AscendantFX Launches Payee Intelligence To Dramatically Reduce International Payment Return Rates
By: Payment Week
AscendantFX, a payments solutions provider, introduces Payee Intelligence, a payment tool that streamlines the cross-border payments experience for businesses, universities and financial institutions. Based on currency, country and method of payment, the tool intuitively prompts users to collect the mandatory information before payments are sent. AscendantFX is simplifying the process of sending international payments and ensuring the accuracy in sending cross-border payments right the first time.
High payment return rates are one of the most common challenges facing businesses that send overseas payments to their supplier base. Dependent on the country and currency, businesses are required to collect information before payments are successfully transmitted; for example, this can include the correct tax identification number, a purpose of payment statement and a contact name and contact information. The required fields also change and oftentimes are unaccounted for, causing significant delays in payments that can lead to payroll and goods not being received. Payee Intelligence optimizes the payments process to ensure businesses avoid costly errors and delays in paying international suppliers.
President and Chief Executive Officer at AscendantFX, Jason Mugford says, “We have worked hard with our partners to determine key features that will improve their payment efficiencies and reduce payment returns and delays. This latest offering will give businesses the peace of mind that they have the relevant information they need to send payments on time to bank accounts around the world. Much like a mailing address, a number of fields must be collected in order for payments to be processed. With this new offering, it will take the guess work out of the process, saving time and energy for our clients so they can focus on running their business.”
Payee Intelligence is currently available on AFXOnline, a web-based platform and AFXLink, an API integration for enterprise software.