from the beneficiary to process a cross-border transfer are:

• Company name and address
• Contact name and title
• Phone number
• Email address
• Bank name and address
• Bank account number
• SWIFT/BIC code

These are some of the points to consider when choosing and onboarding with a financial institution or a payments provider when it comes to global payments security.

• Reliability - How often do payments fail due to issues with the beneficiary's account, rather than issues with the payment processor? A provider with a good reputation around cross-border payments is more likely to process payments smoothly and securely.
• Licences - Search for providers that are licensed to operate in the counties you want to transact in or those that operate on top of a network of financial institutions with such licences, like Fyorin. This ensures the legality and smooth execution of transactions.
• Encryption and data privacy - Your financial information should be encrypted and stored using protocols such as SSL or TSL to avoid hackers and fraudsters accessing it.
• Fraud detection and prevention - Does the provider provide any mechanisms to protect your transactions against unauthorised access and fraudulent activity? You can ask this question about your provider's cards as well - do their cards have additional fraud prevention measures like dynamic CVVs, tokenization, and single-use cards?

If you’d like to start automating your international B2B payments in a secure and cost-effective way, get in touch with us and get access to our network of global financial institutions spanning over 200 countries and 100 currencies. Book a free demo or email us at [email protected]