Here are some key terms and concepts related to cross-border payments:

Cross-border payment: A financial transaction that involves parties located in different countries.
Remittance: A transfer of money, typically from a foreign worker to their home country.
International wire transfer: A transfer of funds between banks in different countries.
Foreign exchange: The buying and selling of currencies.

SWIFT: Society for Worldwide Interbank Financial Telecommunication, a messaging system used for international payments.
ACH: Automated Clearing House, a US-based electronic funds transfer system.
Fedwire: A real-time gross settlement system operated by the Federal Reserve Bank in the US.
SEPA: Single Euro Payments Area, a system for making payments within the eurozone.
CHAPS: Clearing House Automated Payment System, a real-time gross settlement system in the UK.

Exchange rate risk: The risk of fluctuations in exchange rates affecting the value of a transaction.
Compliance: Adherence to regulations and laws related to cross-border payments, including anti-money laundering (AML) and know-your-customer (KYC) requirements.
Fees and charges: Costs associated with cross-border payments, such as transaction fees, exchange rate fees, and intermediary bank charges.
Settlement time: The time it takes for a payment to be processed and funds to be received.

Blockchain: The use of blockchain technology to facilitate cross-border payments, offering potential benefits such as faster settlement times and lower costs.
Digital currencies: The growing popularity of digital currencies like Bitcoin for cross-border payments.
Open banking: The sharing of customer data between financial institutions to enable innovative cross-border payment solutions.

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