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What Corporations Need to Know About Beneficiary and IBAN Validations for International Payments

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Learn how beneficiary and IBAN validations reduce delays and errors with international payments.

Published in: Economy & Finance
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What Corporations Need to Know About Beneficiary and IBAN Validations for International Payments

  1. 1. What Corporations Need to KnowAbout Beneficiary and IBAN Validations for International Payments Learn how beneficiary and IBAN validations reduce delays and errors with international payments. Foreign Exchange and International Payment Services www.ceifx.com
  2. 2. Theabilityfororganizationstosend secure,andtimelyinternational paymentsbetweenfinancial institutionsnomatterwheretheyare aroundtheworldensurestheycan keeptheirbusinessrunning. However,thisisonlyonecomponent intheentireprocessofyour internationalpayment.Whatactually happensinbetweentheinitiationof thewireanditbeingreceivedinvolves acoordinatedeffortofnetworked correspondents. Foreign Exchange and International Payment Services www.ceifx.com
  3. 3. To minimize any delays and errors with your international payments, it is crucial to make sure the beneficiary information is accurate and complete. Forgetting these critical details could leave an open gap that creates errors and mistakes. In the long run, failing to take the time to review this information or not knowing it is needed will end up costing your business more. This is why trusting a specialist with international payments is highly recommended. Foreign Exchange and International Payment Services www.ceifx.com
  4. 4. Foreign Exchange and International Payment Services www.ceifx.com Why is it Important to Have Accurate Beneficiary and IBAN Information for International Payments?
  5. 5. Foreign Exchange and International Payment Services www.ceifx.com When it’s time for your business to send an outgoing wire transfer, it’s important to make sure you take into consideration beneficiary and IBAN validations. Otherwise, these are some of the classic pitfalls your business could become a victim of if you send incorrect information with that next payment: International payments can accidentally be sent to the wrong account Increased fees due to additional research or investigative work International payments could be delayed several weeks Additional correspondence may be required to clear the funds at its destination International payments never reaches destination and is sent back to originator Remember, once an international payment is sent there’s no going back.
  6. 6. Foreign Exchange and International Payment Services www.ceifx.com What beneficiary and IBAN information is needed for successful international payments?
  7. 7. Foreign Exchange and International Payment Services www.ceifx.com In order for your business to send its next international payment with confidence, we’ve put together an international payments required information and validations chart. This chart helps show you what information is expected from you (the remitter) and the beneficiary. As well learn how CXI's CEIFX software help simplify the process. Below you will learn the following: ISO Country Code: The International Organization for Standardization (ISO) country code. CEIFX automatically selects the correct ISO country code depending on which country your payment is being sent to. Beneficiary Information: Providing the full name of the beneficiary along with the full address are required for a payment to be processed. Beneficiary Bank Validations: Certain countries require additional payment or beneficiary details. CEIFX displays all required fields to minimize delayed and returned international payments. IBAN Validations: International Bank Account Numbers (IBAN) is used in most payments. CEIFX’s IBAN validation removes any doubt and lets you know when it's required. When an IBAN is entered, it will give all of the necessary bank information with one click of a button.
  8. 8. Foreign Exchange and International Payment Services www.ceifx.com INTERNATIONAL PAYMENTS REQUIRED INFORMATION & VALIDATIONS
  9. 9. Foreign Exchange and International Payment Services www.ceifx.com How to minimize international payment delays and errors with beneficiary and IBAN validations?
  10. 10. Internationalpayment'serrorsanddelaysaresomeofthebiggestpainpointsfor businessesofallsizes.Removethefrustrationsfromyourinternationalpaymentsprocess. CXIprovidesbeneficiaryvalidationtoolsdesignedtofocusonsimplicity.Wesimplyaskfor theinformationbasedonthecountryyou’resendingitto. Ourstructureofvalidatingbeneficiaryinformationiscustomizedtofiteachcountry’s paymentrequirements,soyoudon’thaveto.Nowyoucanfinallywavegoodbyetostress andsayhellotoCXI’sinternationalpaymentssolutions. withoneofCXI’sinternationalpaymentexpertsandunleashthetrue potentialofyourinternationalpayments.ThengetfreeaccesstoTheUltimateGuidefor InternationalPaymentsWhitepaper. GET MY FREE WHITEPAPER Foreign Exchange and International Payment Services www.ceifx.com

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