I'm trying to tailor a comprehensive mechanism to simplify the handling of international wire transfers to suppliers, vendors and employees and the respective regulatory and compliance obligations. A solution that will ensure that upon executing a wire transfer all issues are addressed, entries are booked and paperwork/ forms are filled in. What, in your opinion, are the major burdens to be addressed? What will make this complex process and related obligations simple? The volume of processing of what stuff (regulation; compliance) dissatisfy you most?
International wire transfer Processes
Answers
If you are wiring to the same people over time you set up templates with the instructions so that once you do a wire all you need to do the next time is fill in another amount. There are
As Joan suggests, a standing wire with Swift consistent payment information, established at a top 15 bank will easily get the job done.
Yes Zev, just as Joan and Linda suggests. setting up templates for all your major suppliers make your work easier. This even helps you in avoiding mistakes, such as wrong bank details which can go a long way to affect you.
Templates also save time.
But be careful, templates can be deadly if not properly handled (you must read thoroughly before passing on). NO LAZYING :)
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