FORGING GROWTH IN A SLOW MARKET
and recycled metal - is traded internationally in US dollars . With this in mind , the company ’ s operations depend on selling dollars to buy UK pounds . Needless to say , when the British pound is strong , this has a negative impact once profits are converted into home currency .
Working with Kantox , Mettalis is able to take advantage of sterling lows , implementing flexible forward contracts to allow the team to lock in a favourable exchange rate and make transactions at any time during the year . This level of sophistication has hinged on the ability of the entire financial department to monitor FX exposure at a glance on Kantox ’ s real-time dashboard , allowing them to set currency alerts and automatic notifications when the currency exchange reaches either risky or optimum levels .
Leading the way with tech adoption The fast and efficient flow of goods is import to any internationally exporting company , if they are to remain competitive - not least for those in the metal sector . One fear that Rizwan had when seeking support from a non-traditional FX platform , was that certain systems might not be in place to ensure this flow of goods ; namely the ability to pay suppliers through the platform directly and trace it through the SWIFT message .
However , relying on a FinTech alternative provider proved beneficial to Mettalis here too . While banks only offer SWIFT messaging on request , Kantox adds the SWIFT message to all its clients ’ transfers , free of charge . This code allows the Mettalis team to fully track of the status of payments at any time during the process , and serves as proof of payment to their providers , which in most cases speeds up the delivery of the goods .
The Mettalis team has not been constrained by ‘ the way things have always been done ’, in one of the UK ’ s oldest industries , but has embraced new approaches to thrive in a difficult market . By refusing to accept the solutions offered by traditional foreign exchange providers , Mettalis has found transparent , flexible technology that is able to support the company through the turbulent market conditions .
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