OFX, a leading foreign exchange and global payments provider, has partnered with CargoWise, WiseTech Global’s leading logistics execution platform, to launch a new global payments platform.
Through the new Integrated Global Payments platform Australian businesses can now access OFX’s competitive exchange rates and international payment capabilities directly from within the CargoWise platform, to streamline global payments.
“While freight forwarders and logistics leaders have been aware of the power of global connectivity, the pandemic has spurred the need for more integrated and agile payments technology to help manage the ever-changing landscape and drive their business forward,” said Yung Ngo, President, Asia-Pacific, OFX.
Integrated Global Payments is currently available to customers across 33 countries, dealing with more than 50 currencies.
Direct integration to OFX’s platform allows CargoWise customers to make international payments via OFX without moving off-platform, which can help to simplify previously complicated, multi-step, multi-system FX processes into one seamless workflow.
With the ongoing volatility in freight rates due to prolonged impacts of the pandemic, there has been an urgent need to optimise and improve cost margins across all operations, including foreign exchange.
Competitive FX rates
Ultimately, Integrated Global Payments simplifies access to FX operations, enhancing payment processes to offshore suppliers.
Tools such as checking and accepting OFX exchange rates, completing FX payments via OFX and tracking key events are now available directly from within the CargoWise system.
“With the enhanced Integrated Global Payments functionality, CargoWise customers now have access to a simplified workflow process, competitive FX rates from OFX, and faster cross-border payments, translating to improved efficiencies and productivity, says Imraan Khan, Product Portfolio Manager, CargoWise.
“The benefits of an integrated global payment system for finance and treasury teams include increased transparency, easily accessible audit trails, and reduced data entry across multiple systems that improve central controls.”
As an added benefit, OFX has a team of global OFXperts who can offer added human support with queries on currency considerations, which can help free up logistic providers’ resources to support their clients directly.
“Integrating with CargoWise’s systems will offer their global network of freight-forwarders a real timesaver across the end-to-end payment process,” says Yung Ngo.