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Business, Banking & Finance, Economy

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

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ADNOC Drilling secures $1.15bn contract

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Cross-currency payments face challenges

Cross-currency payments make international payments easier.
By TRENDS Desk
August 21, 2022 9:26 pm
  • Cross-border payments are not always hugely inclusive to individuals, according to ManagedLEI, a Registration Agent of Legal Entity Identifiers.
  • In countries where access to a bank account is low, for example, not everyone will be able to make cross-border transactions.

A cross-currency payment refers to the entire transactions chain which results in the debiting of an account in one currency and the crediting of an account in another currency. A cross currency pair is one that consists of a pair of currencies traded in forex that does not include the US dollar. Common cross currency pairs involve the euro and the Japanese yen.
Cross currency transactions make it easier for international payments. Because an individual does not have to swap the currency into US dollars first, there is only one transaction, meaning only one spread is crossed. TRENDS takes a look at the challenges facing cross-currency payments:

 

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