Global Money Image by Mohamed Hassan from PixabayOracle NetSuite has announced that Paysend is scaling its global operations with the help of NetSuite. Founded in 2017, Paysend is a global payments organisation that enables businesses and individuals to move money across borders cheaply, securely and easily.

Founded in the UK, it enables customers to send, request and receive money in 170 countries worldwide. The company now has over 7 million customers registered, and 1.6 million customers send money regularly, solving a challenge that many find difficult. Costs are transparent, with Paysend offering a fixed fee and exchange rate upfront. The transfers are also sent within seconds, so money is not held up for days by financial clearing houses.

Paysend has a vision to make cross-border payments instant, anywhere, anytime in any country. It began in the UK and has now expanded its business abroad. That expansion complicated business operations, with currency exchanges complicating financial reporting. According to Ronald Millar, co-founder and CEO of Paysend, it could take up to three months to complete a month-end. Something had to change, and with a $125 million Series B investment led by One Peak, it was time for a change.

The investment would help power an expansion into the B2B market, and it needed a financial management solution that would meet its current and future requirements. It selected NetSuite OneWorld as its global business management suite. NetSuite enabled the company to consolidate its previously deployed financial solutions.

Deploying NetSuite was the answer.

Ronald Millar, co-founder and CEO of Paysend,  commented in a recently released video, “The important element for us was really bringing everything together into a single data source, regardless of the countries we were working in, regardless of the time zones.”

Miller commented, “Creating a single view of the business is a mission for us. It summarises how we want to work. NetSuite has made the day-to-day easier for our people by reducing the time we spend on operational work and eliminating barriers to growth.

“Without NetSuite, we would not have been able to take our business to the next level – from local to global and from thousands to millions of transactions each month. The best part is we’ve only just scratched the surface of what we want to do.” 

NetSuite has allowed the multinational company to consolidate its financial information and operations in a business that operates across different regulatory environments and many currencies. It has streamlined reporting, ensured that period ends are completed on time, and it has improved forecasting.

With tax, compliance and auditing features enabled, Paysend has improved internal controls. With data held in a single location, it is now able to report holistically across the business, comparing product lines across multiple geographies, opening up opportunities for further growth. For the leadership, these insights have helped measure, review and review the strategic goals of the company.

Nicky Tozer, Vice President of EMEA, Oracle NetSuite (Credit Oracle)
Nicky Tozer, Vice President of EMEA, Oracle NetSuite

Nicky Tozer, SVP, EMEA, Oracle NetSuite, said, “The remittance industry is big business. As more people use financial platforms to pay for goods and services and to pay one another, there is a huge opportunity for innovators like Paysend. With NetSuite at its core, Paysend has been able to rapidly and efficiently expand its business to seven million plus customers and has a scalable platform to support its continued international growth.” 

Enterprise Times: What does this mean

Paysend is a typical NetSuite customer that outgrew its previous solution, and face multiple challenges as it expanded internationally and sought greater efficiency and transparency. Once deployed, NetSuite is also providing the firm with a pathway to further growth, complexity and success.

LEAVE A REPLY

Please enter your comment!
Please enter your name here