Background

HDI Global provides insurance services for customers worldwide through internationally coordinated insurance solutions. HDI is represented in more than 150 countries by numerous breaches, subsidiaries and affiliates as well as network partners. HDI offers motor, fire, transport, air travel accident, retirement provision, and general liability insurance services.

Challenge

HDI Global Accounts Payable team were manually entering all approved wire transfers and ACH requests into a bank portal leading to challenges with timing and transparency of international payments.

There was a significant difference between when a request for payment was approved, to when it was entered and released out of the bank. HDI Global needed an improved, more transparent process.

Solution

Implementation of TransferMate’s solution enabled HDI to eliminate the duplicate approval process of both payments and requests.

TransferMate has provided HDI with transparency over where funds are at any point in time reducing the time spend on data entry and providing HDI Global with better control over the approval an release of payments.

HDI Global have improved their payment processing time by 1 week and eliminated work for executives, giving them back time to use on other tasks.