The challenge
Ensuring punctual, local currency payments
Founded in 2006, FMP Global has risen to become a leader in outsourced international payroll and HR. The company assists clients to overcome the challenges of expanding into new territories through the setup and maintenance of legally compliant payroll services.
Charlotte Hobson, International Business Operations Manager (Payments), FMP Global, explains, “Our clients have employees in all corners of the world, so it’s critical that we can facilitate international payroll in as many currencies and to as many countries as possible. If our clients can’t deliver payroll in local currencies, then they are likely in breach of contractual obligations with their employees. In addition, our clients could face penalties if they miss settlements to local tax authorities.”
Payroll transactions are particularly time sensitive. Late payments can have a significant impact on employees which in turn disrupts the reputation of the employer. “In the past we found that other international payment providers were unable to deliver on time or have the function to deliver funds on a specific date in the future. When it comes to payroll, late delivery simply cannot happen,” said Charlotte.
The solution
An extensive payment network
FMP Global turned to Convera and its GlobalPay platform to assist with streamlining its international payments processes. GlobalPay is an powerful cross border payments platform that provides access to more than 140 currencies to 200 countries and territories. FMP can now pre-validate employee banking details to help ensure payments arrive in-full and on time. Administrative tasks are reduced by processing multiple payments in multiple currencies through a single file upload, and easy-to-produce reports help speed up reconciliation.
“We were enticed by the platform because sending payments via Convera’s extensive financial network means less intermediaries are involved, which helps to speed up the delivery process,” explains Charlotte. “The GlobalPay platform can be easily integrated into ERP systems and accounting processes which is great from an administration perspective.”
The results
Convenient payments help retain customers
Since implementing GlobalPay, FMP has seen a significant improvement in distribution times. “We can now easily cater to value dates of our choosing which helps streamline the international payments process overall. And the speed of delivery is a great benefit when payments are required on, or close to a scheduled pay day.
“Previously we found it difficult to investigate any delayed payments, we had to pro-actively chase up our previous providers for updates and information. But the resources on hand from Convera are outstanding. We get pro-active and regular updates if there is ever any challenge,” said Charlotte.
The breadth of currencies available and the reach of Convera’s network has assisted FMP Global to access new markets and increase support for its clients. “The GlobalPay implementation was also very easy, and we felt supported through the entire process. We look forward to continuing to work with Convera long into the future,” Charlotte concluded.
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