Case Study October 7, 2024

Fyorin: bringing end-to-end global financial solutions to SMBs with Currencycloud

Background

Payments and financial operations platform Fyorin was founded with a mission to provide SMBs with innovative global banking and cross-border solutions that would help them increase efficiencies, reduce costs and grow into global markets. Traditionally, SMBs have been underserved by financial products and banks, who tend to focus on larger clients leaving SMBs without a solution that meets their financial needs in the global market.

Fyorin connects small medium businesses (SMBs) from all over the world into a single network, providing them with the opportunity to expand their business banking capabilities to other members on the network, without increasing their risk exposure. This enables members on the network to offer better business banking services to their clients.

Solution

To achieve their mission of helping smaller businesses thrive in a competitive global market, Fyorin built a comprehensive financial operations platform. However, Fyorin realized that the key to solving the major pain points of international payments rested in having a network of global financial institutions that would work together to provide smaller businesses with greater access to more currencies, more competitive FX, and better banking services such as automated cross-border payments, multi-banking and expense management.

To that end, Fyorin partnered with Currencycloud; who were one of the first financial institutions to join their network. Currencycloud’s suite of solutions expanded Fyorin’s global footprint by offering access to new countries and more than 220 currencies. This enabled SMBs to automate the sending and receiving of cross-border payments directly from their preferred accounting platform, wherever they were in the world.

“Through this partnership, Currencycloud and Fyorin have demonstrated their commitment to bringing innovation to the fintech space. They continuously evaluate and improve on how global financial operations are conducted in order to bring more efficiency, reduced costs and facilitate expansion beyond borders."

Christian Joseph Agius Co-Founder and COO/CFO at Fyorin

Results

The partnership with Currencycloud has enabled Fyorin to have a payments infrastructure that lets its SMB clients send, receive, exchange, and hold funds globally as easily as they would locally. These businesses now have access to local accounts in more than 220 currencies, 200 countries, and more than 100 local corridors, all from one platform.

More choice, more savings

The partnership has also helped SMBs to automate sending and receiving cross-border payments directly from their preferred accounting platforms, whether it’s QuickBooks, Xero, Sage, NetSuite, Zoho, or Microsoft Dynamics Business Central. On average, SMBs are saving 120 hours per year thanks to automating their accounts payable from start to finish in one platform and eliminating the time spent switching between different financial platform to process invoices and expedite payments.

Streamlined service

In addition to automating cross-border payments and simplifying global banking, Fyorin can continue to service SMBs through its financial operations platform by adding new capabilities. These capabilities include automated payables and receivables, expense management, and integrations with accounting tools. Fyorin also offers lending services to help businesses reduce costs and increase efficiency on a global scale.

Faster payments

As a result of the integration of Currencycloud’s APIs into its platform, Fyorin’s SMB clients can execute global, cross-border payments faster. Today, 45 of Fyorin’s corporate customers can access more than 30 local payment rails (ACH, FASTER Payments, SEPA and others) from one platform. They no longer have to pay the fees that are a feature of correspondent banking. In addition, they are able have funds delivered within 24 hours, saving 48 days of manual delivery annually, with clients typically saving up to EUR 40,000 per year.

Future growth

In the 12 months since the partnership with Currencycloud, Fyorin has seen a 9x growth in volume, with both parties putting further investment into the collaboration to strengthen the payments stack of CFOs and drive further growth into the SMB market.

More reach

Since partnering with Currencycloud, Fyorin has welcomed more institutions into its network every year. This not only benefits the SMBs using Fyorin’s platform, but also benefits the partners in the ecosystem who can optimize each other’s capabilities.

Disclaimer: Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Currencycloud neither makes any warranty or representation as to the completeness or accuracy of the information or statements within this document, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.

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