We've introduced a smarter way to handle USD cross-border payments! PayRecs monitors USD payments sent through the GPI network. In cases where an intermediary or the recipient's bank converts the USD to another currency before final credit, we will detect and update this on subsequent payments.
To ensure clarity and prevent potential discrepancies, the payment details are updated to reflect the actual currency delivered to the recipient. This can reduce or eliminate the risk of unexpected and potentially costly conversions, ensuring more accurate and efficient payment delivery for payees. End user will see the updated currency the next time they attempt to pay this recipient, with a notification that there was an update.
This ensures that subsequent payments are made in the most efficient way possible, avoiding intermediaries, their fees and providing the best delivery experience for the recipient.
