B2B payments: cross-border payouts

A cross-border payout is money leaving a US or Canadian business for someone abroad: a contractor in Mexico, an engineer in India employed through an employer of record (EOR, a provider that is the legal employer in the worker's country), a supplier in the UK. The company pays a provider in dollars. The provider sets the exchange rate, and most of the cost hides in the rate: the fee is the rate. The money then reaches the worker's bank, in local currency, by one of two routes. A wire hops through correspondent banks, slower, with fees deducted along the way. Or there's no wire, and the money doesn't cross at payout time: the provider pays from a local account it has already prefunded in the country, over a local rail such as SPEI in Mexico or Pix in Brazil, in minutes.

It's still a slow, expensive corner of payments. In the FSB's 2025 monitoring (March 2025 data), an average B2B cross-border payment cost 1.6% of a $20,000 reference amount and a business-to-person payment 1.8% of $5,000; from North America, retail costs were 3% or more for every use case but one (FSB). The FSB calls the G20's end-2027 targets (1% average cost, 75% credited within an hour) unlikely to be met. Banks handled 92% of B2B cross-border flows in 2023, by one market-data firm's estimate.

Four ideas organize what I've learned so far, all hypotheses I'm testing with experts.

1. The fee is the rate. (Strong for bank wires and mid-size B2B; weaker at scale and in EOR.) FX was 87.1% of the average B2B cost in the FSB's data: 1.4% FX against a 0.2% fee. A large US bank charges $45 for an international wire in dollars and "No wire transfer fee" in foreign currency, where "exchange rate markups apply". Against: on small payouts flat fees win (two thirds of my $2,000 wire example below); transparent providers quote mid-market plus a fee (0.42% + $7.09 on $10,000 to India, on October 1, 2026); and at an EOR the subscription dominates ($599 to $699 a month per employee, against $50 for 1% FX on a $5,000 salary).
2. Speed is a liquidity decision, but only partly. (A good first model.) With local currency already in the country, a payout on SPEI, Pix, IMPS, InstaPay, Faster Payments or SEPA Instant lands in seconds, any day. Person-to-person services, which prefund, credited 46.4% of payments within an hour in 2025, against 2.2% for B2B. But on a wire, most elapsed time sits at the receiving bank (Swift puts about 80% of it in the "last mile"), and compliance holds, bad payee data and local calendars stop money that's already in the country. Speed is liquidity times compliance times data quality times calendar.
3. Every payout carries four rulebooks, and you rent the licence. (Strong; "the stricter one wins" isn't.) The sender's country, the destination's, the partner bank's and the network's rules all apply at once. Their thresholds don't line up ($3,000 for the US travel rule, $1,000 in FATF's revised standard, CAD 10,000 for Canada's international EFT reports), and they can conflict: Canada bars its companies from complying with the US Cuba embargo. Whoever controls your dollar access decides, and a payout fintech rents that access from banks and licensed local partners. Against: the largest players are buying their own.
4. In global payroll, employment law is the client's biggest cost; money is the provider's daily risk. (Strong for the client, on estimates; to test for the provider.) In my Mexico estimate, a contractor costs the client about 31% less than an EOR employee, and two years of back social security, bonuses and severance after a reclassification come to about $54,000 before fines. Late pay is itself a breach: in Mexico a worker paid late can quit with full severance. For the provider, the daily risks are money: late client funding, a peso that moved 3.7% in the four business days to October 1, 2026, returns, sanctions hits, fake identities.

Put together, the product is a routing and liquidity engine under four rulebooks: it decides where money waits, which rail it takes and whose rules apply, and it earns on the rate and on the balance it holds. One more hypothesis sits further down: float interest as a second business model that shrinks when rates fall (Money flows).

Three things make this harder than the B2B platforms you know:

• The price isn't on the invoice. It's in the rate, in deductions along the way and in the receiving bank's conversion; the only honest comparison is local currency received per dollar paid.
• The payout ends on someone else's calendar. Holidays, onshore currency hours, statutory pay dates and purpose codes belong to the destination, and "same day" means the receiving bank's day.
• Nothing comes back by itself. Cross-border credit transfers have no chargeback. A recall is a request, and on SPEI a payment to the wrong but valid account comes back only if the recipient agrees.

