PRODUCTS / BUSINESS 2 BUSINESS


Many businesses rely on making cross-border payments to external companies, but also to other global departments in their own companies. The explosion in e-Commerce means the number of cross border payments is increasing rapidly.

The main issue with these payments has been that the cost of payment is high and visibility of where funds reside has been low. Envoy’s local bank accounts in multiple countries and their ability to aggregate the services of these banking networks brings many benefits to businesses: They can make bank transfers for collections and payments, and gain single-view web-based visibility over all accounts on a multi currency or single currency basis. Consequently, the key benefits Envoy is able to offer to Merchants making cross border, business to business payments are low cost, speed and administrative functionality.

Low cost – By operating bank accounts ‘in-country’ right around the world Envoy almost entirely removes the need for Customers or Businesses to make or receive international payments. Instead, Envoy is plugged directly into multiple banks proprietary software platforms to enable the most efficient monitoring, control and use of local banking services. This includes the ability for Merchants to make and receive local payments through the Envoy interface instead of having to use their own bank’s international payment service, which is usually expensive and slow. 		Speed – Envoy is directly integrated with the banks’ proprietary software and thus is able to see and act upon transactions much faster. Without Envoy a Merchant would have to wait for their bank, the correspondent bank, plus the SWIFT networks all to update in order for transactions to be viewed or completed. Through the development of proprietary software that constantly polls all Envoy bank accounts to detect incoming payments and make outgoing payments, Envoy is able to offer the fastest credit reflection and payment completion times in the market.

Administrative functionality – Envoy has developed banking-style applications that enable a Merchant to have full single-access view and control over their balances no matter in which country the balances are held. Accounts can be viewed in single currency or they can be viewed in multiple currencies. The Merchant has full control over those funds and can repatriate them back to their own “home” account whenever they wish, or they can use the Envoy product to pay the funds on elsewhere.
 
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