Overwhelmed by FX Administration? Xe Can Help
February 4, 2022 — 3 min read
Foreign exchange isn’t always about the ‘big trades’. Many organizations that deal with international currencies find that their FX needs start small. It may not seem like it, but your routine, day-to-day operations could be a larger currency risk exposure than you think.
Whether your ordinary operations are taking up time and resources that could—and should—be devoted to other matters or your current processes aren’t as efficient as they could be, one important step to managing your company’s FX is taking a look at how you handle transactions.
If you feel that you’re having trouble handling your transaction volume or you’re not handling your international payments as well as you could be, don’t worry because Xe can support your business.
What can go wrong with day-to-day transactions?
Depending on how many transactions your business makes each day, these typical, everyday operations could be taking up significant time and resources that would be better spent elsewhere.
Are there areas of your business you think you’re neglecting because of how much time you devote to minute transactions? Are you missing out on the bigger picture because you’re too focused on the small things? When you assess your foreign exchange risk exposures, remember to consider everyday operations as well as the larger scope.
In addition, elaborate, inconvenient processes could end up causing trouble for your business. If, for example, you rely on employees to take care of manual data entry or transactions, there’s always the chance that human error could cause some unnecessary delays, or worse.
This is a common problem for fast-growing businesses. Founders and owners want to monitor international payments and ensure that everything is being taken care of according to their standards, but they don’t have the time to monitor and physically process everything the way they’d like to.
How can Xe help your business?
Xe can do much more than help you find the best exchange rates. We provide a wide range of products and solutions to assist businesses of all sizes with their overseas payments. Your Xe business account can support you to process your overseas payments quickly and confidently.
Did know that you are able set up different authority levels within your online Xe Business Account that grants some users administrator rights to do the processing work while reserving payment authority for specific individuals?
The 4 levels available to assign within an Xe Business Account are:
Inputter
Can only assign recipient details to a trade
Authorizer
Ability to authorize the recipient details the ‘inputter’ has submitted
Inputter/Authorizer
Can act as an ‘inputter’ or ‘authorizer’ however cannot authorize recipient details they have assigned themselves
Superuser (Admin)
Can submit recipient details to a trade without any authorization required. They can also authorize recipient details entered by other users and add/remove users to the account
By spreading the workload, and ensuring you have the right levels involved at the right points in your payment processes you can save time and have peace of mind.
Interested in setting up different user rights on your account? Get in touch with one of our Team. We will work with you to ensure that your foreign exchange procedures are the right ones for your business and its needs.
Ready to learn more about our business solutions? Visit our Business page for more information