Domestic supplier payments, W-9s and 1099s are in B2B payments: procure to pay; remittance data travelling separately from the money is in B2B payments: order to cash; employee reimbursements, card programs and sponsor banks are in B2B payments: spend management.

The payout map

Five states on the main path (quoted, funded, converted, sent, credited), two exceptions (held for compliance review, returned for wrong details), and one fact that shapes the product: the rate is quoted before the money arrives, so someone carries the FX risk until conversion.

A contractor payout through a prefunded local account (US company to a contractor in Mexico)

1. Onboarded: KYC, a W-8BEN (a W-9 for a US person), bank details, an address with town and country in separate fields, a sanctions screen. Breaks: no W-8BEN, so the payer must presume a US person; a one-line address that Swift messages may reject from November 14, 2026.
2. Quoted: a rate with an expiry, from 30 seconds to 24 hours in the payout APIs I read. Inside the window the provider carries the market risk, and it prices longer locks with a wider spread. Breaks: the quote expires before the dollars arrive.
3. Funded: dollars arrive by ACH or wire, on US banking days, or the platform debits a balance. Breaks: a US holiday or a missed cut-off.
4. Held, sometimes: screening of the payer, the payee, the payee's bank and the destination. Breaks: a false positive; a missing purpose code; a payee bank under a US order. Blocked funds need an OFAC licence to move.
5. Converted: dollars booked into pesos. The pesos were already in Mexico: treasury buys local currency in bulk, ahead of time, to refill accounts at a local partner. Breaks: in India and Brazil the conversion must go through a locally authorized FX institution, during local hours.
6. Sent: the partner sends a SPEI transfer to the contractor's CLABE (an 18-digit account number); Banxico settles it and issues a receipt. Breaks: a closed account bounces back as pesos; a wrong but valid CLABE pays a stranger, because SPEI has no name check.
7. Credited: generally within 30 seconds. Breaks: with Banxico's approval, a receiver can delay crediting MXN 50,000 or more a day for extra checks.
8. Documented: the contractor invoices under Mexican tax rules; the US payer files no 1099 and no Form 1042-S for a foreign person with a W-8BEN who worked abroad.

An EOR payroll run (Mexico, one month)

1. Pre-funding invoice in dollars at the EOR's rate, on the first business day; one provider's terms are "usually 14 days", not extendable.
2. Cut-off for changes, between the 5th and the 20th. Breaks: a late change means an off-cycle run with a fee.
3. Funded and converted into the EOR's Mexican entity, or a partner's. Breaks: the client pays late; the EOR fronts the money, or pays late and the worker may quit with severance.
4. Calculated and paid: gross to net under the 2026 tax tariff, an electronic payroll invoice (CFDI, the legal payslip) for each payment, pesos by SPEI at least every 15 days.
5. Remitted and reconciled: tax and social security by the 17th of the next month, a second invoice for actuals, and the aguinaldo (at least 15 days' pay) by December 20. Breaks: the peso moved between invoice and pay day.

A wire has the same shape, but the money travels with the instruction, hop by hop. In the FSB's 2025 data for large Swift payments, the in-flight leg reached 88.5% within an hour and the beneficiary leg 61.7%; Swift puts about 80% of elapsed time in the last mile (fintechnews, 2025). The rate is fixed first and the money lands last: the provider carries the FX risk in between, and on a wire most elapsed time sits at the receiving bank.

Payout methods cheat sheet

Sources (as of Oct 2026): FSB (receiving banks' FX margins), Visa's push-payment FAQ, risk FAQ and Account Name Inquiry (search results); hop fees and markups from vendor pages. Cash pickup reversibility is my inference.

Sources: Banxico, NPCI (search result), BIS (CLS currencies), ECB; pay rules in Employee or contractor.

