Cross-border payments are financial transactions where the payer and the recipient are based in separate countries. They cover both wholesale and retail payments, including remittances.

With global economies becoming increasingly connected, there is a growing demand for a fast, secure, and efficient cross-border payment system. Bank transfers, credit card payments, and alternative payment methods such as e-money wallets and mobile payments are currently the most prevalent ways of transferring funds across borders.

Processing of cross-border remittances takes place through various legacy channels such as SWIFT/correspondent banking, post, Rupee Drawing Arrangement (RDA), and Money Transfer Service Scheme (MTSS). Recently, FinTech companies have leveraged technology and captured the white space in cross-border payments left unaddressed by legacy models.

Here are four FinTechs that offer cross-border payment methods to users in the UK

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