Global currency exchange Provider HiFX’s existing bank reconciliation software was neither flexible nor accurate. Changing to Aurum Solutions’ Groupit software resulted in significant and immediate gains.
Windsor-based HiFX offers personal and corporate foreign-exchange services, serving 2,500 foreign exchange clients in 100 industry sectors. In 2007, the global company advised on and executed over £20 billion in foreign exchanges. HiFX also helps private clients import a car, fund a child at university abroad, send a lump sum home, emigrate or buy overseas property, provided the value of the transaction is over £5,000.
Naturally, with hundreds of these types of transactions flowing in and out of the firm’s 30-plus bank accounts each day, accuracy and flexibility are of the essence. HiFX’s existing bank-reconciliation software did not score highly in either of these categories. “It was simple to use,” says Jim Warner, Group Head of Operations, “but it wasn’t very flexible and it wasn’t very accurate on matching up our transactions.
“Aurum Solutions was keen to listen to our objectives, as opposed to just giving us an out-of-the-box solution. It was refreshing to talk to a smaller company prepared to listen to our needs.” At the demonstration, Aurum Solutions explained how Groupit could easily dovetail with the new set-up, and Jim was quick to place an order.
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“At the time we took Groupit on, we were in a transition phase within our system upgrade. We used Groupit to take files from the old system and populate the new one. When we switched off the legacy system, the switchover was painless.”
The benefits were immediate. “It’s meant a higher rate of automatic matching,” says Jim. “It’s our job to take a file from the bank and a file from our own system and match them off. With Groupit, we can define more detailed matching criteria. For example, if Groupit encounters two similar amounts, it will look further to match figures accurately by looking at reference numbers, for example. That wasn’t possible before.”
The advantage has been less time spent on manually matching accounts – reducing the number of staff involved in reconciliation from two to one.
Switching over to Groupit was also stress-free, says Jim: “At the time we took Groupit on, we were in a transition phase within our system upgrade. We used Groupit to take files from the old system and populate the new one. When we switched off the legacy system, the switchover was painless.”
Jim has found dealing with Aurum Solutions extremely positive. “They’ve been very keen to understand our business and see how they can help us go forward and tackle the next steps for the software. For example, the payment landscape is changing, with things like SEPA, which will allow non-cash bank payments across Europe. We’re happy we can now work with Aurum Solutions to keep up with these changes.”