In the past, Elite Group relied on traditional banks for multi-currency transactions, such as paying suppliers locally and abroad or processing payroll, which incurred substantial fees that adversely affected their bottom line. Employees at Elite Group faced delays and reduced salary payouts due to prolonged processing times and foreign exchange fees. Eventually, salaries had to be adjusted, which made payroll management and payments even more challenging and financial reporting even more complicated.

Fyorin presented a transformative solution to Elite Group's challenges. Fyorin’s unified treasury solution, leveraging licences of financial institutions around the globe, streamlined the process of opening accounts in euro and pound sterling thanks to a single compliance process. In doing so, Elite Group eliminated delays and complexities associated with opening accounts in different currencies. Another benefit brought to Elite Group by Fyorin’s unified treasury solution was aggregating financial data across multiple group companies and currencies, bringing the finance team a 100% real time visibility into expenses and cash-flow that facilitated informed decision-making and cash management.

With its international payment capabilities, Fyorin was able to resolve the inefficiencies of cross-border transactions. Business established GBP and EUR accounts this way minimising FX exposure and easily converting between the two accounts to pay in beneficiaries' currencies. Thanks to automated payables and local payment routes payments can be expedited in one click and delivered to the beneficiary account nearly instantly, which eliminates a lot of manual work and delays associated with traditional banking.

Additionally, the Elite Group adopted Fyorin's virtual multi-currency cards for expense management and budget control. With the flexibility and cost benefits of Virtual Cards, the business was to turn finance from cost centre to a revenue stream. Elite group used Fyorin’s able to not only pay for subscriptions and expenses online in both euros and pounds, but also made recurring monthly payments at 0% transaction fee and receive cash back every time they spent - turning their payment costs into earnings. Unlike traditional banks which require additional contracts and lengthy processes to issue new cards, Fyorin allowed Elite Group unparalleled flexibility to easily set up virtual cards for different projects and budgets. Furthermore, the ability to upload receipts on-the-go simplified the reconciliation process of employee expenses and provided greater visibility of spending, saving hours of manual labour.

Fyorin's solutions brought in tangible and impactful results for Elite Group across efficiency, costs and visibility when compared to traditional banks.

The introduction of local accounts and automated payables drastically reduced manual workload and delays related to cross-border payments. Thanks to local payment rails both staff and suppliers received payments in less than 24 hours, eliminating frustrating delays that impact reputation and operations. Through our network of global financial institutions, Elite Group has been able to streamline compliance and commercial processes and decrease the time needed to set up operations in a new country. With the ability to multi-bank from one platform they reduced contractual and legal complexities associated with managing multiple banking relationships.

Elite Group successfully streamlined its financial operations by consolidating all financial needs onto a single, user-friendly platform. From cross-border payments to virtual cards, Fyorin facilitated instant settlement of online payments, streamlined reconciliation and provided unparalleled flexibility with various payment options, thereby enhancing financial agility.

Fyorin's unified treasury solution empowered Elite Group with a clear and comprehensive view of its financial positions across all companies. This enhanced visibility enabled the business to make informed decisions and diversify liquidity risk, ensuring that funds were not concentrated in a single account. Unification of financial data across the group and transparency of transactions from the beginning to the end provided a robust audit trail, bolstering the company’s financial governance.

Finally, Fyorin provided Elite group with an unparalleled visibility of spending across the group and simplified budgeting via sub-accounts which added a layer of control and efficiency to the company's finances.

On top of efficiency and visibility boost, Fyorin brought Elite Group considerable cost savings. Thanks to local accounts, the business eliminated costly bank layering and the need to manage multiple separate bank relationships, which contributed to reduced foreign exchange fees, banking fees and transaction costs, positively impacting the company's bottom line. 0% transaction costs and cash back offered by Fyorin’s virtual cards further enhance the profitability of the business, making Fyorin a valuable partner in optimising operational costs for Elite Group's cross-border operations.

A collaboration with Fyorin had a positive impact beyond financial aspects. The responsiveness and ease of interaction with Fyorin's customer support stood out in stark contrast to traditional banks, contributing to an overall positive experience.