Introduction
In this digital age, money moves faster than ever, however, receiving payments from another country can still feel like a lot of waiting along with hidden charges. The ability of Indian exporters and SaaS startups and agencies to grow globally depends on resolving payment delays, unexpected fees, and regulatory compliance requirements. The world has opened up for business, but the real challenge is making your revenue follow-up accordingly.
According to Coinlaw’s 2025 cross-border payments report, the market of cross-border payments all over the globe was marked at over $194 trillion in 2024 and is expected to grow at 5% annually, reaching $250 trillion by 2027.
The worldwide expansion of businesses is facing ongoing difficulties because of outdated systems, hidden fees, and delayed payment settlements. Thus, businesses are now opting for cross-border payment companies that allow them to send and receive money internationally with transparency, security and efficiency.
This article breaks down the top cross-border payments companies, how they ease international transactions for businesses, segmented by use case and operational edge.
Key takeaways
- Cross-border payment companies allow businesses to send and receive funds from all over the world with more speed, control and lower amount of deductions and FX charges. This allows finance teams to track business transactions in real-time and estimate the total amount to be received post-minimal deductions.
- Cross border payment companies facilitate worldwide transactions amongst businesses by offering margin transparency, lowered deductions using streamlined and simplified compliance processes that ensure your funds get credited smoothly without unnecessary delays. Choosing the right platform will help your funds get transferred faster and with a lowered amount of deductions, thus, reducing the overall transfer costs and complications.
- Some key features that you need to look out for in your chosen cross-border payment company are transparent FX charges, real-time funds tracking, if it supports multi-currency wallets, and in-built compliance checks. Another factor to focus on is if the company seamlessly aligns with your financial operations so you can automate processes and reduce the risk of errors.
- Cross-border payment companies serve various segments and use cases such as, exporters receiving payments from clients across nations, SaaS businesses receiving timely subscriptions from international brands and users, agencies making and receiving remittances from global partners along with marketplace sellers collecting payments through international currencies.
What Are Cross-Border payments?
Businesses, clients, and service providers operating in different countries can send and receive money through cross-border payments. Unlike domestic payments, cross-border remittances depend on a number of systems and platforms that do not always work together.
For exporters and companies that work globally, this issue affects how soon revenue gets reflected in the accounts, the amount lost to hidden fees, and how easily finance teams can track the cash flow.
For instance, an agency in Bengaluru executes a campaign for a US-based client and then, has to wait for days before receiving payment clearance. The transfer passes through multiple banks and FX conversions, which reduces the received amount and causes uncertainty. When the funds finally arrive, the finance team has to compare and tally the mismatched references and deductions just to reconcile the received amount.
Payment provider selection determines both transaction speed, settlement speed, and payment tracking throughout the entire payment process from start to finish. Your payment platform selection determines how fast you can access revenue and track collections while planning for growth. Hence, selecting the right partner means more control over your payment workflow so that it matches the pace of your business.
How do Cross-Border payments work?
The cross-border payment process consists of several stages starting with payment initiation and ending with settlement after conversion. The various steps in a cross-border payment include.
Step 1: Payment Request Initiation
The sender initiates the payment by setting up a payment request through their bank or payment platform.
Step 2: Fund Debit and Hold
Funds get debited from the sender’s account and are temporarily held for processing.
Step 3: Currency Conversion
Then, the payment platform’s FX engine converts the currency to ensure the recipient receives the correct and intended amount.
Step 4: Compliance Checks
After the payment passes through compliance checks the system verifies that transactions meet domestic and international regulations through KYC (Know your Customer) and AML (Anti-Money Laundering) among other checks.
Step 5: Routing via Correspondent Banks
The payment then moves through the correspondent banking system based on which network you use. It may pass through partner banks for local checks.
Step 6: Settlement Instructions
Cleared payments send settlement instructions to the recipient’s bank to authorize the final release of your funds on the receiving side.
Step 7: Funds Credited to Recipient
After all checks are passed and settlement is complete, the funds appear in the recipient’s account. Sometimes, fee-related or FX cost deductions may apply.
Top Cross-Border payments companies in 2025
A platform built to support cross-border payments enables companies to achieve quick collections, reduced unexpected fees and streamlined payment processes that facilitate their expansion. The top cross-border payment companies are:
1. Xflow
How does it work:
XFlow simplifies cross-border payments by giving Indian businesses local collection accounts that let international clients pay like domestic customers. The platform routes funds through local rails to increase speed, reduce FX losses, and eliminate hidden bank deductions. Automated 15CA/CB compliance keeps transfers uninterrupted. Businesses gain upfront FX visibility, real-time tracking, and automated reconciliation that maps every payment to its source.