Why do wires survive? They reach any country, settle in dollars and carry amounts no local cap allows (IMPS stops at ₹5 lakh, InstaPay at ₱50,000, or ₱500,000 on its business version since July 29, 2026). Swift is answering too: gpi tracks each payment end to end with a reference (UETR) and promises fee transparency at each hop; a retail scheme launched in September 2025 promises upfront fees and full value, reportedly live since March 2026 in corridors including the US, Canada, the UK and India. Choose by what arrives, not by what you pay: local currency received per dollar paid, and when it became usable.

Which route? Five questions

1. Is it a salary or a contractor's invoice? Mexico and Brazil require salaries in local currency (Brazil treats a salary paid otherwise as "not made"), and India codes salaries and service exports differently. "Pay them in dollars" is a contractor product, not payroll.
2. How much, and how often? Small and urgent: a card or a wallet, inside its caps. Recurring, in a major corridor: a local rail from a prefunded account. Large, rare, or to a country without a local partner: a wire.
3. Does the destination control its currency? India routes conversion through authorized dealer banks with a purpose code; Brazil requires an FX contract and charges IOF (0.38% on an individual's receipt, 0% on service-export revenue); Argentina now lets individual service exporters keep dollars.
4. Whose calendar must it land on? Brazil's pay deadline is the 5th business day counting Saturdays, India's the 7th, Mexico's every 15 days, and a holiday in either country stops funding or conversion. Fund before the earliest closed day in both.
5. Who holds the money in between, under whose licence? In the US that's money transmission unless an exemption fits; in Canada, RPAA registration; abroad, a local partner's licence.

My defaults: an EOR until headcount justifies an entity in a country; contractors paid in local currency on local rails from prefunded accounts, never before a W-8BEN is on file; wires for large supplier payments and countries without a partner, after comparing the delivered amount in both currencies; push-to-card for small or urgent payouts, with a bank fallback; stablecoins for treasury rebalancing, not for paying Brazilians without a licensed local partner; short quote windows; payroll funded before the earliest holiday in either country.

What doesn't transfer

Money flows

Four streams pay for a payout business: the FX spread, explicit fees, interest on balances it holds (float) and, in workforce products, subscriptions. Against them sit partner and correspondent fees, the cost of parking money abroad, compliance and losses.

$2,000 to a contractor in Mexico

Illustrative: a mid-market rate of 18.50 pesos per dollar, chosen for the arithmetic, so MXN 37,000 at mid.

The wire costs the two parties about $102, 5.1%: the US bank's $45, the intermediary's $20, the Mexican bank's $4 and about $33 of FX. At this size two thirds of the cost is visible fees, the evidence against my first idea; had the customer sent pesos, the US bank would have waived the $45 and earned a markup instead. On the local route the provider keeps about $16 plus any fee, and pays a few basis points on its bulk peso purchase, cents of partner and SPEI fees, and the cost of capital on pesos parked in Mexico.

Sources: the US bank's wire page (under "Cited without links"); the receiving fee and FX margin from FSB Table 10; the 0.8% markup is an assumption inside vendor claims of 0.6% to 2%; card push pricing isn't public.

$10,000 to a software contractor in India

Mid-market rate 96.3163 rupees per dollar on October 1, 2026, from a public provider's price feed.

The wire adds up as a $0 to $50 sending fee; 1.5% to 3% FX if the US bank converts (my assumption) or 1% to 3.5% if the Indian bank does (a vendor survey of five banks); $15 to $30 per intermediary; INR 100 to 1,000 for processing plus a FIRA fee; and about $9.90 of GST on the conversion (my arithmetic). The provider route delivered INR 958,454.10. The $250 to $400 gap is the market my first idea describes. Either way the contractor needs a purpose code (P0802 for software consultancy), a FIRA as proof for zero-rated GST, and the money home within the 9-month realisation period in force since October 1, 2026.

$1,500 to a freelancer in the Philippines

Mid-market rate 62.5972 pesos per dollar on October 1, 2026.

