Still Using a Bank for your FX Business - Blog MTFX

Last Updated: 18 May 2021

Are you still using your bank for your foreign exchange business? There is a more cost-effective alternative.

Businesses are traditionally reliant on banks for their international payment needs and remain working with them due to the trust, security, and advisory services they provide. Even though banks and financial institutions have been the default over the years, they also come with a multitude of challenges -- especially when it comes to global payments as is it not a primary focus of their business.

When analyzing your service offerings from your bank it can be hard to truly understand the costs of your FX conversions, creating a barrier for your business when it comes to growing your transaction volume across borders.

When it comes down to it, working with institutions is expensive, and can expose your business to market volatility, and their lack of transparency in the transfer process creates data gaps that lead to the inability of you to manage your business's cash flow effectively.

This is where MTFX Comes into Play

MTFX’s full suite of solutions for domestic and international payments provides companies with more choice and flexibility on how to better manage their business.

Through next-generation technologies and a sophisticated set of APIs, businesses can experience reduced costs, data transparency, speed to market, and the ability to offer the level of customer service and customization that their consumers are demanding from them.

1. MTFX Provides Customization, Process Efficiency, and Solution Flexibility

When you choose to partner with MTFX you gain the ability to work with a team of market experts with years of experience in the foreign exchange and international payments space. Our team will work with you to create customized solutions specifically tailored to your business needs.

MTFX’s payment processing solutions are as easy as a plug-and-pay option through an API integration instantly enabling your business to accept payments from customers and pay suppliers in alternative and vendor-preferred methods in a matter of minutes around the globe.

Our goal is to grow your business's transaction volume while at the same time enabling you to offer next-generation digital payment solutions and enhanced user experiences at the click of a button.

2. MTFX Provides your Business Access to Local In-Country Payments with +100 Different Currencies

MTFX was built to save your business money on overseas transfers while providing you low exchange rates and transfer options for every type of business. Our solutions reduce your business exposure and improve your cash flow by having the ability to make payments and hold funds in local currencies that you can access at any time, 24/7.

With MTFX’s local in-country payments solution your business has the ability to open and hold money in domestic multi-currency accounts across +100 currency types, including exotic, removing the complexity of trying to open and manage multiple bank accounts across borders and saving your business from paying high conversion and processing fees.

3. MTFX Directly Integrates into your Company’s ERP System

Doing business overseas can make accounting and finance management taxing. MTFX’s innovative payment solution enables direct integration into your business's ERP and AP systems, removing all the manual reconciliation work that is normally required to balance and record your overseas business transactions.

MTFX’s international payout solution is compatible with all of the top ERP systems in the market including, Quickbooks, Oracle, SAP, Dynamics 365, and Sage, among others. This solution facilitates, through API automation, the generation of your payables as well as the settlement of your overseas business payments, all in one easy-to-use online portal so you can keep your business on the right track.

4. MTFX Gives you Clear Visibility on your Transactions and your Cash Flow

At MTFX our solutions are specifically developed to provide your business with a complete set of rich data so you can manage your customer's information more efficiently, removing the challenge of transfer payment failures resulting from inaccurate input or lack of beneficiary information.

MTFX utilizes bank-level security measures to safeguard customer data and protect overseas business transactions so you can monitor and gain end-to-end transfer visibility in real-time allowing you to take more control of your business forecasting and cash flow.

Making international money transfers with MTFX eliminates the costly fees traditionally incurred when working with large banks and FIs as our solutions will protect your business against market volatility with additional offerings of innovative risk management strategies that are more competitive than what the industry currently offers.

MTFX is your Solution for your Online Global Payments Processes

Banks are no longer able to provide your business a competitive offering when it comes to your international business needs. MTFX will meet the demands of your customers by providing options, transparency, customization, and an overall better user experience.

Learn more about how our solutions can help you retain your local customers and expand your international business. Contact one of our market experts and we will show you how foreign exchange currency risk management strategies can protect your business while increasing profits.

Register your account with MTFX today to enjoy bank-beating rates and exciting savings.

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