A Smarter way to manage Mass Payments Via Your ERP System
TransferMate’s Mass Payments Solutions seamlessly integrates with the world’s top ERP systems delivering massive time and financial savings for our global customer base.
TransferMate provide an innovative, time saving solution for large enterprises with significant volumes of payments in foreign and domestic currencies. Automating the processing of large volumes of payments frees up expensive resources and allows accounting departments to focus on more important tasks.
Using TransferMate’s Mass Payment upload facility, businesses can export a large payment file containing hundreds of payments from their ERP system directly into the TransferMate platform. Payment files can contain any number of local and international currencies and all processed instantly worldwide without the manual work typically required to do this.
One of our clients today notified us that they were saving over 60 hours through eliminating the manual processing normally required to process their payments from their ERP through to the bank,” says Barry Dowling, Co-founder of TransferMate.
Combining Mass International Payments Solutions with Flexi Spots - A Smarter Way to process large volumes of payments
In the face of continually volatile currency markets, TransferMate are delivering real value for large enterprises worldwide. Mass payment processing is one element of that. Additionally clients can book exchange rates up to 12 months in advance to lock out exchange rate volatility. Coupling this with Mass Payment processing enables clients to benefit from both protecting their business against currency volatility and also streamlining international payment processing, providing business with a more effective way to manage payments than can be provided by a bank.
Flexible Spot Contracts
Simply put, a ‘Flexi Spot Contract’ allows a business to secure funds at today’s rate for future payments. The key here is, this allows clients to better manage currency exposure when it comes to forecasting.
How Flexible Spot Contracts differ from standard forward contracts
- Greater Flexibility – settle at any time up to the maturity date
- Multiple Drawdowns – drawdown various amounts on multiple dates during the term of the contract
- No Penalties or Fees for settling early or multiple drawdowns - Most banks do not permit access to funds without drawdown fees or permit any access to funds until contract maturity
- Exchange rates are locked for the contract term
- Full amount must be used on reaching the maturity date of the contract.
The Best of Both Worlds
By combining both of these innovative services from TransferMate, businesses worldwide can today book an amount at a favourable rate to be drawn down over the next 12 months. This money, once secured, can then be used for mass payments in that currency. The net result is the reassurance of having a secured amount of money at a guaranteed rate that can be now used for Mass Payments as and when the client chooses.
Case study
An Irish-based manufacturer booked £20,000 using the TransferMate Variable Flexible Spot facility on December 6th 2016 at a rate of 0.84. This company knows that they have 10 payments to be made to suppliers in the UK in January. Each payment is circa £1,000 and by securing funds at this rate the company can accurately forecast the real cost of their expenditure and this obviously puts them in a more competitive position from the point of view of cash flow and budgeting.
To know more about our Mass Payment Solutions and just how easily all our services integrate with ERP and accounting systems, request a call back or further information at funds@transfermate.com