Latest news with #OFX
AU Financial Review
08-07-2025
- Business
- AU Financial Review
Complete finance solutions clearing complexity for nation's SMEs
'The amount of local businesses exposed to cross-border business is increasing but beyond that, they're all dealing with a range of cost challenges, as well as growing complexity in running their businesses – lots of different software, regulation, changing expectations of customers and suppliers, and so on,' Malcolm says. For OFX who offer an integrated financial platform for SMEs, reducing that complexity and lowering costs 'is the number one way we can help'. 'We can partner with SMEs to bring costs down, simplify and automate a lot of the manual tasks, thereby taking that complexity away, and of course they'll get world-class cross-border payments in the mix as well.' Malcolm says that while the cost of cross-border payments is very high with banks, OFX has turned its attention to tackling the complexity because it can be the single biggest drag on the productivity of an SME. 'The more complex financial operations are, the harder it is for businesses to spend time on what they do well.' 'Our platform allows SMEs to automate those mundane tasks, and those tasks that create all that extra work and once they can be integrated and automated, the people in a business are freed up to go work on the stuff that they need to work on,' adds Malcolm. For example, the OFX platform allows clients to ingest all their invoices and will categorise them all for GST purposes. Moreover, it all syncs up with a business's accounting software and their bank, so they don't have to change those arrangements, just makes them more integrated. That simplicity, convenience and integration explains why so many SMEs prefer partnering with OFX over traditional banks. Secondly, OFX's foreign exchange offering significantly reduces costs, being three to five times cheaper than a bank. This not only lowers complexity but also appreciably cuts expenses and, importantly, saves time. Furthermore, OFX provides ways for SMEs to reduce risks associated with currency volatility, empowering them to run their businesses with greater confidence. 'Our clients are saying, 'it's just so much time saved' which is another cost. For example, if they've got a fixed amount of bandwidth and they're using 50 per cent on low-value tasks and you can take that down to 10 per cent, that reinvestment in growth tasks is a game-changer for SMEs,' Malcolm says. A case in point is online bike retailer BikesOnline, which employs around 80 people and expanded internationally in 2019. With operations across Australia, the US, Asia, and Central and South America, it deals with multiple currencies and payment methods. Co-founder Jonathon Allara says some of the challenges the OFX platform allows them to tackle include simplifying the complexity of multichannel and international payments, as well as managing foreign exchange rate volatility. BikesOnline uses the OFX platform for its payments processing, including forward contracts, corporate cards, and expense management, and Allara says it has improved the company's operational efficiency and provided more control and compliance over its financial operations. 'We do a lot of forward contracts in the forex space so we can have predictability and accurately forecast our costs for products that we bring into our markets,' Allora explains. He continues: 'Operating across multiple markets means there's lots of different payment methods, lots of different currencies, lots of regulatory requirements that we need to also be across and making sure that we have that seamless experience for our suppliers and our partners and our employees and customers is something OFX delivers. 'The operational efficiency that we've been able to gain from the OFX platform has been huge,' Allara states. 'It consolidates all the payments, all our approvals, our corporate cards and our expense management into a single user-friendly system that our team finds really good to work with.' Allara says it's a huge improvement on what they were doing before, where there was a lot of double handling across multiple platforms. 'Now we're seeing all our domestic payments and local suppliers going through OFX so whether it's local or international, it's all on one platform. It integrates with Xero and our bank and our accountants love it and if the bean counters are happy, it makes me happy,' he adds. Malcolm concludes that BikesOnline is a great example of OFX partnering with a local SME to help them bring costs down, take complexity away, and 'get world-class cross-border payments in the mix as well'. He adds that, like BikesOnline, 'we are very proud to be Australian, and we'd love to partner with more SMEs who are on their global journey.'
