Sage unveils new FX global payments service

7 Jun 2011

Sage’s Irish operations have launched a new, free global payment service aimed at making it faster and cheaper for businesses or individuals to make foreign currency transfers when paying suppliers overseas.

Some 90pc of companies in Ireland still use the bank despite being charged transfer fees, uncompetitive exchange rates and slow transfers, Sage said.

“Sage is focused on bringing added-value services to Irish businesses to help improve productivity, process efficiency and reduce costs,” explained David O’Reilly, head of product marketing, Sage Ireland.

“Sage Foreign Exchange is one of these services. We know from talking to our customers that over 50pc of them conduct foreign currency transfers and we are delighted to be partnering with Transfermate Global Services to bring Sage Foreign Exchange to businesses so they can get better value when transferring money overseas,” O’Reilly said.

Sage Foreign Exchange has features such as bank account verification that confirms that the beneficiary bank account details are correct, eliminating money bouncing back and the charging of extra fees.

Money saved is money earned

Every business has experienced having to chase a bank for a payment that never arrived, or received bank details for a supplier that is incorrect. Sage Foreign Exchange spots these in advance, saving the user hassle and freeing them up to do other tasks.

Users can register with the online system, and process the transfers themselves. Alternatively, they can ring Sage Foreign Exchange and manage the transaction by phone.

“You never need to speak with anyone, simply view live rates and book your payments,” explains Audrey Fevry, commercial services manager at Sage Ireland. “Whether we save your business €500 or €50,000, money saved is money earned and we are there to make it easier for businesses and individuals making global payments.”

Sage partnered with Transfermate Global Payments to bring Sage Foreign Exchange to Irish businesses.

“Companies can continue to use their bank for other banking services, however, when it comes to sending money overseas to pay overseas suppliers or converting foreign currency, no bank in Ireland can match the pricing and service delivery of Sage Foreign Exchange as we manage the funds from end to end,” said Sinead Fitzmaurice, chief financial officer, Transfermate Global Payments.

Photo: David O’Reilly, head of product marketing, Sage Ireland

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years