2A Tech - Italian Engineering company streamlines foreign exchange process


2A Tech is a global business head-quartered in Italy. 2A primarily operate in sustainable development within the Energy Sector. 2A has significant exposure to cross currency transactions and pays staff all over the world in multiple currencies.

Claremont conducted a full Corporate Services Analysis and discovered that:

2A uses its local bank in Saudi Arabia (NCB) to convert Euros (EUR) to Saudi Riyals (SAR), to cover local salaries and office costs. It does not use its bank in Italy as SAR is not readily available.

2A also uses NCB to repatriate dividends/profit from SAR to EUR (Italy) on a bi-annual basis.

2A has operations in Chile, where the local business currency is USD. On a monthly basis, the head office sends funds to Chile to cover local costs. Head office uses its local Italian bank to convert from EUR to USD.

2A provided Claremont with a sample of previous transactions from; EUR to SAR, SAR to EUR and EUR to USD. The tables below show the average rate of exchange from that sample of data against the market rate or “interbank” rate of foreign exchange.

2A would have saved SAR 22,463, EUR 3287 and USD 1959 on these 3 trades, if they had used Claremont’s Business Payment Solution.

Claremont’s FX team assisted 2A in training all relevant staff on using the platform and extracting the benefits.

2A achieved full functionality and are tracking their funds through GPI (Global Payments Initiative) enabling them to track their funds from the moment they leave their local account, to landing in the recipient account.

Where security is a concern, the GPI tracking system is a valuable feature of the Business Payment Solution.

2A are currently saving over SAR 44,000, EUR 10,000 & USD 27,000 per annum, since implementing the Business Payment Solution.

The first step in assessing the potential savings available and the true benefit of the BPS, is to conduct a full analysis of the current transaction and Foreign Exchange structure that your company has in place. We will then provide a bespoke review, similar to this case study, and provide a detailed proposal for your business.

Our key motivation is to increase company efficiency and reduce costs. What we require to initiate this review is – previous transaction data. The greater the sample of data we receive, the greater accuracy in the review.

Primarily, we strongly advise all companies to complete our Corporate Services Analysis.

All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.

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