okoora is proud to announce today the release of three new features for the Automated Business Currency Management (ABCM™) platform: one-click foreign account opening, known as Payments Account, Payment on Behalf and Fast Payment. At okoora we spend a lot of time listening to customers and thinking about what they really need to make running their cross-border businesses easier and more effective. These three new features were at the top of our list.
Opening foreign payment accounts with a single click
One-click opening for foreign payment accounts is crucial to eliminating the time and energy-wasting bureaucracy normally required to open a new account for handling payments in a foreign country. Owning foreign accounts dramatically strengthens the capabilities of international businesses to manage cross-border payments and foreign currency deposits.
Take for example the case of Israeli exporter who sends goods to an importer in the U.K. Normally, the British importer would have to remit payment in GBP to the Israeli exporter using an expensive international transfer service like SWIFT that could take several days to clear. The exporter would then have to convert the payment in ILS to cover their expenses and register a profit in the local currency.
However, with the new Payments Account feature, an Israeli exporter using ABCM can now open an account in the U.K. with a single click. They can then accept payment for goods in GBP into their British account after the importer transfers the sum of the invoice to them using a much cheaper and faster local transfer method (in the U.K. this might be the Faster Payments Service). The best part is that because the exporter opened their British account using okoora’s ABCM, the account will appear in their business’ name but also be connected seamlessly to their okoora account and the importer’s payment can be seen in real-time. This enables full visibility and control for the okoora user in the otherwise opaque and complex world of international payments.
Enabling businesses of any size or complexity to easily hold a foreign account should greatly facilitate cross-border trade, especially for our small and medium size business clients who might not otherwise have invested the time and effort normally required to achieve this.
With okoora’s ABCM subscription plans, opening foreign accounts are free of charge for the initial accounts with the number of free accounts limited based on the level of the plan. Additional accounts beyond plan limits can be purchased for a very affordable additional fee.
Below is a screenshot of the button in the user interface you must click on to open a payments account.
Brand your own payments with Pay on Behalf
Pay on Behalf is an example of a feature we developed based on popular demand. It allows you to issue payments for invoices in your own name instead of okoora’s. This helps prevent issues on the recipient’s end in determining where the payment came from and if your obligations have been met. Completely own your payments through every step in the process with Pay on Behalf branded payments.
This feature is particularly useful for importers or exporters who are initiating commercial relationships with new partners and want to ensure there is no confusion regarding the actual source of a payment.
To see how you would select a branded payment using Pay on Behalf in the user interface check out the screenshot below.
Speed up the delivery of funds with Fast Payment
Time is money. Managing a business’ cash flow successfully requires getting paid promptly and the longer it takes you to pay your suppliers the less likely you are to have a positive relationship. Now, with Fast Payment you can speed up money transfers to recipients to within a 24-hour timeframe.
Running out of time to pay your supplier? Just click on the Fast Payment option and rush the money over. It’s just another part of okoora making transfers without borders a reality.
Check out where you need to click on the user interface for Fast Payment in the screenshot below.
To learn more about okoora’s ABCM platform, go here.