Case Study
Case study: Commodity organization using Strada payment service network to manage payroll payments to their global workforce
The company was using banks to manage payroll services payments to their employees.
However, they were unreliable, expensive and operationally burdensome. The banks were also unable to pay certain local currencies.-
Industry:
Global commodities -
Employees:
26,000 -
Operations:
10 countries
Key Facts:
- Increase currency and country coverage and centralize payment and treasury reporting.
- Cut payment charges by 50% and remove the need for ongoing FX adjustments.
- Reduce payment time from 5 days to 1 day, improving the organizations payment cycles and cash flow.
The Challenge
Employees were unhappy as they were not receiving their pay on a timely basis and in some cases not in their preferred currency, requiring another conversion at their own expense. A mixed local and expatriate workforce meant increasingly complex payroll demands for the company, with employees wanting greater flexibility and how and where their salaries were paid. Requiring a new payment service network solution with Strada.
The company wanted a better way to manage its payments, centralize their banking relationships and enhance employee satisfaction.
Strada payment service network outcomes
By using Strada payment services, the organization was able to:
- Increase currency and country coverage
- Centralize payment and treasury reporting
- Cut payment charges by 50%
- Remove the need for ongoing FX adjustments
- Reduce payment time from 5 days to 1 day, improving the organizations payment cycles and cash flow