Case study: Forex and international payments
For retailers, cross-border transactions can mean back-office admin headaches and regulatory and compliance woes. We offered our client an online solution to clear the hurdles.
Challenges
- To make cross-border payments, our client needed to fill in forms manually and visit a Bureau de Change to perform the transaction
- The client was also concerned with currency fluctuations, which would have an impact on the cost of materials
Solutions
- Our International Banking Foreign Exchange (IBFX) helps to make the foreign payment process more manageable with a simple, easy to use platform
- It enables our client to conveniently initiate and track payments anywhere, anytime, and to secure spot rates instantly and guard against exchange rate volatility
- This is a secure payment method for international trade, which provided both our client and the exporter with a secure means of protecting their interest
- We advised which banks had existing banking relationships with us, ensuring that the client could safely send payments
- Funds were remitted via our Outward Telegraphic Transfer service, providing a safe and reliable method of transferring funds electronically
- Forex volatility was hedged through securing a competitive forward foreign exchange rate to convert the rand to foreign currency