Our client, a forward-thinking UK-based recruitment company Energize Rec, transitioned to Capex Currency as their preferred FX company.
“Our house bank did not offer the ability to upload the equivalent of a BACS file and pay many contractors with one upload. The whole process was taking our payroll team a couple of days each month to get them paid. Capex Currency’s system is so easy and it now takes under 30 minutes to process the same payroll. I cannot stress how much more efficient the process is and the time back it has given the team. I look back now and cannot believe how we were processing our Euro payroll.”
David Rowland, Finance Director of Energize Rec
Approximately 12 months ago, our lead FX broker spoke with Energize Rec discussing our FX hedging product as a service. At the time, FX hedging wasn’t an immediate concern for the client. However, during the conversation, they delved into the challenges faced when paying their Euro contractors from the UK.
The existing process for paying Euro contractors was marred by inefficiency and prone to human error. It involved manual, one-by-one contractor payments, a task that consumed a significant amount of time and opened the door to inaccuracies. To make matters worse, their house bank lacked the capability to upload BACS files, making it impossible to pay multiple contractors with a single upload. The entire process took the payroll team several days each month, creating operational inefficiencies.
We introduced our Mass Pay system as a service through our cutting-edge online platform. This system offered an elegant solution to their payroll challenges. By enabling payments to Euro contractors through a simple CSV file upload, it promised efficiency, accuracy, and significant time savings.
Since implementing Capex Currency’s Mass Pay system, Energise Rec has experienced remarkable improvements:
- Efficiency Surge: What was once a time-consuming and tedious payroll process now takes under 30 minutes, a substantial time-saving for the payroll team.
- Error Reduction: Automation minimises the risk of human errors, leading to more accurate and compliant payments.
- Time Reallocation: With the streamlined payroll process, the team has more time to focus on strategic tasks, enhancing overall productivity.
- Operational Enhancement: The company’s payroll operations are now significantly more efficient, contributing to overall operational excellence.
This case study underscores how Capex Currency’s Mass Pay system efficiently addressed our client’s specific payroll challenges. By simplifying Euro contractor payments, we not only saved them time and effort but also improved accuracy and operational efficiency. Our tailored solutions are designed to alleviate specific operational pain points and deliver tangible benefits.
Our client’s transition to Capex Currency as their preferred FX company is a testament to the transformative impact of our services.