May 27, 2021
How fire.com brings value to businesses with real-time FX transfers
Circit is an online platform that helps audit firms perform higher quality audit engagements, collaborate with clients, and instantly verify assets at source.
Circit’s challenge was to find an online account provider that would allow them quick access to multiple accounts, allow them to easily receive payments in both euro and sterling as well as provide a competitive rate for foreign exchange services. Finding an instant FX solution with effective pricing was a core point of consideration when they were looking at potential solutions.
The other aspect that Circit needed to consider was to keep account reconciliation as simple as possible.
FX Transfers is one of fire.com’s core features on our platform. When Circit signed up for a free fire.com business account, they were able to avail of our multiple accounts and instant FX transfers with the ability to receive money in both currencies, all at a competitive rate. As well as offering these features, fire.com were able to assist Circit get setup easily with our support team.
Today, Circit have met all these needs with fire.com’s business account. The account also provides compatible uploads for Circit’s finance system as well as providing enhanced security features on all of their Fire accounts including multi-factor authentication and real-time notifications on account activity.
Creating multiple accounts in real time – Circit creates new fire.com accounts (with unique IBANs) in real time, without the need to go through an application process.
Real-time foreign exchange at an interbank rate– Circit now has the ability to convert funds instantly at a competitive rate 24/7, with adjusted pricing as volumes increase.
Access to a range of payment services – Circit now has access to Faster Payments and BACS for Sterling payments and SEPA for Euro payments.
Enhanced security and control – Circit uses multi-user authorisation for approving all transactions for increased security and control. In addition, Circit receive real-time notifications when payments are made or received into their fire.com accounts.
Efficient customer support – a trained support team, available via phone and email, quick to respond to questions.
Testimonial – Q&A with Circit
What attracted you to a Fire Business Account and what was the challenge or problem that led you to seek out an enhanced business account?
Quick access to accounts, and payments in new currencies. We needed access to a bank account in a new currency at short notice, to allow us to make and receive payments – we are able to do this instantly with Fire. Fire allowed us to set up a GBP bank account quickly and easily, so that we could serve our UK customers.
What features do you make best use of or like most?
FX – quick and easy to move funds between currencies, same day payments
“Fire allowed us to quickly open new bank accounts as needed. The instant FX transfers are quick and convenient, and help us to manage our cash flow. Reconciliation is simple with the compatible uploads for our finance system, and I love that we get notifications when payments are made or received!”
– Clodagh Vance, Chief Financial Officer
The Circit website can be found here.