How AMFE Global LTD leveraged Fyorin’s unified finance platform to accelerate global accounts payable

AMFE Global Ltd delivers curated hospitality, travel, and lifestyle services to clients around Europe. Their financial and operational setup involves collaborating with multiple vendors across different jurisdictions to create tailored experiences for their clients, who also send payments using a variety of currencies and payment methods. Despite advanced business operations, the financial side lacked efficiency and speed—AMFE struggled with manual processes, payment processing, and the complexities of handling multiple currencies.

Accounts payable processes were managed manually—from receiving the invoices, through the approval, setup of the payment, and reconciliation. With nearly 100 vendor bills per month, the company faced a significant waste of time, with a full working day per month devoted to processing invoices and supplier payments, as well as a high error rate.

Additionally, limited integration between their accounting platform and their banks led to delays that put a strain on the supplier relationships and supply chain and made reconciliation challenging, as invoices needed to be manually matched to transactions.

AMFE also struggled with a lack of visibility into the transactions. Once payment was sent, there was no way of following up on its status, which impacted cash flow and reporting.

Finally, the multi-jurisdiction, multi-currency financial operations proved to be cumbersome and caused discrepancies in the company’s accounting. Due to the variety of currencies AMFE needed to access to work with their suppliers, they often needed to send payments in their home currency and then backtrack the conversion rates in the accounting. Moreover, not paying in the supplier currency meant they incurred both FX fees and bank fees on foreign transactions. As they also accumulated more bank accounts, they struggled to keep track of their cash positions in different currencies.

Fyorin’s platform proved to be a transformative solution for AMFE Global Ltd by unifying their multi-currency financial operations and automating supplier payments.

By automating accounts payable for AMFE with streamlined vendor bill processing and payments in one platform, Fyorin eliminated the need for data entry, manual reconciliation, and payment setup in the banking system. The entire payables process is now seamlessly handled from invoice receipt to payment in one platform, thanks to a seamless integration between Fyorin and Xero. The two-way sync retrieved unpaid bills from the accounting system, prepared payments for approval and execution in the platform, and automatically matched transactions and reconciled them in the accounting system once completed. This has not only greatly accelerated the workflow and improved real-time cash visibility but also reduced errors.

Fyorin’s cross-border payment capabilities allowed AMFE to expedite supplier payments faster and track their progress in real time, reducing the administrative overhead. Thanks to the local payment rails, AMFE is now able to pay suppliers in their local currencies, reducing currency conversion accounting errors or bank fee costs and reassuring themselves that the funds will reach the beneficiary nearly instantly.

Additionally, having visibility of all their foreign currency accounts in one place allowed the company to track their cash position across multiple currencies in one place and execute financial operations more efficiently.

Since onboarding with Fyorin, AMFE has seen significant improvements in the efficiency of their financial operations, cost savings, improved supplier relationships, and an enhanced ability to grow further.

Eliminating redundant data entry, manual approvals, and reconciliation as well as payment setup in the banking system saved AMFE’s team over a full working day per month, translating to nearly 280 hours per year. With the increased operational efficiency and improved accuracy thanks to a decreased error rate and the ability to pay in supplier currencies, the financial team could shift their focus to more strategic financial planning.

Seamless integration with Xero and simplified cross-border payments significantly reduced delays in processing invoices and payments. AMFE’s suppliers received funds in less than 24 hours, and the company enjoyed improved relationships with their vendors.

Finally, real-time tracking of payment statuses, as well as a centralized dashboard of multi-currency accounts, gave AMFE 100% visibility into their cash position across currencies, enhancing strategic planning and financial agility.

The intuitive interface of the platform, smooth implementation, and exceptional support provided by the customer success team have further reinforced Fyorin’s value as a strategic partner for AMFE’s complex global business model.

AMFE Global Ltd’s partnership with Fyorin has unlocked the potential for continued growth and efficiency in financial operations. The platform’s automation, seamless integration, and multi-currency capabilities have not only reduced operational costs but also enhanced the company's ability to deliver world-class services to its clients.

By improving time management and accuracy, AMFE has gained a competitive edge in the fast-paced world of luxury hospitality and events.