The Currency Cloud operates in the currency conversion (FX) and payment industries by offering SaaS/PaaS services to a variety of intermediaries, such as FX brokers, banks, remittance agents, online and mobile payment operators and e-invoicing firms. The company is able to deliver greater efficiency through end-to-end automation, lowering and providing transparency on costs, reducing operational risks and giving more control to its customers.
A vast amount of data
The Currency Cloud has been growing rapidly, resulting in significant increase in the number of customers and transactions that generate a vast amount of data. The company needed the ability to harness this data in an effective way for business and management reporting in order to monitor, as well as expand services and grow its business. The Currency Cloud chose BIME (We Are Cloud) for its business intelligence (BI) needs, because it realized the tool would deliver the flexibility and scalability the company required. BIME was also a perfect fit in that not only could cope with company’s business requirements and challenges, but could be implemented in a quick and straightforward way.
“We were looking for a tool that would be easy to implement and use for our existing data requirements and would deliver the flexibility and scalability needed to cope with the ‘known unknowns’ we knew we would encounter in our BI and management information requirements.” - Nasir Zubairi, Director of Product Marketing at The Currency Cloud
As a cloud SaaS business the company had a good understanding of the benefits of utilizing agile cloud SaaS vendors, which they knew would be less taxing on resources in terms of support and system management. Based on the correlation between their immediate business needs and the awareness of what an innovative SaaS company could deliver the final decision was easy for them, comments Mr Zubairi : “With SaaS we knew we would be filtering down to some cutting edge solutions. Bime emerged a clear winner. We were and continue to be very impressed with the usability and the array of reporting and analysis tools”.
"We feel more like a partner than a customer”
According to Mr. Zubairi: “Working with BIME has been a real pleasure. We feel more like a partner than a customer”. BIME has given The Currency Cloud the ability to ‘mine their own data’ as a way to meet its original BI needs, and help deliver a competitive edge over its competitors. The company can now deliver enhanced services to its customers, Mr.Zubairi explains :
“Data mining not only benefits us internally, but also enables us to strengthen relationships with clients by identifying trends and suggesting improvements in the way they use our service based on an analysis of their usage metrics (transaction numbers, source, timing, quote conversion, login conversion). We morph from being just a service provider to adding real value to our clients through a consultative relationship”.
As well as using BIME for transaction metrics, The Currency Cloud also analyze their financial data (transaction margin, cashflow) and settlements data (errors, delays beneficiary type).
"The increase in efficiency is significant"
No longer do employees need to spend time planning and prioritizing their reporting requirements : “Nearly everyone in our business interacts with Bime in some way. Everyone sees the value of the information they have access to as a result of Bime and how easy the reports are to interpret”. BIME has provided The Currency Cloud with a tool that gives the company a winning proposition, allowing its employees to spend more time nurturing : “Where previously we had to prioritise and schedule reporting requirements, we can quickly and easily build new reports to meet new needs. The increase in efficiency is significant - we can spend more time on growing the business equipped with useful information, rather than running a race with one arm tied behind our back.“
About The Currency Cloud:
Established in 2009, and launched in 2012, The Currency Cloud is a cost-effective, transparent end-to-end Foreign Currency (FX) Payments Automation Service, which is changing the face of the global payments industry. The Currency Cloud was set up to address concerns surrounding international payment processing, secure payments and money conversion. The Currency Cloud is able to resolve these issues by offering an end-to-end, low cost, secure transfer service that has no parallel in today's market. Today, the company has 21 staff, the majority are based in London, UK and others in Malta.