The wire figure is assumption-heavy. $1,500 is about PHP 93,000, above the standard InstaPay cap of ₱50,000; before July 29, 2026 that meant PESONet, a split or a wire. One catch: Philippine 0% VAT on services to non-residents relies on foreign currency inwardly remitted through banks, and a peso credit from a local partner may not prove it (my inference, to test). For scale only: sending $200 cost 6.49% on global average in Q1 2025 (World Bank, search result), and US to Mexico "slightly below 5 percent" (Dallas Fed), both consumer benchmarks.

An engineer in Mexico City: EOR or contractor (estimates)

My assumptions: gross MXN 90,000 a month (inside one staffing firm's 2026 senior range), 18.07 pesos per dollar (Banxico's FIX, September 30, 2026), one provider's $699 EOR list price, a 1% FX markup, no profit sharing.

The client saves about $2,226 a month, 31%: the incentive to misclassify. If a Mexican authority reclassified the contractor after two years, I estimate back social security, bonuses, three months' pay, 20 days a year and seniority premium at about MXN 970,000 (about $54,000), before surcharges, unwithheld tax and fines; whether that's collectable from a foreign client with no Mexican assets is open. The contractor's net assumes Mexico's simplified tax regime (1% to 2.5%) and 0% VAT on exported services both apply. In Brazil, an employee costs about 1.7 to 2.0 times gross.

Sources: Banxico FIX, SAT 2026 tariff (search result); prices and salary range from vendor pages; social-security rates from Mexican tax publications in research note 14.

Float: the second business model

(Strong at two public players; it shrinks when rates fall.) Interest was about 32% of revenue at a public cross-border transfer and account company (fiscal year to March 2026: $806.1M of $2,502.8M, on $39.0B of customer balances) and about 22% at a public SMB and marketplace payout company (2025: $231.6M, down 10%, on $7.9B of customer funds). A corporate payments company cited a 200-basis-point growth headwind from float compression in 2025. Workforce products create balances by design (two weeks of pre-funded payroll is worth about $11 a month per employee in my Mexico example, at 4%). Against: send-and-done remittance holds little float, the GENIUS Act bars stablecoin issuers from paying yield, and safeguarding rules limit where balances sit.

Sources: company filings and results (under "Cited without links"); ratios my arithmetic.

Compare routes on local currency received per dollar paid, and when: the visible fee is most of the cost on a small wire, a small part on a large one, and the whole price on a transparent route.

The power map

Power follows the licence and the dollar access, and a payout fintech rents both.

• US partner banks decide whom the fintech may serve. In 2024 a US business-banking fintech closed accounts of customers with addresses in Ukraine and about 13 African countries after reported regulator concern about its partner bank.
• Correspondent banks decide whether a corridor exists at all.
• Beneficiary banks and local partners decide speed and success: the receiving bank holds most of a wire's clock; the local partner holds the licence, the rail and the prefunded money.
• Regulators and the US Treasury can cut anyone off. FinCEN's orders, issued in June 2025 and in force since October 20, bar US institutions from dealing with three Mexican institutions; the bank among them was already in liquidation.
• Card networks set push rules and earn on cross-border volume: one network's international transaction revenue was $14.17B in fiscal 2025, up 12%.
• Clients hold power at contract, little after; workers gain it after a mistake, when recovery needs their consent.

"You rent the licence" has counter-evidence at the top. The public cross-border transfer company reports direct rail connections in Brazil and Japan and new licences in South Africa, the UAE and Thailand in fiscal 2026. The public SMB payout company bought two EORs (2024 and January 2026) and agreed to buy a card processor for $2.75B in equity; a corporate payments company bought a UK B2B FX firm for about $2.2B to $2.4B (November 2025). Meanwhile take rates fell in every retail cross-border segment from 2022 to 2025, by one market-data firm's count. My reading: the largest payout companies are buying the licences, entities and rail access they used to rent, as the margin in the rate shrinks.

Sources: FinCEN, Visa 10-K (FY2025); company filings, trade press and a Mexican law firm's note on the liquidation under "Cited without links".

Regulation in practice

For cross-border payouts the gap between written and enforced is wide, and it mostly favors B2B.

