By IFX Payments
One FCA-regulated payment business faced the prospect of slow payment processing and high FX costs when managing multi-currency transactions, especially in emerging markets.
To scale effectively, they needed a solution that could streamline cross-border payments, reduce expenses, and provide greater control over their financial operations. This is where IFX Payments came in. Read on to find out how, they transformed their payment infrastructure, uncovered cost savings and future-proofed their expansion strategy in the process.
About the client
About the client The client is an FCA-regulated authorised payment institution, specialising in international and crossborder payments. Since its founding in 2018, the company has expanded its global footprint, to now operate in two continents. Today, it serves a diverse client base of over 200 clients, ranging from individual users to large corporate entities, addressing a wide array of payment needs across borders and currencies.
Challenges encountered before working with IFX Payments
The client’s primary challenge was efficiently managing payments across a wider set of international locations while maintaining speed and cost efficiency. Transactions in emerging markets require both reliable and competitive exchange rates. SWIFT payments offered a satisfactory processing time, but the client faced limitations in handling cross-border transactions in multiple currencies. This need for efficient multi-currency management and swift payment flows was impeding their ability to expand business relationships in target regions.
The IFX solution
To address these challenges, the client identified IFX Payments as their preferred provider due to its multi-currency account solutions and competitive FX rates. These solutions gave the client greater f lexibility and control over their payment flows, allowing them to manage transactions across various jurisdictions seamlessly. The choice was motivated by IFX’s capability to facilitate cross-border payments with an account structure that enables the client to assign sub-accounts to underlying users, for more efficient fund reconciliation. In addition to IFX’s ability to accommodate third party payments, the client found the platform’s tighter FX spreads on mid-market fills especially appealing. This feature allowed them to operate with minimal FX-related expenses, enhancing cost efficiency. The same-day telex support for SWIFT payments was another key advantage that ensured timely fund transfers to and from their emerging market partners.
Features and value delivered
The multi-currency account capability is one of the most valuable aspects of IFX Payments’ offering for the client. This feature supports them in being able to receive and pay out funds in various currencies, aligning with their strategy to expand in emerging markets. By using a single platform for multicurrency transactions, the client noticed a significant improvement in operational efficiency, enabling smoother financial interactions with their customers. Another crucial benefit has been the platform’s user-friendly design, which has been well-received by the client’s finance and operations teams. With plans to soon integrate with our API, the client’s treasury team has found the platform intuitive and accessible, enabling them to manage transactions more effectively.
Measured success
Since working with IFX Payments, the client has achieved measurable cost savings by leveraging competitive FX rates and reducing reliance on other traditional banking services. IFX has become the client’s primary financial partner for cross-border payments, with existing bank accounts less frequently used. The client has noticed significantly improved processing times, particularly for SWIFT payments, where same-day telex offers a competitive advantage.
Conclusion
IFX Payments has provided a robust solution for this client to manage cross-border payments efficiently in an expanding number of regions, including emerging markets. The collaboration has enabled them to easily handle multi-currency transactions, reduce costs, and improve processing times. The user-friendly platform has empowered their teams to operate with greater autonomy, setting a strong foundation for continued growth in new regions.
Find out more at IFX Payments.
