FX & Cross-Border Payments · Use case

Collect from customers abroad through local rails

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Short answer

Local collection accounts let customers abroad pay you as if you were a domestic business — cheaper and faster for them, easier to reconcile for you. The provider receives locally, identifies the payer and converts to your home currency on your terms.

What this use case is

Local collection accounts let customers abroad pay you as if you were a domestic business — cheaper and faster for them, easier to reconcile for you. The provider receives locally, identifies the payer and converts to your home currency on your terms.

Who builds this

Exporters and B2B sellers
SaaS with international invoices
Education and travel businesses
Platforms collecting from abroad

What your customer sees

  1. 1Receives an invoice with local bank details
  2. 2Pays domestically
  3. 3Payment confirmed faster

How FX & Cross-Border Payments solves it

1

Local receiving details issued per currency

Local receiving details issued per currency

2

Customer pays via domestic rail

Customer pays via domestic rail

3

Payment identified and matched

Payment identified and matched

4

Converted automatically or held

Converted automatically or held

5

Settled to your home account

Settled to your home account

6

Reconciliation data delivered

Reconciliation data delivered

Want to have

  1. Local receiving details in your key currencies
  2. Payer identification and matching data
  3. Automatic conversion rules
  4. Settlement schedule
  5. Reconciliation exports

Optional

  1. Virtual account per customer
  2. Direct debit collection abroad
  3. Invoice integration

Design decisions

Conversion

Convert immediately
Hold balances

certainty versus choosing the rate.

What to put in your RFP

Currencies and local details

  • Currencies and local details

Matching data

  • Matching data

Conversion and settlement rules

  • Conversion and settlement rules

Reporting

  • Reporting

Commercials

  • Commercials
Add these to an RFP

How to evaluate providers for this use case

  1. 1Local detail coverage
  2. 2Matching quality
  3. 3Conversion pricing

Pitfalls

  • Payers sending SWIFT to local details
  • Unmatched payments
  • Conversion at poor rates by default

What providers will ask you

  1. Customer countries
  2. Invoice volumes
  3. Reconciliation process

Other Finlane categories that cover parts of this

This use case is solved mainly with FX & Cross-Border Payments. These categories cover specific parts of it and can be tendered alongside it.

Payment Processing & Acquiring

Card and local-method collection

Open Banking & Account Data

Pay-by-bank collection

Frequently asked questions

Other FX & Cross-Border Payments use cases

Pay international contractors and suppliers

Send local payouts in dozens of currencies with predictable fees and reconciliation.

Offer multi-currency accounts to customers

Give business or consumer users named accounts and balances across major currencies.

Hedge FX exposure programmatically

Book forwards or spot trades via API to lock in rates for future payouts or receivables.

Scope collect from customers abroad locally with FX & Cross-Border Payments providers

Scope this use case