Finextra
17-06-2025
- Business
- Finextra
OFX connects with Know Your Cusotmer for enhanced business verification
OFX, a leading financial operations company, announced a collaboration with Know Your Customer Limited, the global leader in business verification solutions. 0 This collaboration will enable Know Your Customer's advanced verification technology to be used by OFX, enhancing security and streamlining compliance for OFX users. Through this collaboration, OFX will leverage Know Your Customer's capabilities to simplify and automate its business Know Your Customer (KYC) processes. This will provide OFX with real-time access to comprehensive business verification data, including seamless corporate structure verification, instant access to official company documents, and automatic identification of complex beneficial ownership structures across over 140 jurisdictions. This process automates key business KYC processes, significantly reducing manual effort and improving efficiency for OFX users, further strengthening OFX's ability to manage risk and maintain the integrity of its platform. 'OFX is committed to providing our customers with a secure and efficient global payment experience. By using Know Your Customer's technology, we're enhancing our ability to mitigate risks and maintain a high standard of compliance. The real-time access to global registry data, automated documentary evidence, and streamlined processes will strengthen our KYC procedures, reinforcing our commitment to a secure and reliable platform. Jason SullivanHead of Operations, EMEA at OFX 'We are excited to partner with OFX and equip them with a strategic advantage in the global payments landscape. Our advanced business verification technology will empower OFX to elevate its security posture, streamline and automate compliance workflows, and deliver an unparalleled payment experience to its customers. Jamie AndersonManaging Director EMEA, Global Head of Sales Recognising the importance of a robust and secure global payment environment, and in light of Australia's expansion of AML/CTF regulations from sectors like financial services and digital currency exchanges to designated non-financial businesses and professional sectors, OFX is proactively strengthening its security infrastructure through this collaboration. By utilising Know Your Customer's technology, OFX will enhance its due diligence capabilities, ensuring compliance with evolving regulations, providing a secure, reliable platform for global payments. This collaboration reinforces both OFX's and Know Your Customer's commitment to innovation, security, and adherence to evolving compliance regulations in the global financial landscape.
The 42
03-06-2025
- General
- The 42
Munster's Tom Farrell wins 'Playmaker' award in the URC Awards
MUNSTER'S TOM FARRELL has added his name to the history books as he has been awarded the Playmaker prize in the United Rugby Championship Awards. The Awards is a means of recognising individual achievement within a team sport, with others such as Ioan Lloyd of Scarlets winning the Gilbert Golden Boot and Harri Millard of Cardiff picking up the OFX Top Try Scorer award. With 158 points for the category, the Playmaker award is an innovation this season, but the citing awarded to Farrell reads; 'Adaptability, creativity and composure under pressure define a true playmaker. The Playmaker Award is given to the player who creates chances and tries for his team, with three key metrics used to decide the winner – try assists for his team, successfully completed offloads, and defenders beaten on the pitch. 'A player is awarded three points for each try assist, 2 points for each offload, and 1 point for each defender beaten. Advertisement 'Farrell's tally of 158 points comes from 5 try assists (15 points), 41 offloads (82 points) and 61 defenders beaten (61 points). 'He finishes ahead of DHL Stormers fullback, Warrick Gelant (118 points), and Emirates Lions star, Quan Horn (111 points).'
AU Financial Review
20-05-2025
- Business
- AU Financial Review
The curious case of a dodgy result that scorched investors
If an insider trader got their trade completely wrong – buying when they should be selling – can it even be considered insider trading? That's the question at ASX-listed foreign exchange and payments group OFX, where highly suspicious and strong pre-results buying stunningly turned into an absolute wipeout for those behind it.
Yahoo
20-04-2025
- Business
- Yahoo
The past three years for OFX Group (ASX:OFX) investors has not been profitable
Investing in stocks inevitably means buying into some companies that perform poorly. But the long term shareholders of OFX Group Limited (ASX:OFX) have had an unfortunate run in the last three years. Sadly for them, the share price is down 58% in that time. And more recent buyers are having a tough time too, with a drop of 28% in the last year. Furthermore, it's down 22% in about a quarter. That's not much fun for holders. Now let's have a look at the company's fundamentals, and see if the long term shareholder return has matched the performance of the underlying business. We check all companies for important risks. See what we found for OFX Group in our free report. While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. Although the share price is down over three years, OFX Group actually managed to grow EPS by 11% per year in that time. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Or else the company was over-hyped in the past, and so its growth has disappointed. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics. We note that, in three years, revenue has actually grown at a 17% annual rate, so that doesn't seem to be a reason to sell shares. It's probably worth investigating OFX Group further; while we may be missing something on this analysis, there might also be an opportunity. You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values). We like that insiders have been buying shares in the last twelve months. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. So we recommend checking out this free report showing consensus forecasts While the broader market gained around 5.8% in the last year, OFX Group shareholders lost 28%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 2% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. Investors who like to make money usually check up on insider purchases, such as the price paid, and total amount bought. You can find out about the insider purchases of OFX Group by clicking this link. If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: most of them are flying under the radar). Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Australian exchanges. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
