Probably the most fundamental need for your business is getting paid for the things you sell - or paying for things you need. Yet when there's more than one region involved, both can become a challenge. And for some regions, it's a major challenge.
A good example of this is China, a region that constitutes almost half of our inward and outward payments. It's a highly regulated jurisdiction, with stringent currency controls and a strict intolerance of downstream clearing. Yet China is eager to trade, and can be an excellent business partner so long as every transaction is completely transparent.
We provide that transparency by providing a secure link within the SWIFT messaging to access the entire portfolio of information relating to each transaction. This doesn't just include the initial onboarding data for all parties; it carries full background intelligence on individuals, companies, PEPs and sanction/prohibted status. Not only that, but it shows the source and destination of funds, ultimate beneficiaries, and even invoicing and shipping details. And it's this transparency that's helped us to build strong relationships with Chinese banks and official bodies.
While China is our largest destination and originator of inward and outward payments, it's detailed here just as an example of how our approach takes the principal challenges out of regions that are perceived as difficult. We're equally active and favoured in many other regions, particularly across Africa and Asia.
Differences in culture, in financial regulation and regional risk will always be there, but they don't have to be a barrier to successful trade. It comes down to sound, super-detailed transactional diligence, stable in-region partnerships and sound knowledge of local processes - the very attributes on which we built our business.
By removing the key friction points of inward and outward payments, we allow you to focus on the business itself.
Once you and your counterparties are set up on the biz.Clarency platform (a quick and easy process), you can implement, action, send and receive payments with a few taps or mouse clicks. It's that simple.
Super-efficient payment rails remove the expense - and delay - of correspondent banking, our connections with top money markets brings you low-cost forex, and our optimised transactional diligence delivers best-in-class financial compliance without adding additional cost. That all means higher competiveness for vendors and better deals for buyers.
Our core customer business platform, biz.Clarency, was built on a diligence-first model. In fact, our original name for it was kycBlock, reflecting its know-you-customer functionalirty and blockchain technology. From that beginning it's evolved into the immensely powerful business engine that it is today, but the essence of unceasing vigilance remains its pivot. That means you can trade with confidence across the expanding world that was disastrously shrunk by bank derisking.
We'd hope that it's a given that the buyer can afford to pay the supplier - if that's not the case then the whole transaction is a non-starter. But the funds need to be settled in the right currency. We take care of that with our foreign exchange and liquidity platforms, giving instant access to a dozen core currencies, with well over a hundred others available at short notice.
This is the area where a great many payments falter or fail. Banks require information on the source of funds and the people and businesses involved in the transaction. Without it they risk penalties for insufficient anti-money-laundering diligence, so any information gaps can lead to delay or even refusal. The principal information vehicle for global banks is the SWIFT messaging system, which unfortunately lacks the capacity to convey all the relevant data, leading to requests for further details, significantly slowing the process.
The biz.Clarency system provides full transparency to all authorised parties and even includes an ingenious extension of the SWIFT MT103 message to make gigabytes of information readily available on demand.
With staffed locations in UK, South Africa, Kenya, Mauritius and Singapore, we've got you covered for 16 hours of every day. And our liquidity capability allows us to deliver same-day settlement of payments. If all parties have cleared our rapid but comprehensive compliance criteria then payment instructions received by 14:00 UTC will usually be settled on the same day.
Even instructions received as late as 16:00 UTC are usually released for settlement by 09:00 the following morning.