Automating foreign currency payments can save money

It is one thing having to pay for something; it is quite another thing wasting cash on an activity that is really quite unnecessary.

Far too many companies still process foreign currency payments manually. It is a time consuming and expensive form of data entry. Worse, this unnecessary intervention can be avoided through the implementation of smart technology.

Manual processing relies on individuals using their own brains and brawn to deal with banking currency payments. Such a reliance on human hands can lead to needless errors in data entry that create accounting problems further down the line.

Spotting such errors, however, can also be complicated. Human processes are not automatically tracked and, without the right types of technical reporting standards, errors can be replicated and can go unreported. The result can be an expensive manual mess.

To eliminate the unnecessary time and cost concerns related to manual processing, organisations should look to integrate payments technology into their financial management systems. Integrating the right type of technology provides a fast, efficient and cost-effective way to make and receive payments.

The main benefit is to break the reliance on brains and brawn. Automated currency processing reduces the need for manual data entry and increases the ability for organisations to automate their payment methods.

The right form of integration will enable straight through processing of payment files. Such processing provides improved control and visibility, allowing key executives to carefully monitor the entire payments process.

Automated systems create a means for multiple payments to be uploaded and sent at the same time. And once payments are complete, accurate files are updated and instantly available for finance staff.

Smooth integration will make automation a painless end point. As Travelex are the only non-bank foreign currency provider they can therefore offer more competitive rates than the high street.

The result is faster processes, less errors and decreased costs.

See for yourself using their online payment health-check http://www.travelexbusiness.com/uk/payment-health-check/. Suddenly, good quality currency processing does not seem like such a foreign business objective.

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Dean Dickinson is Managing Director of Advanced Business Solutions, formerly COA Solutions. Dean has been in the finance software business since 1990. He was part of the senior management team at QSP/Arelon prior to the acquisition by COA Solutions at which time he became Deputy Managing Director for the business as a whole. Since the acquisition of COA Solutions by Advanced Computer Software Group in February 2010, Dean has become Managing Director for Advanced Business Solutions. He is a specialist in consultancy and has a strong knowledge of business processes within a high volume/high value environment.