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How Fyorin Strengthened Elitavia’s Global Financial Operations with Multi-Banking



Saved per year on manual processing of international payments.



Delivery of funds to the suppliers thanks to local payment rails.


Saved per year thanks to lowering international banking fees, and the ability to grow without needing to scale the finance team.

A Malta-based private aviation company, Elitavia Malta provides aircraft management and private jet charter services. Due to the international nature of the business they engage with suppliers and customers worldwide, which means they receive, spend and exchange money in various currencies, all the time. To manage their global financial operations they set up relationships with multiple financial institutions. This led to a disjointed banking and payments system with lack of visibility and resilience.
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The challenge

Elitavia struggled with managing their international payments, both incoming and outgoing. Since they had to handle various currencies and work with suppliers around the world, they established relationships with a multitude of financial institutions to manage payments, leading to a fragmented treasury system. There was little visibility of available capital, spending, and cash flow across all operations and currencies, which made controlling spending difficult and forced the consolidation of all financial data into a tedious, manual process. Financial managers at Elitavia had to manually log in and out of various systems and institutions to process payments one by one.

Additionally, international bank layering often caused delays and restrictions when making international payments in EUR, USD, GBP, and other currencies. Time is of the essence when paying for airport fees or fuel, so even a small delay can cause major disruptions in operational efficiency and stress to crews and financial teams. Additionally, it meant that they had very limited cash flow flexibility - if any of the banking providers were unavailable due to downtime or other restrictions, or if payment failed, it was more complicated and time-consuming to submit again. This has put a strain on not only the financial department but also it impacted the relationships with clients and suppliers.

Finally, Elitavia struggled with crew expenses since they needed to issue cards for every crew member or for each trip. Bank cards required lengthy contractual processes and were replete with restrictions and waiting periods. In addition, there was a limit on the number of cards that could be issued and the maximum amount that the cards could handle, which was particularly problematic when paying for jet fuel. The lack of flexibility in managing cards, in which they could not be easily topped up or deleted if lost, further complicated spend control.

The solution

Fyorin provided a singular platform for Elitavia to manage their global financial operations including global payments, automated payables, payroll and expense management including cards.

Elitavia gained access to a global network of financial institutions through one onboarding process, allowing them to seamlessly bank with multiple banks as if they were banking with one, based on their continuously evolving business requirements. Fyorin’s B2B cross-border payment solution widened Elitavia’s payment options - the aviation company could make payments efficiently and cost-effectively without disrupting business operations, as bank layering was eliminated for international payments. With such payments being now settled mostly instantly and collecting payments can be done faster. The company can now open dedicated accounts with local IBANs and access payment rails such as ACH, SWIFT, SEPA, faster payments and others to operate globally like a local. Whenever they need to expand their business into new jurisdictions, they can easily source the right financial product via the Fyorin platform, without additional compliance or commercial steps.

Additionally, Fyorin streamlined payment processing by allowing Elitavia to group payments for the same supplier or in the same currency using bulk payment functionality, which was also used to process their global payroll.

With Fyorin, Elitavia gained visibility of all their treasury across all institutions and currencies from one platform, which was a huge improvement over their previous disjointed and fragmented financial systems. Having unified treasury management allows them to make better-informed decisions, diversify liquidity risks, ensure business continuity, and long-term resilience without needing to go through lengthy processes with traditional banks. With access to multiple financial institutions on one platform, Elitavia can enjoy reduced fees associated with partnering with multiple banks and enable them to scale globally without the need to increase their financial operations costs.

The Fyorin cards gave Elitavia unparalleled flexibility in managing crew and airport costs by issuing employee expense cards without rigorous banking procedures. Cards can now be issued directly from the platform, assigned to individuals and trips, topped up remotely, and customized to the business's needs to prevent overspending by setting limits or merchant restrictions. Using Fyorin's card solutions, Elitavia was able to manage crew expenses, settle payments on the go, and gain better insight into spending. As an additional benefit, the company received a cash rebate every time they used a virtual card to make a purchase, significantly reducing costs.

The result

With access to a global financial network, Elitavia was able to diversify its liquidity risks and ensure cash flow flexibility. Should one of the banking providers be unavailable due to downtime or payments fail, the funds of Elitavia were diversified enough so that they could still conduct their financial and business operations without major disruptions. This greatly improved relationships with suppliers and clients. Furthermore, the business was able to expand its global reach without having to over rely on complicated global banking riddled with delays and restrictions, and open new accounts in desired currencies easily. They gained greater visibility into their total cash flow across all institutions and all currencies, allowing them to make better-informed decisions for the future and ensure long-term financial health.

Fyorin's payment and unified treasury solutions saved Elitavia significant time. Previously, Elitavia relied on traditional bank payment runs, which took about five days per month. With fast cross-border payment solutions and access to local payment rails, as well as bulk payment options, payment runs were cut down to 1 day per month, saving the financial team 48 days per year. Payment automation reduced manual entry, errors, and delays, resulting in more efficient business operations.

By eliminating costly international banking fees, streamlining financial operations, and offering cash rebates, the aviation company improved their bottom line. As a result of streamlining its financial operations, Elitavia has been able to grow without expanding its finance team, saving around €40k+ per year, while using virtual cards for crew expenses and fuel has allowed them to turn costs into earnings..
Elitavia described Fyorin as a business partner both in good and in bad times. As a result of the comprehensive financial operations solution, the business is less susceptible to payment disruptions and FX fluctuations thanks to a diversification of liquidity risk and the ability to pay in the currency of the supplier. The company's resilience and reputation in the industry greatly improved as a result, as well as its ability to withstand adverse situations.


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