The Vaccine is here. Now What? Are fintech’s ‘The New Normal’?
The pandemic has changed the way that we do business forever, and fintech’s, like MTFX, are monitoring and adapting to the impacts of COVID-19 in order to better equip businesses with the best strategies and tools to remain fiscally stable and better manage cash flow while doing business across borders.
No longer can SMB’s settle for the expensive and time intensive ways of sending money overseas with traditional legacy systems offered by banks and financial institutions. The phase “time is money” is no truer than it is today.
To remain in business and to rebound from the impacts from the COVID-19 pandemic, SMB’s need to utilize new and innovative technologies, giving them access to new marketplaces, all while simultaneously cutting costs.
How technology and global payments will continue to enable doing business internationally
1. Access to next-generation innovative technologies that are designed to remove transfer friction
Banks usually have less competitive foreign currency exchange rates than fintech’s due to their traditional banking systems. Fintech’s focus on providing quick and easy money transfers while having the ability to provide low exchange rates and transfer options for every type and size of business. Fintech’s are agile and can adapt to shifts in the marketplace quickly, thus, making them able to develop and launch innovative solutions on a dime, supporting a company’s expansion targets and the ability to grow their transaction volume – something a bank cannot do easily.
2. Full 360° solution with direct integrations into your ERP and AR systems
Some fintech’s are taking seamless integration to the next level. The team at MTFX is first to market with an all-in-one seamless solution that can offer your business a set of products and services that integrate directly into your businesses ERP and AR systems. This ability removes the need for manual intervention or payment reconciliation, reducing both time and costs for finance department staff. With this integration, powered by AI, machine learning and biometrics technologies, you can reduce the number of overall payment failures, which result from inaccurate data input, that your business experiences, giving you a single view on all your company’s financial needs, transactions, and cash flow for better and more accurate fiscal planning.
3. Taking the challenges out of opening and managing foreign bank accounts
New age fintech solutions can reduce your businesses FX exposure and improve your cash flow by having the ability to make payments and hold funds in local currencies that you can access any time 24/7. Leaders in customer experience, like MTFX, can enable your business the ability to open and hold money in domestic multi-currency accounts across multiple currency types, removing the complexity of trying to open and manage multiple bank accounts across borders so you can grow your business in any market you require.
4. Payment choice for you and your customers
Agile fintech’s develop, both internally and through global network partnerships, an array of innovative payment solutions so you can provide your vendors and your end customers with payment choice and flexibility. This allows you to accept and provide many different payment types from customers as well as offering vendor preferred payment types like, pre-authorized debits, wires, EFT’s, and credit cards. On top of this, fintech’s can also enable your business with next-generation digital payment solutions like mobile wallet payments through a simple API integration that banks and other third-party providers cannot offer.
5. FX risk management strategies to keep your cash flow safe
Managing exposure to FX currency fluctuations is an additional level of due diligence any business owner needs to practice. Your cash flow is the lifeblood of your business and you need to protect it from unfavorable shifts in the foreign exchange rate. Fintech’s can offer superior risk management solutions and hedging tools, compared to banks and financial institutions, including forward contracts and market orders that are customized specifically for your business needs.
At MTFX, our platform can help your business rebound from the impacts of COVID-19.
Learn more about how a third-party payment platform can help you retain your local customers and expand your international business. Contact one of our market experts at MTFX and we will show you how foreign exchange currency risk management can protect your business while increasing profits.
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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
MTFX is in the process of migrating our online dealing system to a newer version which offers more functionality along with an updated look and feel. While we complete our migration, both versions of our online dealing platform will be accessible.