Forex Payment Challenges Solved
Forex brokers are facing payment processing challenges that are unlike any other, including high-frequency deposit and withdrawal activity coupled with strict regulatory requirements. Expert forex payment gateways will provide the required integration with leading trading platforms and multi-layered fraud detection systems. Solutions will need to support international client funding requirements while shielding against common disputes and unauthorized transaction claims. Fee structures vary considerably per payment channel: local bank transfer is the cheaper alternative, while credit card processing represents the most expensive way to fund trading accounts.
Implementation Best Practices
Segmentation of payment methods with respect to geographical client location helps forex brokers to extend the most apt fund sources to their trader population. The policy of “same bank” withdrawal further fortifies the security of returning money into origin accounts and keeps the activity simple from anti-money laundering compliance perspectives. Institutional clients’ trading platforms also require such payment gateways that have FIX API connectivity towards executing the transactions in super high speed. Payment records for quite a few years need to be maintained in comprehensive record keeping systems in order to meet the demands of the regulator for audit purposes, along with automated systems to facilitate compliance with this requirement.
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