US-based AscendantFX Capital has rolled its latest cross-border payments product, known as Payee Intel.
The company claims that the cross-border payments product significantly reduces the number of returns and investigations associated with international payments.
It is designed to enhance the efficiency of collecting payee banking details, and lessens the overall cost of sending international payments.
The product, whose development began in 2019, is mainly designed to reduce businesses’ cost of sending cross-border payments, the company said.
It can correctly capture payee details in a predetermined format.
Incorrect or incomplete payee details are said to be the most common reason for delays when sending international payments.
Each country has its own sets of differing data requirements to receive international payments, and incomplete or incorrect details usually lead to lengthy delays, returns, and added fees.
Payee Intel is powered by the company’s proprietary Payee Intelligence technology.
The company noted that the newly launched product offers a ‘smarter way’ to capture complete and correct payment instructions from the source using automation and cloud technology.
The payee is guided through the payment instruction process in real-time by the the Payee Intel system.
The user is automatically informed of the details that are required and/or missing in their instructions in order to complete the payment in their destination country.
The product conducts further authentication through Ascendant’s global financial institution database once the information has been filled.
“When all required data is provided and validated, the system immediately updates the payee information in the customer’s aPay portal for use in future payments,” the company said in its press statement.