International Payments | Case Studies
Payroll customer success story: Always look after your clients
Founded in 2006, FMP Global has risen to become a leader in outsourced international payroll and HR. Most of its clients are based in North America and are looking to expand internationally. FMP assists clients to overcome the challenges of expanding into new territories through the setup and maintenance of legally compliant payroll services.
Meeting time sensitive, local currency requirements
Access to Western Union Business Solutions global payments network
Improved delivery times and streamlined processes
The Challenge: Ensuring punctual, local currency payments
Tom Beard, Head of Global 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 payments 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”
-- Tom Beard, Head of Global Payments, FMP Global
The Solution: An extensive payment network
FMP Global turned to Western Union Business Solutions WU® GlobalPay platform to assist with streamlining its international payment processes. WU GlobalPay is an online platform that provides access to more than 130 currencies to 200 countries and territories.
Using WU GlobalPay FMP can pre-validate employee banking details to help ensure payments arrive in full and on time. Administrative tasks can be reduced by processing multiple payments in multiple currencies through a single file upload, and easy-to-produce reports can help speed up reconciliation.
“We were enticed by the platform because sending payments via Western Union Business Solutions’ extensive financial network means less intermediaries are involved which helps to speed up the delivery process, explains Tom. And WU GlobalPay can be easily integrated into ERP systems and accounting processes which is great from an administration perspective.
The Results: Less admin, improved delivery times
Since implementing WU 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 payment 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 Western Union Business Solutions are outstanding, we get pro-active and regular updates if there is ever any challenge,” said Tom.
The breadth of currencies available and the reach of Western Union Business Solutions network has assisted FMP Global to access new markets and increase support for its clients. “The WU GlobalPay implementation was also easy, we felt supported through the entire process. We look forward to continuing to work with Western Union Business Solutions long into the future,” Tom concluded.