Blog

Octet platform news

by Duncan Khoury , July 30 2019

Octet is committed to improving the functionality and experience offered to clients via our market-leading supply chain platform. Here are just two of the improvements made during July.

  1. Interest free period notifications

Octet is firmly committed to being a responsible business lender. In addition to interest free period (60 days for domestic loans or up to 60 days for international transactions) being clearly communicated on month-end statements, we now give all customer’s the ability to more easily default schedule mid-month repayments in order to avoid interest charges. Interest free periods are also clearly shown on the ‘Upcoming Payments’ section of your platform profile.

2. Third party foreign exchange contracts

Forward Exchange Contracts allow your business to fix an exchange rate for a certain future period (e.g. 2 years) based on the interbank exchange rate at the time of booking – thus giving you a guaranteed rate at which to transfer time and again. You might need to pay an initial deposit, then the balance will be due at the end of the contract. If the rates move against you, you may need to top up the deposit to keep the position in place.

Now live on the Octet platform, customer’s have the ability to introduce their own (third party) forward exchange contract as a payment source.

When you are in a position to authorise payment, simply upload a scanned copy of your FX contract. We will then establish the amount of the funds to be advanced to you and can often arrange for same day payment, if all documentation is in order.

This is just another example of the Octet platform powering flexible payment solutions for businesses.

 

If you are interested in further details about either of these exciting features, please speak with your Octet Account Manager or simply email support@octet.com


Blog

Duncan Khoury

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