Automating FX Payment Processing

Industry Insight: FX


Super-automate to reduce risk, achieve greater efficiency & accuracy for your partners

If you’re an FX business looking to achieve lightning fast payment processes, and gain real time visibility of your payments, you’re not alone. We understand the critical importance of being able to access immediate and accurate financial data for your partners.

Our platform automates POBO (pay-on-behalf-of) payment processing; supporting regulatory compliance and eliminating the need for manual data entry so all payments can be made in real-time, with reduced risk and error.

Reduce risk: Automatic, real-time processing

Automating your processes means payment and status reports are received in real-time so you can give your partners up-to-date and accurate information on the payment status of every transaction. You can confidently continue any payment journey knowing that beneficiaries will receive the correct funds on time.

And, in the case of a negative response from the bank; whilst this can normally lead to delays in settlements and impact customer satisfaction, you will now be able to take action immediately to resolve any issues without any further delays.

Plus, the risk of further mistakes caused my human intervention is also removed making for a smoother, more slick payment journey.

Supporting regulatory compliance through real time visibility

The platform supports regulatory compliance by providing real time information on your partner’s cash position.

The financial data is automatically delivered to any back-office system by the AccessPay service for reconciliation, meaning you can gain full visibility of every payment file and benefit from automatic statement retrievals, and see a list of all settled transactions.

The risk of fraud and errors associated with manual intervention also helps you stay compliant for any future audits.

Super-automate with additional payment controls

In addition to the standard payment and statement automation messages, banks also offer additional message controls for payment and transaction status. This could be a payment cancellation, a payment status query or intra-day position.

Our latest API capability also means we can connect directly to any back-office system to deliver live status updates of all submissions directly within your current finance applications, and you’ll be able to receive PSR’s (Payment Status Reports) and statements quicker than ever before.

For more information on these MT message types, our webinar below covers this in more detail.

Hyper-automate by tracking incoming and outgoing payments with GPI tracking

This is the holy grail when it comes to payments and transaction status.

You will be able to track both outgoing payments and incoming credits in real-time.

For more information, please see the section around SWIFT GPI tracking in the video below.

How to connect to the Bank

We can connect to your banks directly via SWIFT, H2H sFTP or H2H API which is an effective, secure, and reliable connection, enabling straight through processing between your banks and finance applications.

Find out more about your connectivity options here.

Supporting regulatory compliance through real time visibility

Whilst organisations with the necessary resources and expertise may consider managing a connectivity project like this in-house, the reality is most businesses outside the banking sector tend to lack the expertise to build this connection successfully. By working with a 3rd party provider like us, you’ll have access to specialized expertise, approved security and compliance controls, and access to industry leading support and service throughout.

Additionally, we have the advantage of established working relationships with major banks which can fast-track processes and ultimately save you time and money in the long run, freeing up your resource to focus on more business critical tasks.

Find out more about why outsourcing this connectivity may be the better option for you.

How Does it Work?

A deep dive into how you can super-automate payments and banks statements with Barclays Bank

Find out how to achieve full control of the end-to-end process, from payment initiation to settlement and reconciliation with Harcus Cooper from Barclays Bank.

“By working with your partners Access Pay and your banks you’ll be able to find the best solution for you.”

Harcus Cooper

Head of Integration and Information Services

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