CloudPay needed an additional payments engine to add capacity to their global payroll, payment, and treasury solution.
About CloudPay
CloudPay is united by a single purpose – to modernise the pay experience and elevate pay processes from beyond an operational function to a true business advantage. CloudPay integrates payroll, funding, payments, and pay on-demand in a single, global platform, enabling companies to pay their people accurately on time, every time, everywhere.
The Challenge
CloudPay were seeking to reduce the amount of manual work that they were having to undertake in the payments process – whilst also expanding their global capacity to meet the growing market demand.
CloudPay were also aware that using partners such as TransferMate would provide better access to information about where payments were in the chain – information that required significant manual intervention to check in the standard banking network.
The Solution
Due to TransferMate having built a proprietary global payments infrastructure (based on a foundation of 92 licenses, which covers 140+ currencies and 200+ countries) all payments happen within a single network of local bank accounts, meaning all payments within the system can be tracked. This meant that information that had previously taken significant time to track was now readily available.
“This has been a big win for us. We can see where money is at any time, and more importantly, tell the clients if they ever have a query. It helps on so many levels, including helping us getting payments out accurately and on-time even if there’s been a delay in the approval process from the client side. It’s great to be able to say to our client ‘we can help you with that’ when they’ve had an unforeseen issue.”
The visibility over fund flow will also soon extend to their clients, with TransferMate API integration allowing for CloudPay to give their clients the ability to track payments directly.
“TransferMate has given us more transparency in terms of the funding flow and especially for our customers. We will soon be able to give them a platform where they can track all the funds throughout the entire process.”
“And on top of that visibility, they can customise their reconciliation reports. They can give access to different users based on they need it. For example, finance, probably, would like to see reconciliation in the balances, but payroll would like to see if the employees have been paid.”
When it came to reducing manual work and automating processes (such as reconciliation) the CloudPay team have been seeing excellent results.
“TransferMate has interfaced already with our payment platform, and we are processing payments via an API. It’s working brilliantly. For the payroll side, the files are sent to the TransferMate platform automatically and get executed automatically. This is a massive benefit in terms of time saving. My team members are saying it’s saving them at least 20 minutes per payment that they process.”
As an organization, CloudPay processes around 20,000 payments per month, so those 20 minutes per payment equates to around 6,000 hours per month saved within the team. The integration has not only saved time for the CloudPay team, but for their customers as well.
“The partnership has really delivered a fast payments solution. For payroll teams, they’re always looking to have a couple of days back in their calendar to allow them to have more time to process their next cycle. With all the ways the partnership saves them, we can help alleviate a lot of pressure for them.”
Reconciliation has also become significantly easier for the CloudPay team too.
“The segregation of accounts, and having them all on one platform, makes reconciliation simple for the team. We no longer have to go to multiple sources to get the data, and we can align it all much easier now. That’s not even counting the automated features that reduce the need for many of the reconciliation activities anyway.”
By integrating with TransferMate’s global payments infrastructure, CloudPay’s payment reach was instantly extended. This meant they could make payments in more countries and currencies quicker and more cost-effectively than before. It also helped with local compliance rules which says payroll must be paid from a local bank account.
“TransferMate has offered us more in-country bank accounts where we cannot execute payments unless there is an in-country bank account to meet local regulations. It gives us the ability to pay in more countries, and set-up in new countries quicker.”
The CloudPay partnership also includes leveraging the Global Accounts solution from TransferMate. Global Accounts gives organisations the ability to hold, pay and receive in local bank accounts they control in 30+ currencies.
Global Accounts also makes reconciliation easier for clients because it generates statements that are easily shared between the CloudPay and client finance teams. Before, CloudPay found it difficult to share those details because statements generated by banks would include information they weren’t able to share due to segregation rules.
The Results
The partnership with TransferMate has allowed CloudPay to deliver global payroll payments that are faster, easier, more transparent, and more accurate.
They’ve been able to expand their global payments reach significantly, while simultaneously reducing the administration work required by their team to deliver this extended service.
It’s resulted in customers who have more options to pre-fund payroll, can shorten their payroll process, make reconciliation easier, and soon have full visibility over their funds at every stage of the process.
The Final Word
“I would absolutely recommend TransferMate as a payments partner. The technology is robust, the API is easy to integrate and my personal experience in terms of support and solutions has been excellent. They’re someone you can trust.”
- Achille Pagliaro, Director, Treasury Operations at CloudPay
To learn how becoming a partner of TransferMate can update your global payroll payment engine, contact the team here.
