Our client faced a significant challenge in managing payouts to its customers. The existing mechanism for transferring funds to customers was slow, especially for customers outside of its local bank network. Traditional international settlement processes failed to meet the company’s needs for speed and efficiency. This not only resulted in dissatisfied customers but also limited the company’s ability to support the various countries and currencies required for its global expansion strategy.

The client needed a payout service that could provide extensive global coverage, handle multiple currencies, and offer faster settlement times. Additionally, they were looking for a solution that could simplify payments to their business partners, such as affiliates, by streamlining these transactions directly to business accounts.

MiFinity’s PayAnyBank service was the ideal solution for the client’s needs. Chosen for its extensive global reach, PayAnyBank supports transactions in over 126 countries and allows payments to be processed in the recipient’s local currency. This capability was crucial for the client as they expanded into new markets, enabling them to offer a seamless and localised experience to their customers.

MiFinity’s global bank network ensured faster settlement times, significantly improving the speed of payouts and enhancing customer satisfaction. Additionally, the low transaction fees and comprehensive API integration offered by MiFinity allowed the client to reduce administrative costs and streamline their financial processes.

MiFinity also provided full support during the integration process, ensuring a smooth transition to its PayAnyBank service. Dedicated communication channels were established to facilitate a successful integration, and MiFinity enabled transactions to be processed via batch file during the implementation phase to avoid any delays in payouts.

Since adopting MiFinity’s PayAnyBank service, the client has transformed their payout operations, ensuring faster payouts to customers across a wide range of countries and markets. This service not only streamlines payments but also allows these to be processed in the recipient’s local currency, eliminating FX fees for both operator and customers. By providing comprehensive coverage and supporting multiple local currencies, MiFinity has empowered the client to confidently drive their global expansion.

The faster international settlements, outside the local bank network, have led to a significant reduction in negative feedback regarding settlement times, allowing the client to redirect key personnel to focus on other critical areas of the business. The company has also observed substantial savings in administrative time and costs related to processing payouts, which has greatly enhanced their overall operational efficiency.

In addition, the client was able to leverage PayAnyBank’s B2B service to streamline payments to suppliers and partners, such as affiliate commissions, further simplifying their financial operations.

“We are very pleased with the PayAnyBank service from MiFinity. The speed and efficiency of the payouts have greatly improved customer satisfaction, and the ability to process transactions in local currencies supports our global expansion. The integration process was smooth, and the ongoing support from MiFinity has been exceptional. We look forward to continuing our partnership as we expand into new markets.“

Head of Finance