The Scenario
A media company with a monthly requirement to pay several hundred beneficiaries internationally, relied on the systems provided by their bank to process these payments.
The company was required to manually enter their beneficiary bank details every time they sent a payment and maintain multiple spreadsheets. This process was prone to human error, time consuming and costly.
In addition to the high administrative costs involved, the transfer fees and foreign exchange rates provided by their bank were also uncompetitive.
The Solution
Brompton Financial Online offered an ideal solution to the company’s many requirements.
Through Brompton Financial Online, the company enjoyed free access to a comprehensive database of bank information which enabled them to automatically check beneficiary account details at the point of entry. This meant that inputting errors were identified and addressed before the payments were sent.
In addition, beneficiary templates were automatically stored for future use, which eliminated the need to constantly key in payment instructions, saving the company valuable time and money.
Proof of payment emails informed their beneficiary that the funds were on the way and live payment tracking functionality helped to ensure that supplier relations were significantly improved.
The ability to access transparent and competitive exchange rates provided the company with great visibility into their currency conversion costs and saved them a significant sum when compared with the rates offered by their previous provider.
By simplifying their payments process, eliminating their administrative burden and reducing their costs, Brompton Financial Online represented a much more efficient and cost-effective solution to their international payment needs.
