PAA Capital provides clients with access to a global payment network, maintaining local banking partnerships, through which client business is settled directly via local clearing wherever possible. They specialise in providing accounts that facilitate inward and outward payments, in multiple currencies across four Continents.
Due to the volume of expense claims made every month, PAA needed a more efficient way of processing their internal employee expenses. In the past, this process was manual as employees at PAA Capital were required to allocate approximate funds either by bank transfer or via money transfer agencies to the recipient. As this process is very costly, PAA was in dire need of an affordable alternative.
In September 2018, PAA Capital approached Prepaid Financial Services (PFS) Ltd to discuss their Corporate product requirements. PFS developed and deployed the PAA Capital Corporate Expense programme in November 2018, which provided PAA Capital with complete back end control and full visibility on each and every expense claimed by their beneficiaries, in just over two short months.
The programme had an immediate impact on the business by providing efficiencies to the finance team and streamlining the expense reclaim process from start to finish. In addition, the recipient of the funds now no longer needs to visit ATM’s, Banks or 3rd party money transfer agencies to gain access to their funds. Once the recipient has received the issued prepaid card, the card can be loaded in real-time, even when they in another continent.
"Before engaging with PFS, I used to wire an approximate amount of money, either by bank transfer or other money transfer methods. Needless to say that both methods were expensive and there was no clear overview of the expenses and cost. After exchanging a little with PFS, I felt they had the right work ethic, so I didn’t feel the need to look for another card issuer. Each individual that I have been in contact with at PFS has been so professional, so knowledgeable and efficient." Cem Wald, CEO, PAA Capital Group of Companies
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