Foreign Exchange | Case Studies
How Worldwide Cancer Research simplified their reconciliation process and managed payments for their beneficiaries more efficiently.
Worldwide Cancer Research (WCR) is Scottish charity that sources and directs funding for early stage cancer research across the world. Found in 1979 and based in Edinburgh, the charity has funded over 1,870 cancer research projects to a total of £191,000,000. WCR required an international payments provider that could help speed up the reconciliation process and manage payments more efficiently for their beneficiaries and internal resources.
International payments were complicated and expensive
Bulk uploads via the WU® GlobalPay Platform
Time savings and strong customer service
The Challenge: Unruly and expensive processes
Each year Worldwide Cancer Research gives grants to approximately 100 bold and innovative new research projects around the world. Kenny Briody, Financial Controller, WCR, elaborates, “We make around 17 international payments per month to researchers. We award all of our funding in GBP and the beneficiaries outline whether they want to receive funds in their local currency, such as EUR, USD, Israeli Shekel and Swiss Francs.”
NGOs must stretch donations as far as they will go, and over time WCR came to realise that the service from its previous payments provider was expensive compared to other offerings.
“Our previous provider’s processes were also unruly and became time intensive when making multiple payments at a time. Reconciliation was also a challenge. We began searching for a solution that would help us manage international payments more efficiently for both our beneficiaries and our internal resources,” Kenny said.
“We have been using WU GlobalPay for a number of years, and to date we’ve delivered over £73 million in research funding via the platform”
-- Kenny Briody, Financial Controller, Worldwide Cancer Research
The Solution: An intuitive online payment platform
WCR’s search for an alternative payments provider led it to Western Union Business Solutions and the WU® GlobalPay platform. The charity was particularly attracted to WU GlobalPay’s fx360 feature, which enables straightforward processing of bulk international payments, in multiple currencies via file upload.
WU GlobalPay is an online payments platform that leverages a financial network spanning 200 countries and territories, and more than 130 currencies. Transactions can be seamlessly reconciled into accounting systems to increase operational efficiencies while automated beneficiary notifications around payment release help to reduce administrative enquiries.
Kenny explained, “Western Union Business Solutions is a well-known and trusted brand. We were confident we could rely on their payments platform to get funds where they needed to go, on time and in full.”
The Results: Increased operational efficiency
WU GlobalPay is now WCR’s one stop shop for grants payments, with the charity experiencing time savings and increased efficiencies since introducing the platform to its team.
“Reconciliation is straightforward now,” says Kenny. “The file comes out of WU GlobalPay and into our accounting system with minimal manual intervention from our team. It is also a lot simpler to set up new beneficiaries, and the file upload feature in fx360 means we can now process multiple payment much faster than we used to.
“We have been using WU GlobalPay for a number of years, and to date we’ve delivered over £73 million in research funding via the platform. The support we receive from Western Union Business Solutions has been impressive, we know we can turn to our account managers if we have any challenges and they will do everything they can to sort them out for us. We look forward to working together long into the future.”
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