“Built for the modern era”: What CFOs say about international payments with Stampli
In case you haven’t already read part 1 of this international payments series, we recently convened an online panel of CFOs and Finance VPs to get their take on international business payments. After hearing their frustrations on the status quo in the realm of international payments — which some likened to being in the stone age — we shared information about Stampli’s new solution: International Payments for Stampli Direct Pay.
We describe this solution as “taking international payments out of the dark ages.” Or, to continue the metaphor from Part I, the Great Stagnation in international payments has finally ended. While our solution matches other vendors in terms of basic capabilities — for example, you can pay vendors in 150+ countries in USD or their local currency, using ACH or wires — we have built a number of innovations that represent a giant leap forward.
Below are the five ways that our solution transforms the world of international payments, along with the reactions from our focus group.
Benefit #1: One system for both AP and payments
We conceived and built our international payments solution as a unified system for both managing AP and executing global payments. It ends the need to juggle between three separate systems — your AP system, your bank, and your ERP. This simplifies the workflow, but it also sets the foundation for a more streamlined, error-free, and time-effective financial operation.
From Antonio: “Certainly a more streamlined approach and one that would allow for both productivity improvements and FTE savings.”
From Carol: “International Payments built for the modern era of AP seem much more efficient especially when everything syncs with ERP. Any efficient digital workflow process that provides the necessary processing information upfront allows for more controls.”
From Jason: “It’s a holy grail of using these 3rd party vendors, not having to deal with multiple systems, process and timelines. The topics outlined here address the primary concerns of being a integrated single system that allows compliance and freedom/choice in payments. It gives me the sense of taking back control.”
Benefit #2: End-to-end visibility and control
Our solution places all crucial information — invoice details, vendor data, and more — at your team’s fingertips as they process global payments. With a centralized hub for all payment-related information, you no longer have to sift through multiple systems. Not only does this make payments faster, but it enhances the control and auditability of transactions.
From Doug: “This is great, it really seems like automation, streamlining process and saving the team time.”
From Monica: “All of the solutions are incredibly appealing when it comes to international payments. Most important to me would be the ability to have end to end visibility and control as this is sorely lacking.”
From Keith: “I’m genuinely intrigued… the bank statements showing individual transactions is nice. I don’t want lump sum/batched details.”
Benefit #3: Modern vendor management
We’ve integrated modern vendor management with our international payments solution. Vendors can now independently upload and maintain their documents and information on a secure platform. This self-service capability significantly reduces the administrative burden on internal teams. It also fosters a collaborative environment between your business and your vendors.
From Antonio: “This makes sense. A seamless, automated and flexible process that allows the organization to focus on other, more pressing concerns.”
Benefit #4: FX rate transparency
Stampli provides clear visibility into real-time FX rates, ensuring businesses know the exact rates they are paying. This transparency allows for better cost management, accurate budgeting, and informed financial decision-making.
From David: “This is excellent. Not like we are tracking the stock market and currency FX rates, but we tend to feel shorted when rates change and we ‘overpaid’.”
Benefit #5: “Set it and forget it” FX tools
Stampli has created a new approach to FX rates: We let you build payment workflows that can be triggered by specific FX rate goals and targets. These automated workflows allow for a hands-off approach to managing FX rate impacts on international payments. For example, you can set a desired FX rate threshold, and Stampli will execute payments when those conditions are met. This capability is not available anywhere else in the industry — patents are pending!
From Lawrence: “It feels like the shackles are coming off and the light is shining through the clouds. I love it and want to hear more!”
From Jason: “Resonates well, and each item address a key concern with respect to making this work with limited resources. I’ll note the ‘set it and forget it’ is very innovative from what I’ve seen in the past and I am interested to see what that is all about.”
It’s time to end your global payment frustrations
In our (admittedly biased) opinion, the enthusiastic responses from the CFOs and Finance VPs above reflect a collective sigh of relief. Technological transformation has finally reached the realm of international payments, and it couldn’t have come too soon.
If you’re interested in seeing how Stampli Direct Pay seamlessly integrates your payments workflow with accounts payable and your ERP, you should contact us to request a demo.
