Increased revenue gains for Windsor First with speed and efficiency for remittance processes
Background
Since it was established in 2020, Hong Kong-based money service operator Windsor First has been committed to providing dedicated digital payment and remittance solutions for its B2B and eCommerce clients. Yet when it first launched, Windsor First faced significant challenges in achieving their mission.
There were two main issues that Windsor First needed to overcome. Firstly, to serve its customers overseas, Windsor First needed to work with an electronic money institution (EMI) that could help facilitate cross-border payments. Secondly, they needed an EMI that would provide them with the resource and ability that would support them executing due diligence around anti-money laundering (AML) and know your customer activities.
This resulted in Windsor First’s clients being technically onboarded, but Windsor First were unable to provide them with essential payment, remittance, and FX services – creating a situation where clients were engaged, but their needs for financial services remained unmet due to the inflexibility of the EMIs.
As a result, Windsor First found itself at a crossroads, unable to deliver the comprehensive and competitive services it wanted to its clients. The absence of a robust, integrated solution capable of both client onboarding and offering essential financial services cast a shadow on Windsor First’s credibility and operational effectiveness.
They decided to look for a provider who could solve this situation, and ultimately enable them to help their clients seamlessly optimize their B2B and eCommerce international payments processes and access a wider range of currencies at competitive FX rates.
Navigating the challenges
Windsor First scrutinized multiple platforms and service providers, comparing their capabilities and costs. Following a recommendation, they looked at Currencycloud.
Says Wilson Lau, Founder and Director, Windsor First, “Currencycloud was the optimal choice. Being a subsidiary of Visa lent Currencycloud substantial credibility in terms of capital and trustworthiness, giving us reassurance that they were committed to high industry standards. The availability of specialized assistance across technical, compliance, and service aspects ensuring prompt solutions to potential issues was incredibly compelling. Moreover, Currencycloud’s pricing flexibility and their willingness to evolve with a start-up’s growth journey showed a commitment to our success, contrasting with the rigid pricing models of other options.”
Finding an effective solution
A significant challenge for Windsor First in facilitating international transactions had been the reluctance of local and overseas banks to open accounts for its SME clients. Currencycloud’s infrastructure was the perfect fit for start-ups in terms of payment support and solution offering. By leveraging Currencycloud’s localized collection capabilities in different countries, Windsor First was able to provide its clients with an alternative bank account. This meant clients could send and receive payments under their own name. It also helped to achieve more accurate accounting reconciliation while ensuring compliance with complex regulatory frameworks.
Using Currencycloud’s platform with its robust risk management and compliance tools ensured that Windsor First and its clients adhered to various international financial regulations. This is particularly important for businesses dealing with the complexities of cross-border transactions.
Currencycloud’s guidance gave Windsor First the ability to adhere to regulatory compliance, giving them the confidence to make decisions relating to its own AML guidelines and policies. Additionally, Currencycloud’s platform introduced advanced transaction monitoring and compliance capabilities, effectively safeguarding regulatory requirements and industry standards.
Trusted partners
Currencycloud subjected Windsor First’s systems to a comprehensive evaluation process. This served two purposes – it demonstrated to Windsor First Currencycloud’s commitment to quality and reliability; it also instilled confidence in Windsor First’s capabilities and operational integrity for Currencycloud. The sense of trust this process delivered for both parties remains today and provides the solid foundations upon which the relationship continues to thrive.
Results
Windsor First is now able to achieve its original goal of offering seamless cross-border payment solutions to its SME clients.
Says Jeff Iu, CEO, Windsor First, “One of the standout aspects of our experience has been the platform’s capability to provide comprehensive payment services. This has resolved the dilemma we previously faced, where clients were onboarded but essential payment, remittance, and FX services couldn’t be offered. Currencycloud’s solution eliminated this predicament, allowing us to seamlessly provide a full suite of financial services to our clients. This transformation has elevated our credibility and positioned us as a holistic financial services provider.”
Onboarding made simpler
Windsor First’s client onboarding process, previously hindered by complexities, is now significantly more efficient. This has translated to increased revenue gains as Windsor First is able to swiftly bring on board more clients and offer them a wider range of payment, remittance, and foreign exchange services. As a direct consequence of these streamlined processes, Windsor First has had noteworthy sales growth, with a visible increase in the conversion rate of potential clients into active customers.
Says Wilson Lau, Founder and Director, Windsor First, “The strategic decision to partner with Currencycloud has led to tangible savings in terms of both time and resources. The optimized onboarding process has reduced the time spent on manual tasks, allowing us to focus on higher-value activities. Before adopting Currencycloud, we encountered difficulties in client onboarding, which hampered our growth potential. The platform’s streamlined onboarding process aligned well with our needs, facilitating efficient client integration.”
Optimized operational efficiencies
Windsor First has benefited from efficient client onboarding, comprehensive payment services, and regulatory compliance which have positively impacted their operational efficiencies, translating into potential cost savings through optimized processes, reduced delays, and minimized risk exposure.
Increasing revenue
With a significant uptick in newly onboarded clients, within three months of Windsor First using Currencycloud, the company has achieved a turnover reaching seven digits in US dollars.
Client and revenue growth
Currencycloud’s capabilities not only addressed the immediate challenges of client onboarding and service provision but also opened avenues for expanding the client base and diversifying the range of services offered. With Currencycloud’s support, Windsor First can confidently attract new clients, knowing that the operational framework is well-equipped to meet its needs effectively.
Increased transparency
Currencycloud’s real-time tracking and reporting capabilities allows Windsor First’s clients to monitor the status of their transactions and gain insights into their payment flows. This transparency enhances control and accountability for both Windsor First and its clients.