• OFAC finds fintechs through geography. A wallet paid $3.10M in 2025 after staff told Iranian users to use VPNs; one law firm counts about 65% of 2025 actions as egregious, against 42% in 2024.
• Canada raised the stakes. FINTRAC's largest penalty, CAD 176,960,190, hit a crypto and payments business in October 2025; a remittance and FX business paid CAD 694,000 in March 2026 for missed suspicious transaction reports. Since March 26, 2026 the caps are 40 times higher: up to CAD 20M per violation, or 3% of global income per notice. I found none against a B2B payout firm.
• Destinations keep moving. India's FEMA export rules and Brazil's eFX rules took effect on October 1, 2026; the Philippines' Circular 1206 gives foreign remittance platform providers two years to operate through a local subsidiary.

Sources: NDBF (search result), JD Supra, Orrick (search result), OFAC, DLA Piper, Sheppard (search result), FINTRAC penalties and caps, BSP Circular 1206.

B2B payout regulation bites through licences and partners; the public penalties cluster on crypto, cash-heavy money services and consumer remittance.

The cost of being wrong

Cross-border mistakes cost in five currencies.

• Trapped money. After FinCEN's June 2025 orders, CNBV took over the three Mexican institutions, and the bank among them has been in liquidation since October 10, 2025, with deposit insurance up to 400,000 UDIs (about MXN 3.4m). A provider prefunding pesos at a bank like that owns the loss.
• Bank access. One partner bank's worry can close every customer in a country overnight, as the 2024 offboarding showed.
• Penalties. OFAC's $1.39M against a payout company (2021), FINTRAC's CAD 177M (2025), a $4.2M state order (2025), unlicensed-transmission fines of $155,000 and $75,000 (2026).
• Employment law. Brazil saw 285,055 claims seeking recognition of employment in 2024, up 57%; its Supreme Court froze every case on hiring workers as companies from April 2025 until releasing lower courts on June 18, 2026, with its ruling still pending. My Mexican reclassification estimate is $54,000 for two years.
• Identity. Fake remote workers mean frozen funds and sanctions exposure for client and provider.

I found no public case of a B2B payout firm losing its correspondent and freezing payouts in 2025 or 2026, which may only mean it isn't reported.

Sources: DGABC (search result), A Crítica; the liquidation from a Mexican law firm's note (under "Cited without links").

Employee or contractor: what's real

My verdict as of October 2026: the label decides who the employer is, what currency the payout must be in, which tax documents exist and who pays if it's wrong, and the client carries almost all of that risk whatever the provider calls the product. Ask any vendor who the legal employer is in this country, and what happens to you if a court disagrees.

The models

Prices are two providers' published list prices. Some hold a month's salary per employee as a deposit (an aggregator's report).

Whose test applies

A person working abroad for a US company is classified under their own country's law; US and Canadian tests govern work done there.

What the label doesn't change

• Permanent establishment. Under the OECD's November 2025 commentary, a home office generally isn't a taxable presence below 50% of working time in any 12 months, and above that only with a commercial reason such as local customers; India rejects the test. An EOR doesn't remove the risk: an engineer serving US customers likely creates none, a local salesperson who signs deals may.
• Labour leasing. In Germany an EOR arrangement needs a labour-leasing licence, with an 18-month cap per worker per client (a vendor source); in Brazil courts can declare the client the employer when the worker answers to it.
• Late pay. Mexico lets a worker paid late quit with full severance; Brazil owes a month's salary when termination pay is more than 10 days late; India wants final wages within two working days.

What changes in the payout

• Currency. Salaries go in local currency. Contractors can take dollars where allowed: Argentina's individual service exporters may keep them, but Mexico's domestic dollar system serves only Mexican companies, so individuals get pesos.
• Documents. In India, salary is purpose code P1401 and a software contractor's invoice P0802, which decides whether GST zero-rating and the export rules apply.
• Tax at receipt. In Brazil an individual receiving money from abroad pays 0.38% IOF, a company's export revenue 0%, and the 2026 income-tax law's 10% withholding on dividends above R$50,000 a month changes the case for contracting through a company.
• US and Canadian paperwork. A W-8BEN removes the 1099 for a foreign contractor working abroad; 30% withholding and a Form 1042-S apply only to services performed in the US (an on-site week), unless a treaty claim is made on Form 8233. US citizens abroad get a 1099-NEC from $2,000 (see procure to pay). A Canadian payer withholds 15% under Regulation 105 only on services rendered in Canada.

