Streamline payments with online FX technology to greatly reduce processing time

Our payment client handles a large volume of transactions monthly from payroll to commissionable earnings for their employees and partners.

From a single invoice to thousands of invoices, companies can reach global customers and take control of their foreign exchange risk – for every transaction.

Challenge

A large payment processing company regularly needed to complete more than 1,500 transactions at a time. Moreover, the company needed to ensure specific authorization for each transaction.

With the company’s growing scale, payment processing, specifically the time, number of people it required, and the potential for error became problematic.

Solution

Commonwealth FX identified and provided:

  • Flexible and enhanced file upload capabilities and enables straight through processing (STP) of payments
  • Enhanced control procedures such as review and authorization hierarchies and workflow

  • Payment monitoring to ensure payments arrived accurately and on time

  • Reconciliation prior to execution

Result

By using Commonwealth FX’s online FX payment platform and FLEXl, the company was able to create a streamlined upload process and greatly reduce the time and cost associated with the process.

Avoid payment errors

Eliminate manual entry, improve accuracy, and overall productivity of your payments process with Commonwealth’s FLEX – flexible and enhanced file upload capabilities.

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Regardless of your size or industry, your business can reduce costs and save time by simplifying your international payment processes

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