Bring your foreign exchange payments in-house and let your customers reap the rewards
Australian companies conduct huge amounts of business in other markets around the world, whether that be purchasing or selling products or expanding their operations and services. According to the Department of Foreign Affairs and Trade, by the end of 2022, the country had invested $3.7 trillion overseas.
That being said, the process of sending international payments and converting currencies is not always straightforward, with one of the primary challenges being fluctuating exchange rates. The Australian dollar has been dropping gradually, but sudden rate shifts can lead to unexpected financial results.
Compliance with appropriate regulator requirements is also becoming an increasingly large source of headaches due to tightening international financial regulations and the heightened scrutiny of cross-border transactions. International money transfers require strict adherence to anti-money laundering (AML), counter-terrorist financing (CTF) and know-your-customer (KYC) regulations, and non-compliance can result in transaction delays, hefty fines, or even legal repercussions.
Many brands end up sending their customers elsewhere when it comes to providing for their foreign exchange (FX) needs, which can cause more problems than it solves. For one thing, it creates a clunky end-to-end experience for the customer as they navigate multiple providers and systems to complete their international transactions. The quality of those external services can also vary widely, and frustration can lead to a lack of trust in the brand, not its FOREX provider.
Another drawback of third-party FX services is the potential for added fees and costs. Customers may incur extra expenses due to less favourable exchange rates, undisclosed fees, or commissions imposed by these external providers or traditional banks. This not only increases the overall cost of the transactions but can also erode the perceived value of the brand’s offerings.
However, there is another option. Businesses can use an in-house digital foreign exchange payment solution, like Send Payments who can be the brand behind your brand. Having a platform like this to hand means foreign payments can be integrated into standard operations, giving the brand more control over the offering and providing a more seamless customer experience.
Send’s solution in particular is modular, meaning it can be customised to the business’s specific needs. It offers a suite of payment products through its API Platform, making it simple for developers to integrate the necessary features that solve for their brand’s needs. Integration with existing infrastructure also minimises the time-to-value, allowing businesses to quickly adapt to the global market and provide a competitive edge. Alternatively, Send’s Corporate Offering allows globally ambitious businesses with multi-currency needs a solution to manage all their foreign exchange and payments requirements seamlessly in one place.
Send’s Corporate platform provides more security when it comes to fluctuating exchange rates. Along with spot contracts, which allow customers to pay at the current market rate when they commit to purchase, users can also take advantage of forward contracts. These enable the customer to take advantage of current rates for a settlement date in the future. Send can offer fixed, forward window and NDFs depending on the customer’s specific risk management profile. It supports all major and minor currencies, with more being added all the time, and prides itself on its transparent pricing plan with no hidden fees.
Partnering with Send eliminates the need for businesses that offer a foreign exchange payment service to jump through hoops to satisfy regulatory requirements. The solution is built with real-time compliance, ensuring a risk-free transfer without anyone in-house having to lift a finger. Adherence to KYC, AML and CTF regulations, as well as International Funds Transfer Instructions (IFTIs) and other types of regulatory reporting are all handled by Send, leaving businesses free to focus on their core operations and customer satisfaction.
Users can direct any concerns to their dedicated account manager who will guide them through the whole process and ensure the product works for their business goals. Send is regulated in Australia by ASIC and AUSTRAC and also holds an Australian Financial Services Licence (AFSL), so businesses can rely on the team’s expertise.
Companies that have entrusted their foreign exchange needs to Send include Qantas, Accenture, Flight Centre, Woolworths Team Bank and, most recently, BankVic. The latter – a prominent financial institution serving police, health and emergency services – recognised Send’s extensive expertise in international transactions. Anthony De Fazio, BankVic’s CEO, said that its partnership with Send exemplifies its commitment to user experience and ensuring its customers’ global transactions “are executed seamlessly and securely.”
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