On November 12, we hosted a deep dive into International Payment Compliance and Tax Obligations, featuring expert insights from our panelists: 

– Chris (VP of Operations): Expert in compliance, payments, and customer success.  

– Kyle (VP of Sales & Partnerships): Specialist in XTRM integrations and partnerships.  

– Lev (Product Manager): Your go-to for all things product and technical at XTRM.  

The webinar unpacked the complexities of managing international payments and compliance, offering actionable solutions to streamline processes and mitigate risks.  

Key Highlights

1. The Pitfalls of Traditional Payment Systems  

Traditional banking systems for incentive or partner payments require extensive personal and banking data, which increases risks and inefficiencies:  

• Manual errors: Typos in banking details can delay transactions or even lead to funds being sent to the wrong person.
• Data privacy risks: Storing sensitive information like tax IDs and bank account numbers demands stringent compliance with regulations like GDPR.
• Tax complexities: Banks don’t assist with tax reporting, leaving you to manage forms and obligations independently.

1. International Compliance Challenges  

Compliance with global financial regulations is essential to avoid penalties:  

• Sanction risks: Even unintentional transfers to sanctioned entities can result in hefty fines.
• Anti-money laundering standards: Countries enforce their own versions of FATF (Financial Action Task Force) standards, complicating cross-border payments.  

How XTRM Solves These Issues  

XTRM simplifies international payments and compliance through:  

Third-Party Settlement Organization Status

By funding your XTRM Wallet, you offload compliance and tax obligations to us. We ensure that your payments are secure, compliant, and error-free.  

Built-in Payee Manager

Payments are made instantly using just an email address. Beneficiaries securely store sensitive data on our platform, eliminating your need to handle or store it.  

Automated Tax Reporting

XTRM provides mandatory tax forms like 1099-K (US) and international equivalents, easing your reporting burden.  

Robust Audit and Reporting Tools

We manage comprehensive reporting and retain transaction histories to support any audit or internal reporting needs.  

Why Choose XTRM?  

With XTRM, you:  

✅ Save time by automating payments and compliance.  

✅ Reduce errors and payment delays.  

✅ Ensure global tax and regulatory compliance with ease.  

✅ Avoid financial and reputational risks.  

Missed the webinar? Don’t worry! Watch the full recording here or get in touch with our team to learn how XTRM can transform your payment processes.  

Take the complexity out of international payments—partner with XTRM today!