Alzys Global makes real-time payments through the Wallex Network

Background

Alzys Global Pte Ltd. is a trading company that is registered in Singapore, with presence in Africa, Latin America and other parts of Southeast Asia. They are experts in the trading of commodities such as steel and affiliated raw materials, non ferrous minerals and metals, textile industry raw materials and packaged food.

As experienced intermediaries between suppliers and end-users, they make and collect many payments within the global trade and supply chain. As they source products from remote locations to deliver on-time, on-spec shipments, they place a high emphasis on speed and accuracy.

With that, Alzys Global uses the Wallex Network, our wallet-to-wallet feature which enables real-time payments, for all the companies who are trading with them in the trading community. They trust the Wallex platform to collect money from their customers and pay their vendors.

The Challenge

       
• Wanted to send and receive payments in real-time
         Alzys Global was looking for a cross-border payments platform that had functionality like inter-bank transfers. As intermediaries, they needed to prioritise speed instead of letting payment duration be an excuse.
       
• Underserved by banks
         As a small-medium sized enterprise, it was challenging to get personalised, prompt service when one opens an account with a bank. That's what happened in their previous experience.
       
• Send money quickly and cheaply to several countries
         While the majority of transactions are in USD, they make international money transfers to different countries including Hong Kong and Dubai.

The Solution

       
• Wallex as a trustworthy platform for Collections
         Wallex holds a licence as a Major Payment Institution, issued by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. We are also licensed and regulated in Hong Kong and Indonesia.

‍
       All customer funds are safeguarded and kept in a customer segregated account which is separate from all other Wallex operations accounts. We operate within a very strict framework both for compliance and for the safety of funds in our custody.

This is what the company had to say about their experience:

Initially, as the virtual bank account has the name 💸Wallex💸instead of my company name, our partners were not comfortable sending it although we insisted it was fine. Over time, they realised that the payments always come through accurately and quickly so they trusted it and wanted to come onboard onto the Wallex platform too!

       
• Excellent service from their Account Manager
  “There is a person to call for any issues.” were their exact words.
  
  At Wallex, all businesses get an Account Manager regardless of their size. Alzys Global particularly appreciates their dedicated Account Manager for always delivering on their cross-border payment needs, and at times, even expediting it.
  ‍
  As their Account Manager for the past year has been incredibly responsive, they have even recommended him to other business partners - thus their business partners have also joined Wallex, using our multi-currency wallet and Wallex Network to pay and collect.

       
• Instant payments with Wallex Network
  Alzys Global can now pay and receive money in real-time through wallet-to-wallet payments via the Wallex Network. Timely settlements matter to them because late payments incur penalties. To quote the company, “Payments really happen within minutes.”

       
• Easy-to-use and secure platform
  To Alzys Global, they have everything they need on the Wallex platform. It is simple and quick to make international money transfers on the platform. Every feature is clear, easy to operate and can be done in a click of the button.
  ‍
  Security is also key. As they transact in large volumes, they require a secure platform. They cannot risk payments not being received in full or not being received on time.

The Results

       
• Built an ecosystem that streamlines their business payments through Wallex
  Alzys Global has built an ecosystem for making and receiving payments through Wallex, where they have tripled their number of partners (a mix of customers and vendors) on Wallex. Their partners are also happy to do so as they receive funds instantaneously.

• Dedicated support, faster resolution‍
  A single Account Manager handling their entire ecosystem.

• The platform is easy-to-use‍
  This made Wallex stand out against banks and other online fintech providers.
  ‍
• 2 Minutes vs 2 Days
  With their previous payment provider, the USD transfer would take 1 to 2 days. When US holidays happen, it would take even more time.On the other hand, with a transfer through the Wallex Network, their transactions happen immediately so they aren't affected by US holiday periods.

International money transfers now happen within minutes, instead of taking days. It makes a huge difference to their roles and relationships.

We can customise a tailored FX solution for you. Arrange a free consultation with us here.