Strengths:
- RBI Compliant local receiving accounts in major markets
- Fully transparent FX without hidden deductions
- Named virtual accounts for faster reconciliations
- Real-time tracking and automated payment reconciliation
- Multi-currency accounts that let you hold, convert, and move funds strategically
- Made for exporters, SaaS platforms, Freelancers and global service companies
Best for:
SaaS businesses, exporters, freelancers, startups, IT service exporters and global payment aggregators who want full visibility, faster settlement, predictable FX, and compliance handled without manual paperwork.
2. SWIFT
How does it work:
It connects 11,000+ financial institutions from 200+ countries. SWIFT allows for secure payment instructions amongst banks, however, it does not process the payments on its own.
Strengths:
Broad global presence with high regulatory compliance standards and strong reputation for handling complex B2B transactions.
Best for:
Businesses and large institutions together with entities that need to use traditional banking channels or have limited local network access.
3. Wise
How does it work:
Using local account management, Wise enables 70+ country transactions. It also utilizes real-time conversion through local accounts to deliver fast transactions.
Strengths:
Clear fee disclosure, fast payment processing, multi-currency management features, and detailed tracking capabilities.
Best for:
Businesses in the SMB sector, exporters, and freelancers who need to manage international transactions on a regular basis.
4. PayPal / Xoom
How does it work:
Paypal, through Xoom allows same day or instant money transfer to 160+ countries through bank transfer, cash pickup, and digital wallets.
Strengths:
The system accepts payments from many sources and offers adaptable payment channels with strong brand credibility.
Best for:
Contractors, marketplace sellers, and for individuals making one-time or lower value payouts (typically under $10,000).
5. Revolut
How does it work:
Enables holding, converting, and spending in multiple currencies via a mobile interface. Businesses can distribute company cards to employees and make payments worldwide.
Strengths:
Wallets suitable for multiple currencies, seamless app experience, borderless business tools.
Best for:
Businesses handling high-value international payments that want expert oversight.
6. OFX
How does it work:
OFX provides support for large remittances as it uses tools such as forward contracts and scheduled transfers with dedicated fund managers too.
Strengths:
Personal support, advanced FX tools and risk management.
Best for:
Firms making high-value payments and seeking more structured oversight.
7. Western Union Business Solutions (Convera)
How does it work:
Provides batch and multi country payments along with compliance processes and full documentation.
Strengths:
Helps scale enterprises and also covers wide currency corridors.
Best for:
Large organizations with compliance and disbursement needs.
8. Airwallex
How does it work:
It supports global payments by using tools like virtual cards, direct API integrations and expense controls.
Strengths:
Fast integration, scalable across regions and provides controls over FX.
Best for:
SaaS platforms, fast-scaling exporters and companies looking to embed payments in their products.
9. Currencycloud
How does it work:
Delivers APIs for fintechs, supports collections, conversions, and mass payouts.
Strengths:
Powerful backend infrastructure for financial products; compliance and licensing handled.
Best for:
Financial platforms and tech firms building global payment functionality into their apps.
10. Remitly
How does it work:
Remitly sends remittances from the US, UK, or Canada to regions like South Asia and Africa. It uses bank, cash pickup or mobile wallet networks.
Strengths:
Fast and user-friendly transfers in underserved corridors; multiple payout options.
Best for:
Contractors, families, or individuals sending payments to emerging markets where banking options are limited.
Use cases by segment
Cross-border payments fulfil various purposes across different business segments because each requires unique payment solutions. This section outlines what each segment needs from a payment provider and why.
1. Exporters and Importers
These businesses rely on local receiving accounts and multi-currency support to make global collections simple. Thus, compliance alignment is critical for handling large-value transfers without operational delays.
2. SaaS Platforms
SaaS companies need recurring payment systems that mesh with their software stack. Automated reconciliation and transparent FX rates ensure smooth, predictable revenue from global clients.
3. Freelancers and Agencies
Freelancers and agencies prioritize getting paid fast with low FX costs eating into their earnings as little as possible. Flexible withdrawal options allow them to manage diverse client needs and cash flow.
4. Marketplaces and Aggregators
Marketplaces need scalable tools that let them pay many vendors or gig workers at once. Features like payout scheduling and compliance-ready logs help them manage high volumes and keep everything audit-ready.
5. Education and Nonprofits
Education and nonprofit flows must be easy to trace from sender to recipient. Both proper tagging and complete documentation smoothly support financial operations and regulatory compliances across global markets.
Key features to look for in a Cross-Border payment solution
Choosing a cross-border payment provider is not about who moves the money fastest. Here’s what to look out for when evaluating the right provider.
Multi-currency account access
This enables businesses to collect and own funds in the payer’s currency which reduces conversion losses and simplifies the reconciliation process.
Transparent FX rates
Provides live, upfront currency rates without hidden markups, so teams know exactly how much is being received.
Local settlement infrastructure
Uses local accounts on each end to move funds as domestic transfers, improving speed and cutting transfer costs.
Compliance automation
This feature reduces delays and manual errors by handling KYC, AML, and other sanctions that are screened natively.
