Australian companies engage in extensive international business, investing $3.7 trillion overseas by the end of 2022, according to the Department of Foreign Affairs and Trade. However, conducting international payments and managing currency conversions can be challenging due to exchange rate fluctuations. The decline of the Australian dollar and sudden shifts in rates can result in unexpected financial outcomes.
Furthermore, complying with regulatory requirements has become increasingly difficult due to stricter international financial regulations and heightened scrutiny of cross-border transactions. Anti-money laundering, counter-terrorist financing, and know-your-customer regulations must be strictly followed for international money transfers. Failure to comply can lead to transaction delays, hefty fines, and even legal consequences.
Many companies turn to third-party foreign exchange (FX) services, which can lead to more problems than solutions. This approach creates a cumbersome experience for customers as they navigate multiple providers and systems to complete their international transactions. The quality of these external services may vary greatly, leading to frustration and a lack of trust in the brand.
Additionally, third-party FX services often come with added fees and expenses. Customers may incur additional charges due to unfavorable exchange rates, undisclosed fees, or commissions imposed by these external providers or traditional banks. This not only increases the overall cost of the transaction but also diminishes the perceived value of the brand offering.
Fortunately, there are alternatives available. Businesses can opt for an in-house digital foreign exchange payment solution like Send Payments, which can serve as the brand behind the brand. This platform allows seamless integration of foreign payments into standard operations, providing brands with greater control over their offerings and enhancing the customer experience.
Send Payments’ solution is modular, allowing businesses to tailor it to their specific needs. Through its API Platform, it offers a range of payment products that developers can easily integrate to meet their brand requirements. Integration with existing infrastructure minimizes the time-to-value, enabling businesses to quickly adapt to global markets and gain a competitive edge. Alternatively, Send’s Corporate Offering enables globally ambitious businesses with multiple currencies to manage all their payments and foreign exchange requirements in one place.
Send’s Corporate Platform provides enhanced security against exchange rate fluctuations. In addition to spot contracts, which allow customers to pay at the current market rate when committing to a purchase, consumers can also make use of forward contracts. These enable customers to take advantage of current rates for future settlement dates. Send offers fixed, forward, and non-deliverable forward (NDF) windows based on the client’s specific risk management profile. It supports all major and minor currencies, with more being added regularly, and offers transparent pricing plans with no hidden fees.
By partnering with Send, businesses offering foreign exchange payment services can avoid the complexities of meeting regulatory requirements. The solution is built with real-time compliance, ensuring risk-free transfers without the need for additional effort from the business. Send handles compliance with KYC, AML, CTF regulations, as well as the International Funds Transfer Directive (IFTI) and other regulatory reporting, allowing businesses to focus on their core operations and customer satisfaction.
Users of Send can direct any concerns or inquiries to their dedicated account manager, who will guide them through the entire process and ensure that the product aligns with their business goals. Send is regulated in Australia by ASIC and AUSTRAC and holds an Australian Financial Services License (AFSL), providing businesses with confidence in the team’s expertise.
Prominent companies such as Qantas, Accenture, Flight Centre, Woolworths Team Bank, and BankVic have already entrusted their foreign exchange needs to Send. BankVic, a leading bank serving the police, health, and emergency services sectors, chose to partner with Send to ensure secure and streamlined global transactions for its customers. Anthony De Fazio, CEO of BankVic, stated that the collaboration with Send exemplifies their commitment to providing consumers with a smooth and secure cross-border transaction experience.
To learn more about how Send can unlock new revenue streams and accelerate wallet sharing through embedded payment solutions, companies can speak with the Send team today.
Q: How can businesses benefit from an in-house digital foreign exchange payment solution like Send Payments?
A: Send Payments allows businesses to integrate foreign payments into their standard operations, offering greater control over their offerings and enhancing the customer experience.
Q: What features does Send Payments offer?
A: Send Payments provides a modular solution that can be tailored to specific business needs. It offers a range of payment products through its API Platform, enabling developers to integrate the required features. Alternatively, Send’s Corporate Offering allows businesses with multiple currencies to manage all their payments and foreign exchange needs in one place.
Q: How does Send Payments address exchange rate fluctuations?
A: Send Payments offers spot contracts, allowing customers to pay at the current market rate, as well as forward contracts that enable customers to take advantage of current rates for future settlement dates. This provides enhanced security against exchange rate fluctuations.
Q: How does Send Payments handle regulatory compliance?
A: Send Payments is built with real-time compliance, ensuring risk-free transfers without requiring businesses to exert additional effort. It handles compliance with KYC, AML, CTF regulations, as well as regulatory reporting such as the IFTI.
Q: Which companies trust Send Payments for their foreign exchange needs?
A: Prominent companies like Qantas, Accenture, Flight Centre, Woolworths Team Bank, and BankVic have all chosen Send Payments for their foreign exchange requirements.