Offer FX payments

Small and medium-sized businesses are a vital part of any economy. Aside from their domestic impact, the vast majority are heavily involved in the international market with the number of SMEs doing business in 6+ countries expected to double in the next three years. While this is clearly a large and important sector, these business owners have their own unique operational challenges that can be difficult to resolve. Because of the nature of their cross-border work, many must manage incoming and outgoing payments with vendors, partners, employees, clients and more, which can be labour-intensive and costly. Yet many struggle with access to the tools necessary to make efficient and secure transactions. As businesses grow this problem only increases. As a boutique bank, IUBank attracted many of these business clients with their agile, customized approach but needed to find a way to tackle this challenge. 

IUBank decided to partner with Convera to expand their international payments options. The partnership allows for payments in over 140 currencies in more than 200 countries and territories. Customers simply contact their IUBank representative, who relays up-to-date foreign exchange rates and provides the total cost of the transaction before any payment is made. This transparency allows businesses to have a clear view of their costs without surprise fees or unexpected rates. Such knowledge helps companies more accurately project their finances and maintain a healthy bottom line.