This offering, which enables businesses to fix a specific exchange rate for up to 12 months, aims to provide stability and predictability around future costs. According to the official press release, in the context of challenges posed by a volatile currency market, accurately forecasting fees and revenues from international business transactions can be complex, potentially impacting margins and financial planning.
Volopa's FX Forwards seek to address these uncertainties by offering stability and consistency thus enabling businesses to forecast future costs more accurately and shield themselves from adverse currency movements. The FX Forward contracts enable users to secure an agreed-upon exchange rate for a specified future date, providing protection against currency fluctuations. This flexibility allows businesses to convert currency at the pre-agreed rate at any point before the contract expires, granting them greater control and visibility over their future costs.
Volopa has also expanded its currency offerings by adding eight new currencies to its existing lineup of 20, marking a 40% increase. The inclusion of key markets such as India, Singapore, Saudi Arabia, the UAE, Qatar, Oman, Turkey, and Mexico aims to facilitate growth opportunities for businesses operating in emerging markets. With these additional currencies, Volopa enables businesses to execute local and SWIFT payments, streamlining transactions with vendors and suppliers in these crucial regions.
Officials from Volopa emphasised the significance of stability and consistency in today's global economy, especially for businesses engaged in international trade. They underscored Volopa's commitment to supporting clients by providing robust solutions such as FX Forward Contracts and expanding currency offerings to assist businesses in navigating currency exchange complexities and forecasting costs with greater control and accuracy.
Volopa offers a comprehensive platform for finance teams, integrating global payments, multicurrency prepaid company cards, and employee expense solutions to ensure unparalleled control and visibility.
In May 2024, Volopa unveiled an integration with Microsoft Dynamics 365. This collaboration marked a step forward in empowering accounting teams with improved expense management capabilities. The integration leveraged Microsoft Dynamics 365 Business Central, a solution designed for small and medium-sized businesses looking for efficient financial management.
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