Overseas Payroll Payment System
A Payment Management System (PMS) for overseas payroll payments has been developed for the London based Global Currency Exchange Network Ltd. (GCEN). GCEN provides worldwide payment and currency services for individuals and businesses for purchasing of Overseas property, emigration, business payment transfers, payroll processing; any function requiring the transfer of funds in a variety of currencies.
The overseas payroll payment system is designed to integrate, and automate, the payroll transfer service offered to clients worldwide. This service allows companies with staff from around the world, to provide their employees with the ability to transfer money to their banks in their home, or other, countries. Clients such as shipping lines, cruise lines, airlines, currently make use of this to provide enhanced payroll service for their employees to transfer allotments to a spouse or other family members, home mortgage or other loan payments, while they are away from home.
Because Global Currency Exchange Network aggregates large amounts of currency exchange, they can negotiate favorable exchange and process rates with global clearing banks such as HSBC. Using these favourable bulk rates, GCEN can offer their clients exchange services at rates significantly below what the individual client could obtain on their own and still make a profit on the exchange. This allows the client to provide a valuable service to their employees at a reasonable cost.
GCEN currently performs this function using a wide variety of different mechanisms for clients including Cunard Lines, Carnival Cruise Lines, Steiner Transocean, and others. PMS allows Global currency exchange to standardize all stages of the processing, and allows their clients to use a standard Internet access to enter employee and payee data along with payroll and contract transactions. This information is collected and grouped by client, currency and destination bank account. GCEN then enters the financial factors and the system calculates the exchange rate and the resulting amount to transfer for each payee and currency. When this is completed the data is exported in any of a number of formats for use by various bank clearing houses worldwide and the funds are then transferred to the payee accounts in the correct currency.
PMS also provides funding requirements and transaction detail data for each client for the various payment transactions that tells the clients not only the aggregate amount they must fund to GCEN for the transfer, but also the individual transaction details for each employee. Reports can be generated at each stage of the process beginning with Employee and Beneficiary import, Transaction import, approval and release to processing, GCEN processing and funding, etc. Data is available to the client and their employees showing current and historical transactions for each employee.
System configuration allows Global Currency Exchange Network to customize the function and appearance of the system for each client including features such as client logo, whether employee data is stored on the system or regenerated with every payroll cycle (some clients prefer this for operational and security reasons) and other client specific details.
This system is ideal for all businesses who employee personnel who wish to receive all, or part, of their monthly wages in a currency other than the employer´s bank. The business management is handled at fx-foreignexchange. For more about the company, view the website.
This Personnel Payment System is perfect for cruise ship companies, airlines, large corporate company´s with major work forces worldwide, seasonal immigrant workforces such as fruit and vegetable pickers.
To discuss how fx-foreignexchange can improve your Company´s profitability and aid your workforce, contact us on +44(0)1480 458 400 or fill in the contact form below.
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