Heaptalk, Jakarta — FOMO Pay, a Singapore-based payment institution, has implemented Bottomline’s solution to strengthen efficient payment workflows, effective treasury lifecycle management, and robust regulatory compliance.
This strategic collaboration aligns with FOMO Pay’s continuous commitment to streamlining financial processes and fortifying compliance capabilities through leading technologies. As a leading digital payment and digital banking solutions provider, FOMO Pay empowers merchants and financial institutions worldwide by facilitating seamless transactions in fiat and digital payment tokens.
FOMO Pay sought technology innovation to elevate payment workflows and cash management, focusing on reducing manual efforts and centralizing account insights. This approach would optimize processes, clarify cash position, improve efficiency, and provide robust compliance.
Visibility and financial insight across all accounts
FOMO Pay searched for a mighty cash and treasury technology, including SWIFT connectivity, to improve its payment and treasury processes further. Jing Wei Lee, Head of Finance, led a detailed market evaluation. He explains the transformation journey that FOMO Pay has undertaken:
“Working with a single company with proven solutions in treasury, cash management, payments, and sanctions compliance was beneficial. Introducing these technologies has catalyzed significant improvements in making payments, managing cash, and delivering competitive services to clients. We have eliminated manual activity, streamlined financial processes, and centralized connectivity to multiple banks.”
Driving liquidity decisions in real-time
FOMO Pay began by implementing Bottomline’s Cash Management solution. Jing comments, “The clean and intuitive interface gives us instant visibility and financial insight across our accounts. It is easy to access critical financial data, which enables us to drive more effective liquidity decisions in real-time. We use the SWIFT Bureau for real-time connectivity to local banks. It is straightforward to expand coverage to other regional and international banks in the future.
Bottomline’s portfolio of treasury, payment and SWIFT connectivity solutions can support our requirements now and as we grow and evolve our business. We have a future-proof partner that can be part of our journey to further strengthen our position as a leading global digital payment solution provider.”
More proactive risk management and robust compliance
The Bureau downloads end-of-day and intraday statements from different banks which are then uploaded to Cash Management. Jing adds, “The powerful reporting and visualization tools give us the ability to see a true cash position each morning. We have greater confidence in the cash position which can also be broken down by different currencies. Overall, we can better manage liquidity, risk and reporting requirements.
We have automated reconciliation, taking into account any receipts or payments against actual balances that are derived from the up-to-date bank statements. Any discrepancies are immediately flagged for further investigation, allowing more proactive risk management.
In addition, Bottomline’s solutions empower FOMO Pay to further enhance payment transparency across the information flow among different financial institutions involved in processing transactions. This fortifies our capabilities in combating money laundering and terrorism financing, enabling us to reinforce compliance with evolving global financial regulatory requirements.”
Automating the payment lifecycle
The project has delivered multiple transformation outcomes, as Jing notes “In addition to obtaining greater visibility and control of our cash position across multiple banks, accounts and currencies through a centralized dashboard, we have made significant enhancements to how we manage payments including the addition of sanction screening.
“Automation in the payment lifecycle covers the creation of the payment file in our back office system, secure upload to the Bureau, screening against internationally recognised sanctions lists and transmission to the recipient bank using the SWIFT network. We have increased our straight through processing rates and bolstered compliance by implementing workflows that ensure the necessary approvals are received at each stage,” said Jing.
Putting robust treasury and cash management at the heart of payment workflow
Jing is pleased with the impact of the combined solutions and states, “The combination of Cash Management, with the Bureau and Sanction Screening has helped us effectively minimize risk, improve operational efficiency and reinforce our compliance measures.
We have a robust, proven, and easy-to-use treasury and cash management system at the heart of our payment workflow. It is like a central nervous system that monitors every transaction in and out of the business. Payments flow seamlessly from our internal payment systems through to our banks. Statements and confirmations are reconciled with our accounting system.
Sanction Screening gives extra confidence that we are operating to the highest standards of compliance and that we can meet our regulatory requirements.
The biggest benefit has vastly improved core business processes that support our liquidity, payments, and reconciliation – all in a single platform. It is better for our team too as it enhances operational efficiency and frees up staff to focus on more productive areas of cash and liquidity management.”
