Octet case study of integration with OFX Payments API
Octet provides its customers a B2B digital wallet, specialising in cross-border trade and receivable finance.
“We saw our processing costs drop significantly in 6 months.” says Michael Rom, COO at Octet.
Octet provides its customers a B2B digital wallet, specialising in cross-border trade and receivable finance. Octet helps businesses of all sizes to grow with innovative finance solutions and solving the complexities of supply chain finance. Competitive, fast foreign exchange is central to this value proposition and prior to partnering with OFX, Octet felt the pain of a manual process and poor exchange rates from other players in the market.
As a technology-enabled financier Octet knew that, to build out their proposition and support customers with real-time services, an FX payments API was needed.
In his search for a partner Michael shortlisted several key foreign exchange providers.
“All our due diligence kept leading to one – OFX.”
“Our developers were confident that the OFX Payments API was simple and easy to work with and superior to the alternatives on the market. Once the decision was made, we were integrated within a couple of working days.
“OFX is an international foreign exchange specialist, and for us, given the significant volume we are processing on a daily basis, having access to their team from the CEO and Commercial Executives right down to the Solutions Architects was really important. Our engineers were satisfied from a technical capability and support perspective but I was also very happy with the customer service and connectivity to senior management. Technically, a key reason for choosing OFX was the fact their APIs are simple and robust in nature, which for us means we can develop any application, in any way that we like.”
“Previously we’d check the spot rate multiple times during the day with our bank and add a margin to minimise volatility within a 24-hour period. Transfers were then executed manually at the end of the day. Not only is this process now fully automated we are able to offer our customers far more competitive rates of exchange.
We’ve seen a great improvement in efficiency and reduction in costs since partnering with OFX. They are key in helping us to deliver the quality of service and value that we do.”