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International Payments

Checking out of fees and manual processes

The BoardRoom Group a customer success story.

The BoardRoom Group is a leading provider of professional services in the Asia‑Pacific region with over 5,500 clients, and offices in Australia, Singapore, Malaysia, Hong Kong and China.

Challenge

International cheques were cumbersome and costly.

Solution

Saving time and money with the WU® GlobalPay platform.

Results

Less administration for BoardRoom, less fees for its clients.

 

The Challenge:

Cheques were a stale process

BoardRoom Australia distributes dividends to shareholders in multiple countries on behalf of clients, mainly to the USA, UK, NZ, Singapore and Europe. Previously BoardRoom Australia relied on AUD cheques for all payments. This meant overseas shareholders had to physically visit a bank and cash the cheque, incurring administration and conversion fees in the process.

Mark Saliba, General Manager, Employee Plans, BoardRoom Australia, elaborates, “A dividend might be valued at $18 but the bank fee for depositing the cheque might be $20. Lots of people would hold off until they had multiple cheques before cashing them, so they’d only incur one fee.

“This created administrative issues for us, because often the cheques would go stale and we would have to reissue new ones.”

This process also caused other resource and customer service issues for BoardRoom Australia. It could take up to 15 days for international customers to receive their dividend, while BoardRoom Australia’s clients faced the cost of cancelling and reissuing stale cheques – neither of which was great for customer service. In addition, resources spent a lot of time administering and reconciling cheques. BoardRoom Australia needed a simple, less manual way to distribute dividends for its clients.

The Solution:

Checking into the WU® GlobalPay Platform

To reduce manual processes, help overseas shareholders receive dividends quickly, and free up resources, Boardroom Australia collaborated with Western Union Business Solutions to implement WU GlobalPay. This online tool enables BoardRoom Australia to send funds to 200 countries and territories in more than 130 currencies instead of relying on cheques.

Western Union Business Solutions global banking network means that funds often reach beneficiaries’ accounts on the day of payment and avoid bank fees. Boardroom Australia staff can also lock in an exchange rate in advance to know from the outset how much money will reach each beneficiary.

Best of all, WU GlobalPay allows for thousands of payments in multiple currencies to be uploaded in one file and sent for payment. WU GlobalPay automatically generates a report which can be easily imported into BoardRoom Australia’s internal accounting system for easy reconciliation.

The Result:

Simple reconciliation and less fees

Switching from cheques to direct to account payments for international beneficiaries has helped BoardRoom Australia free up resources and simplify the reconciliation process. Without the manual effort required to administer cheques, the margin for error has been reduced and staff can concentrate on other tasks. Shareholders no longer face cheque depositing fees and they now receive their dividend more quickly, often on the day of payment.

The new process has also reduced the number of fees involved in a transaction, which is a cost benefit that has been passed on to clients. “Our ability to pay shareholders so efficiently has become a selling point for the company,” said Mark. “We can now offer clients speed, breadth of currencies and countries, and less fees.


“WU GlobalPay is also a very flexible platform. When we expanded into Singapore, for example, it was very easy for us to make SGD a base currency in that region.”

In addition, WU GlobalPay has also been integrated into a mobile application developed by BoardRoom Australia for its clients. This app provides administrative efficiencies for BoardRoom Australia’s clients by allowing employees who have shares in the company they work for to maintain their own banking details and preferred currencies. In 2017, the app won an award for best use of innovation and technology from the Global Equity Organisation, beating competitors with much higher profiles.

“I would recommend working with Western Union Business Solutions,” Mark concludes. “We don’t look for a supplier, we look for a partner and this relationship has been very beneficial for us. The team is very responsive and constantly work with us to refine and maintain the solution.

“Recently Western Union Business Solutions worked closely with us to identify requirements for every country we make a payment to, which has led to our payment rejection rate being minimized to 0.01%. This is a great achievement for us.”

 

RECENTLY WESTERN UNION BUSINESS SOLUTIONS WORKED CLOSELY WITH US TO IDENTIFY REQUIREMENTS FOR EVERY COUNTRY WE MAKE A PAYMENT TO, WHICH HAS LED TO OUR PAYMENT REJECTION RATE BEING MINIMISED TO 0.01%. THIS IS A GREAT ACHIEVEMENT FOR US.

– Mark Saliba, General Manager, Employee Plans, BoardRoom, Australia 

 
The Last
Exchange
The new process has reduced the number of fees involved in a transaction, which is a cost benefit that has been passed on to BoardRoom Australia’s clients.
International Payments  Cash Management 

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