In today's fast-paced business world, the ability to move money quickly and efficiently is crucial. Yet, many companies in Canada and the US still struggle with outdated systems that cause unnecessary delays and complications. Let's consider 'True North Industries', a manufacturing company with offices in Ontario and British Columbia, and a parent company based in the US. Their financial operations face significant challenges that are all too common in the North American business landscape.

Supplier/Vendor Payments: Whether paying Canadian or US suppliers, True North faces frustrating wait times for money to hit their suppliers' bank accounts. It's a time-consuming process fraught with payment delays. Worse yet, they're restricted by banking hours – no payments after 6 PM, on holidays, or weekends.

Customer Receivables: Receiving customer funds is equally problematic. Payment delays are extremely common, turning cash flow management into a waiting game.

Inter-company Transfers: Moving money between their entities in Canada or to their parent company in the US is a constant pain point. 

When speaking with customers facing similar challenges, we frequently hear: "If only there was a way to move money instantly between our entities, to our suppliers, or from our customers – regardless of the time, day, or location."

We listened - we have built a comprehensive B2B cross-border payments network system with Finofo.

And now, we're thrilled to introduce: Real-Time Transfers with Finofo—our most exciting update of 2024!

This isn't just a new feature; it's the most efficient way for mid-market companies to manage B2B payments.

What does this mean for companies like True North Industries?

With Finofo's real-time transfer feature, they can now:

• Instant Supplier Payments: Pay both Canadian and US suppliers in real-time. No more payment delays affecting supplier relationships or delivery schedules. Payments can be made at 11 PM on a Sunday or 5 AM on a holiday – whenever it's needed.
• Real-time Customer Receivables: Receive customer payments instantly. As soon as a customer initiates a payment, it's in True North Industries' Finofo account.
• Seamless Inter-company Transfers: Move money instantly between their Ontario and BC offices, or to their US parent company, at any time, on any day in the currency of their choice. No more waiting for business hours or dealing with cross-border complications.

The impact of these capabilities extends far beyond:

• Faster Book Closings: With real-time movement of funds, reconciliation to your ERPs becomes much simpler, and faster.
• Reduced Manual Workload: No more chasing payments or managing delays.
• Simplified Global Finance Operations: Coordinating finances across multiple locations becomes seamless, improving efficiency for the entire finance team.

Here's how Finofo's Real-Time Transfer works:‍

• Each business entity on the Finofo platform receives a unique 'Finofo Tag' (alphanumeric codes)
  

• Use these 'Finofo Tags' of your suppliers, vendors, or your own business entities and add them to your Finofo account as beneficiaries (one-time setup)

• Start sending and receiving money in real-time, in any currency you choose

For the first time ever in North America, real-time money movement is now a reality. Whether it's between your own entities, to your suppliers, or receiving funds from your customers in Canada and the US - instant real-time transfers are at your fingertips.

Open your Finofo account today and say goodbye to payment delays, complicated inter-company transfers, and hello to faster processing of supplier payments!
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