International payments are made over the SWIFT network. Businesses and consumers can send and receive payments from global vendors and customers. As the sending and receiving parties are in different countries, payments are made using the SWIFT network.
Finzly Connect API simplifies sending and receiving global payments, allowing customers to track the payment status through timely notifications. Our APIs can connect your platform to banks that are connected to SWIFT, either through a correspondent bank or directly to the SWIFT network.
- Secure international transactions with traceability for ongoing transactions
- Combine our multi-currency account feature for greater flexibility to build innovative solutions
- Complete automation of international wire payment initiation and collection
- Automated reconciliation and error handling
- Track and search for international wire payments
- ISO20022 compatible
- Options to use it in tandem with FX pricing engine
A global automotive company needs to pay its suppliers, merchants and distributors who are distributed across the world. Currently, it has fragmented payment processes on its AR/AP system, complicating their international payments. Using Finzly Connect APIs from their AR/AP system, they can automate their international payments, optimizing their workflows and increasing operational efficiency through automation.
- Initiation of international wires on their AR/AP platform through API integration with Finzly Connect
- Obtain status of payment when processed
- Track the status change for all the payments processed on the platform
- Update payment status in their AR/AP processing platform for each status change
- Give real-time payment status update to suppliers, merchants and distributors increasing customer satisfaction