What is the definition of Cross-Border Payments?

Cross-border payments refer to financial transactions where money is transferred between entities in different countries. This definition encompasses a wide range of payment methods, but particularly focuses on transactions that may involve varying currencies, regulatory environments, and banking systems across national boundaries.

Option B highlights ACH payments between accounts in different countries, which emphasizes the international aspect of cross-border transactions. ACH (Automated Clearing House) payments can indeed occur across nations, particularly when banks partner to facilitate such transactions, making this option relevant in understanding cross-border payments.

The other options do not capture the essence of cross-border transactions. Payments made within the same country do not involve international transfers, while wire transfers exclusively for business purposes do not represent the broader spectrum of cross-border payments that also includes consumer and personal transactions. Finally, electronic payments that do not require a bank are too vague and exclude many structured forms of cross-border payment methods that do typically involve banks or financial institutions to ensure compliance with international regulations and currency conversion needs. Thus, option B accurately defines a key type of cross-border payment.