Questions to ask a vendor

1. In this country, is the legal employer your entity or a partner's, and how would I know?
2. At what rate do you convert my funding, with what markup, and is it fixed at the invoice or re-priced at actuals?
3. If I fund late, are my employees still paid on time, and what does it cost me?
4. Do you hold a deposit per employee, and when does it come back?
5. What does your contractor-of-record indemnity cover, and up to what cap?
6. Do you screen roles for permanent establishment risk, such as sales or signing authority?
7. Where does my money sit between funding and pay day, under whose licence, and who earns the interest?
8. What proof of payment can my contractors get: a FIRA in India, inward-remittance evidence for Philippine VAT?

Sources: IRS, Federal Register, Holland & Knight, RPC (search results), EY on India, EUR-Lex, EY on the OECD, Code on Wages s.17, IRS P515, CRA IC75-6, Decreto 12.499; prices and the German rule from vendor pages.

Top failure modes

Sources: the sections above. Ranking these by volume or cost needs an operator's data; I found none public.

False friends

Sources: the sections above; ACT on gpi (search result), BIS, Res. BCB 521, Reg E 1005.30.

Where my analogy broke

"Correspondent banks are interconnect carriers." In telco, an international call crossed several carriers and each took a fee, but the price sat on a rate deck I could read. Here each hop can quietly take its fee out of the principal, and the biggest cut hides in an exchange rate nobody prints.

"Remittance is the hard part." Writing order to cash, I learned that a payment and its explanation travel separately. Here gpi promises to carry remittance data unaltered; what gets lost is the payee: a one-line address, a missing purpose code, a tax ID the rail now wants.

"A bank-detail change is a number port without a registry." In procure to pay I learned there's nobody to ask whose account it is. Abroad, it depends where the money lands: the EU and the UK built name checks, India offers a lookup, and SPEI ignores the name entirely.

"You rent the licence from one bank." In spend management, the fintech rented one sponsor bank's charter. A payout company rents a licence in every country, from a partner that also holds its money, and any of them can change the terms overnight.

"Payroll is a payment run." In AP, the buyer owns the clock and paying late is a cash decision. In global payroll the pay date is law, and in Mexico paying late gives the worker the right to quit with severance.

Self-check: 20 questions

1. Trace a contractor payout to a CLABE in Mexico. Where can it break? Answer
2. Why is "the fee is the rate" true for a $20,000 B2B wire and less true for a $2,000 one? Answer
3. Why is a prefunded local payout fast, and what can still delay it? Answer
4. On $10,000 to India, where does the gap between a bank wire and a provider come from? Answer
5. When should you use a wire, a local rail, a card push or a wallet? Answer
6. Which rails check the payee's name, and which credit on the account number alone? Answer
7. What do "sent", "credited" and "usable" mean on gpi, SPEI and a card push? Answer
8. Why doesn't the provider's ledger tell you what money exists? Answer
9. A Canadian payout company is asked to apply the US Cuba embargo. Which rules conflict? Answer
10. What happened to India's export realisation period between November 2025 and October 2026? Answer
11. What changes on Swift on November 14, 2026, and what must onboarding capture? Answer
12. Why can't a foreign payout company join SPEI or Pix directly? Answer
13. Does a US contractor platform holding client funds need licences? Does the CFPB Remittance Rule apply? Answer
14. A contractor gave a wrong but valid CLABE. What can you do? Answer
15. Who carries the FX risk between a quote and conversion, and between a payroll invoice and pay day? Answer
16. What does a client save paying a Mexican engineer as a contractor, and what could reclassification cost? Answer
17. How much revenue is interest at two public payout players, and what if rates fall? Answer
18. Who can cut off a payout fintech, and in what order? Answer
19. Which rules are enforced on B2B payouts, and which don't reach them? Answer
20. When doesn't an EOR protect the client? Answer

Sources

Undated entries were read on October 1, 2026; "search result" means seen only as a search snippet.