Real-time tracking
Enables finance teams to monitor payment status across each checkpoint, improving cash flow visibility and resolution speed.
Integration support
Offers APIs, accounting tool compatibility, and system triggers to embed collections and payouts into existing operations.
Payout flexibility
This refers to having multiple disbursement options to support contractors, freelancers, and vendors across nations and continents.
Audit and reporting tools
Generates clear, exportable logs for compliance, tax filing, and internal finance reviews.
Compliance, Regulations & Challenges
International payments always carry extra layers of regulations, security checks, and mandatory paperwork. Here’s what you should expect while navigating through compliance requirements, regulations and common challenges faced with international payments.
1. KYC and AML Checks
Every cross-border payment must clear identity (KYC) and anti-money laundering (AML) checks upon sending and receiving the amount. If the sender and receiver details don’t match up on both the checkpoints your transfer can get stuck or delayed until everything is verified.
2. Sanctions and Screening Filters
Payments move through layers of sanctions checks and regional rules as they cross borders. Any data mismatch or missing detail can flag the transfer, putting it on hold until cleared.
3. Tax Documentation
Tax forms and supporting paperwork must match the payment’s purpose exactly. If anything is missing or incorrect, expect manual reviews, extra questions, and a longer wait for your funds.
4. Form 15CA/CB for Indian Exporters
Indian exporters must submit Form 15CA/CB, directly tied to why the transfer is happening. Even a small error here can draw audit attention or cause regulatory setbacks.
5. Provider Differences
Some payment providers handle compliance behind the scenes while others expect you to manage documentation and checks yourself, so knowing what your provider actually does is essential.
Cross-Border Payments vs Traditional Banking Transfers
Both cross-border and traditional transfers are used to transfer money, but the way they work using metrics like speed, cost, and control differs. Here’s how the two compare in terms of the mentioned metrics.
| Criteria | Cross-border payment platforms | Traditional banking transfers |
|---|---|---|
| Speed | Same-day or next-day settlement in most cases | 2–5 business days depending on banks and corridors |
| Cost Transparency | Clear FX rates and upfront fee visibility | Hidden fees, FX markups, and deductions mid-transfer |
| Compliance Handling | Embedded checks, automated documentation | Manual filings, limited integration with workflows |
| Reconciliation | Real-time tracking with platform-level visibility | Delayed status updates and fragmented logs |
| Integration | API support, accounting tool compatibility | No direct integration with business systems |
| Flexibility | Supports vendors, freelancers, payouts, and collections | Limited to standard business account holders |
Emerging trends in Cross-Border payments
Cross-border payments are now stepping ahead from one-size-fits-all networks towards newer platforms that offer more visibility, faster settlements and full control over your finances at every step. Below are some of the trends that are shaping up the future of foreign remittances.
Embedded Finance Tools
Businesses can now add global payment tools to their own platforms to streamline the entire process so transactions can happen without relying on third-party payment gateways.
Stablecoins and Blockchain
Payment providers are now tapping into blockchain for faster and cheaper international transfers using stablecoins that are helping in reducing the usual banking delays and costs.
AI-Powered Compliance
AI is taking over the repetitive compliance checks by quickly scanning transactions for risks so that approvals can move faster and with fewer errors.
Live FX Engines
With real-time FX engines businesses are now able to view and lock in mid-market rates before the money is even transferred. This brings more certainty about the final receivable amount and makes planning easier for every transfer.
Multi-Currency Wallets
Finance teams can control and hold funds in different currencies all from one account, which makes it easier to decide when to exchange money or move it between markets.
Choosing the right Cross-Border payment provider
For a business that earns globally, the chosen payment platform has now become a part of the operating system as it directly shapes how funds are moved, how soon they become usable and how much access the finance team has at every step.
XFlow provides you with local accounts in key markets across nations and continents so clients can pay you like a local. You get to see the FX rates upfront so there are no hidden costs or last-minute surprises. Each and every payment stays linked to its source making reconciliation simple. Compliance checks and tax forms are built in, so you avoid manual paperwork and delays.
With XFlow, your cross-border payments are transparent and faster, giving your team real control. Sign up today!
Frequently asked questions
Platforms providing real cost control feature use local settlement accounts alongside live mid-market FX quotes. Using transparent FX exposure prevents correspondent bank deductions and unclear spreads.
The payment process involves multiple layers of KYC and AML screenings and sanction checks in both sending and receiving nations. Payment purposes must match 15CA/CB or regional tax documentation to prevent holds and audit delays.
Most payment corridors operate within 1-3 day cycles through SWIFT and correspondent networks but some support instant settlements. Real-time payment systems supported by fintechs together with SWIFT GPI technology are rapidly bridging current gaps in cross-border settlement processes.
The most frequent payment errors stem from ignoring FX spread effects, not understanding local compliance requirements, and selecting payment platforms without the right visibility structure.
