Our payments module supports an elegant workflow process for both single and batch payments. With extended functionality that enables clients to draw down from open FX Hedges, Payment Tracking and Beneficiary Validation.
International Payments can be a pain point for companies who process a large number of transactions and are unfamiliar with the underlying FX and Settlement ecosystems.
Some legacy bank payment solutions involve manual paperwork or even a combination of platforms in order to execute an FX trade and instruct beneficiary details.
Difficult to trace the status of a payment and to see where funds are in real-time.
ERP/Bookkeeping connectivity not always regarded as an option or optimally configured
Lack of internal controls and oversight.
Regional specific payment entry fields based on the currency/country destination
Pre-validations of name and related account number
Flexibility to choose to pay from open FX Hedge positions or to convert from another currency
Client-specific FX rates based on the set up in the FX module
Payment tracking information based on all the network banks a payment may go through
Automatic batch payments from Excel or an ERP connection including full workflow/approval support
Huge cost reductions due to the automation which decreases mistakes on the client side and all support efforts from the bank to help clients and correct errors
Improved client retention through better FX rates. Clients with large international payments volumes may leave if a bank only offers standard foreign payments rates
Increased wallet from new and existing clients
Door-opening product: an increase in Cross border payments based on a better offering allows the front office to easily connect and discuss growth opportunities with its clients
The following related modules will enhance your company user's experience of Cross-Border Payments
Learn more on our Cross-Border Payments module and how this can seamlessly be integrated with your FX workflow?