Corporate foreign exchange news

Published by Mark Smith-HalvorsenMore than a third of all small and medium-sized businesses that carry out international payments identify currency fluctuations as their primary cause of concern, according to director of FX international payments at American Express Rocco Magno.Writing for Fresh Business Thinking, the international payments expert urged businesses of all sizes to plan ahead wherever possible to avoid being stung by sharp fluctuations in the market."Forward contracts can provide protection from currency exchange rate fluctuations by locking in an exchange rate over a specific period. That rate is determined when a contract is purchased based on the period chosen," he advised.Streamlining was also identified as a cornerstone of a sound international payment strategy, particularly in an environment where global trade takes place at breakneck speeds.For those that are looking to establish their business at a truly global level, fellow Fresh Business Thinking contributor Avi Basu has declared that flexibility is the first requirement for survival in the international marketplace.For more information on international payments, visit our Smart FX site