One consequence of such arrangements is that the council has to make monthly maintenance payments to foster-carers in countries all around the world, in the case of our client, to countries including Ireland, Nigeria, The Philippines and many more. These payments have to be delivered at the right time and in local currency.
The Council wanted a partner that could offer significant help with managing these payments. They chose EQPay.
Challenges
Our client faced a number of challenges when making international payments to their extensive global network of carers. These included:
- Outdated legacy systems – paper-based approval systems and wet signature requirements for international payments were time-consuming, with allowances often made late to foster-carers
- Delays – these problems were compounded by uncertainty about how long it would take for beneficiaries to receive their payments after processing, given the different regulatory and tax complexities of each jurisdiction
- Compliance – The Council needed to be confident it was complying with their own internal policies and procedures at all times
EQPay presented a solution to overcome these issues and improve the company’s payments processes and overall customer experience.
Solution
EQPay worked closely with the council to tailor the payments solution to their specific needs and internal compliance procedures. In practice, this included:
- A digital approval process to replace the legacy paper-based system
- A dedicated Relationship Manager who visited their offices to help the team get their accounts up and running, and provided step-by-step training on how to make recurring payments to their global carers
- Automated checks and balances for compliance purposes; for example, full reporting of payments made
The result
EQPay’s partnership with The Council reduced the local authority’s workload significantly, saving precious resources. Payments are now managed digitally while maintaining previously paper-based compliance checks and are made to foster-carers on time, for the correct amount in their chosen currency.
