Which statement about Cross-Border Payments is true?

Cross-border payments refer to financial transactions that occur between parties located in different countries. The statement about requiring a gateway operator for processing is accurate as these operators play a crucial role in facilitating and ensuring the smooth execution of payments across borders. Gateway operators help in connecting different payment systems, managing currency conversions, and complying with diverse regulatory requirements, which are essential for successful international transactions.

In the context of cross-border payments, it is common for multiple intermediaries, including gateway operators, to be involved in the payment process to handle the complexities of international transfers, increase speed, and improve reliability. This includes navigating various payment networks and systems, which may be distinct in different regions.

The other options are limited in scope. Cross-border payments are not confined to domestic accounts, nor are they exclusively for transactions involving governments. They also encompass a vast array of entities, including businesses and individuals engaging in commerce across international borders. Furthermore, cross-border payments do not only occur through local payment systems; they often require integration with international payment mechanisms, which often necessitates the involvement of gateway operators to ensure proper processing across different regions and systems.