Standard setters, central banks and data

• FSB, G20 cross-border payments progress report (Oct 2025); BIS, CPMI correspondent banking data (Aug 2020) and FX settlement risk (Jun 2026)
• World Bank, Remittance Prices Worldwide Q1 2025 (search result); Dallas Fed, remittances (Oct 2025)
• A market-data firm on B2B flows (search result) and take rates (2026)

US regulators and law

• FRB Services, FedGlobal ACH discontinuation (Nov 2025); FinCEN, §2313a order extension (Aug 2025)
• OFAC, civil penalties and July 2021 action (search result); Reg E 1005.30 (Cornell LII)
• IRS: W-8BEN instructions, Publication 515 (2026), contractor or employee, PEOs; Treas. Reg. 1.6041-4 (Cornell LII)
• DOL, independent contractor proposal (Feb 2026, search result); CSBS, MTMA update (Aug 2026); Nebraska DBF, multistate order (2025, search result)

Canada

• FINTRAC: EFT reporting, penalty amounts, public notices; Bank of Canada, RPAA FAQ (Aug 2026)
• Justice Laws, SOR/92-584 (search result); CRA, IC75-6

Destination regulators and law

• Mexico: Banxico, SPEI and FIX rates; SAT, 2026 tariff (search result)
• India: RBI, NEFT circular (2010, search result) and RDA direction (Oct 2026); NPCI, IMPS FAQ (search result); Code on Wages, s.17
• Brazil: Decreto 12.499 (Jun 2025); Resolution BCB 521 (Nov 2025, copy of the BCB text)
• Philippines: BSP, Circular 1206 (Dec 2024)
• UK: FCA, PS25/12 (Aug 2025); PSR, APP reimbursement and CP26/2 (Jul 2026)
• EU: ECB, Instant Payments Regulation; EUR-Lex, Platform Work Directive

Swift and card networks

• Swift, structured addresses and gpi tracking (search results); ACT, gpi for corporates (search result)
• Visa: push-payment FAQ (search result), risk and compliance FAQ, Account Name Inquiry (search result), 10-K (FY2025)

Law firms and press

• Mayer Brown on R.16 (Aug 2025) and Fed access (May 2026); Alston & Bird (Jan 2025); KPMG (Apr 2026); MoFo (Sep 2026); WilmerHale (Apr 2026); DLA Piper (Feb 2026)
• Cassels, Bird & Bird, Holland & Knight, RPC (search results); Lefosse on eFX and Brazilian EOR (2026); EY on India's labour codes and the OECD update; Corplaw Updates and Taxmann (2026)
• Sheppard and Orrick (search results); JD Supra on Texas and Florida (2026)
• fintechnews (Sep 2025), American Banker, FinTech Global (Jul 2026), Mexico Business News (2022), Luz Noticias (May 2026), Business Standard, WBUR, DGABC (search results), A Crítica (2026)

Cited without links (the source URL carries a company's name or ticker)

• A large US bank's international wire page; a Philippine bank's inward remittance fees
• Filings and results: a public remittance company (10-K, FY2025); a public cross-border transfer and account company (FY to Mar 2026); a public SMB and marketplace payout company (8-K, Q2 2026 results and 10-Q); a corporate payments company (FY2025, via a market-data firm's analysis) (company-reported)
• Two EOR providers' pricing pages and help centres; aggregator and vendor pages on EOR fees, deposits and German labour leasing; payout APIs' quote documentation; a provider's public price feed (rates on Oct 1, 2026); vendor blogs on wire lifting fees, FX markups and Indian banks' inward charges; a Mexican staffing firm's salary survey; an accounting firm's note on Brazilian payroll costs (secondary: vendor)
• A Mexican law firm's note on a bank's licence revocation and liquidation (Oct 2025); a Mexican bank's page on SPID; a payroll-software company's note on Brazil's 2026 income-tax law (Nov 2025)
• The CFPB's release on an amended order against a cross-border transfer company (May 2025); trade press on a US business-banking fintech's 2024 country offboarding