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Overwhelmed by FX Administration? Your Provider Can Help With That
02-07-2020 | treasuryXL | XE |
Foreign exchange isn’t always about the big trades. For many organizations that deal with international currencies, they find that their FX needs start small. It may not seem like it, but your routine, day-to-day operations could be a larger FX risk exposure than you think.
Whether your ordinary operations are taking up time and resources that could—and should—be devoted to other matters or your current processes aren’t as efficient as they could be, one important step to managing your organization’s FX risk is taking a look at how your organization is handling transactions.
If you feel that you’re having trouble handling your transaction volume or you’re not handling your international payments as well as you could be, don’t worry: this is where your FX provider can help you out.
What can go wrong with day-to-day transactions?
Depending on how many your business makes each day, these typical, everyday operations could be taking up a large portion of your business’s time and resources. This time and resources could be more valuably spent elsewhere. Assess your operations and think carefully—are there any areas of your business that you think you’re neglecting because of how much time you need to devote to minute transactions? Are you missing out on the bigger picture because you’re too focused on the small things? When you assess your foreign exchange risk exposures, remember to consider everyday operations as well as the larger scope.
In addition, elaborate, inconvenient processes could end up causing trouble for your business. If, for example, you rely on employees to take care of manual data entry or transactions, there’s always the chance that human error could cause some unnecessary delays, or worse.
This is a common problem for fast-growing SMEs. Founders and owners want to monitor international payments and ensure that everything is being taken care of according to their standards, but they don’t have the time to monitor and physically process everything the way they’d like to.
Who should you turn to in order to ensure that your payments are being taken care of in a way that is efficient but still effective and up to your standards? This is where your FX provider comes in.
How can your foreign exchange provider help?
As we’ve said before, your foreign exchange provider does much more than help you find the best exchange rates. FX providers offer a wide range of products and services to assist their clients with their overseas payments, and one of these services is processing (or even automating) payments.
For example, your provider may be able to create a system that grants some users administrator rights to do the processing work while reserving payment authority for specific individuals. They can also offer secure, reliable, and straightforward processing, and they should be able to help you trace delayed payments. Depending on the volume and nature of your payments, they may also be able to help you automate them, or at least vastly cut down on the amount of time and resources it takes to make a transaction.
Finding the right solutions can take time, and it starts with the right FX provider. If your current provider doesn’t offer these solutions, or you haven’t found theirs to be as effective as you’d like, it’s important to shop around until you can find the provider that can help you to manage the administrative side of your transactions while maintaining the right level of quality and security.
At XE, they provide a broad range of currency services and products to businesses around the world. XE experts will work with you to ensure that your foreign exchange procedures are the right ones for your business and its needs.
Get in touch with XE.com
About XE.com
XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.
Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.
Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multibillion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.
Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.
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Webinar and Q&A | Market Movers: Currency Influencers
| 01-07-2020 | XE.com
Webinar and Q&A | Market Movers: Currency Influencers | Wednesday , July 15, 2020 5:00 PM – 5:45 PM CEST
As financial markets continue to react to the global pandemic, the focus has shifted to recovery, and the impact of a potential 2nd wave. As we have seen over the last few months, the currency markets have been, and continue to be, impacted by the uncertainty that these events bring.
The markets also see a tug-of-war between ‘risk-on’ versus ‘risk-off’, and questions surrounding global fiscal and monetary stimulus in order to kick start struggling economies.
During our latest, live, free and interactive webinar, the currency experts from Xe will discuss these themes and more and share insights into how businesses that have a commercial exposure to the currency markets can look to protect their bottom lines from further impacts.
Join us in this next Xe-Pert Webinar, as the Xe team provides our thoughts and analysis on the current market outlook and where to from here.
Date, time and registration
Date: July 15, 2020
Start time: 5.00 pm – 5.45 pm CET
Register here
Do you a question that you’d like one of the XE Experts to answer during the session? Please provide details and XE will endeavour to respond during the session. You can submit your question at the registration page.
Executive Briefing CFOs in the Firing Line
| 01-07-2020 | TIS |
Government-imposed sanctions on who companies can trade with and how are changing almost daily. At the same time, CFOs are becoming personally responsible for sanctions violations relating to payments – and the size of fines imposed on errant organizations is snowballing.
How, then, can finance leaders tackle these issues to minimize the risk of sanctions breaches, improve payments workflows, and ultimately, avoid severe legal consequences? Our partner TIS offers an executive briefing on this topic. Read more about:
Download the latest executive briefing from TIS and gain timely insights into this complex topic and an extensive list of legal expert’s recommendations in order to ultimately protect the organization against the financial and reputational damage of a non-compliance incident as well as the CFO from personal liability.
About TIS:
TIS (Treasury Intelligence Solutions GmbH), founded in Walldorf, Germany in 2010, is a global leader in managing corporate payments. The Financial Times named TIS as one of “Europe’s Fastest Growing Companies” for 2019 and 2020. Offered as Software-as-a-Service (SaaS), the TIS solution is a comprehensive, highly-scalable, cloud platform for company-wide payments and cash management. The TIS solution has been successfully used for many years in both large and medium-sized companies, including Adecco Group, Hugo Boss, Fresenius, Fugro, Lanxess, OSRAM and QIAGEN. More than 25% of DAX companies are already TIS customers.
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Download the executive briefing here!