Kovena wanted a platform where they could collect, store and pay in multiple currencies across the world on behalf of their tourism clients.
About Kovena
Kovena is a specialized travel agent / booking services provider working with tourism clients such as hotels, resorts, and villas.
Kovena partners with travel tech software providers to assist guests in paying for bookings to tourism service providers. After collecting these payments in currencies such as US and Australian dollars, they then distribute funds back to the travel service providers in the currency they desire.
The Challenge
Kovena needed a partner for this full journey – collecting payments from individual tourists in multiple currencies, and then paying out these collected funds to their hospitality clients in their desired currency.
“It was a challenge trying to find a payment partner that had everything we needed. We tried two or three different platforms that weren't productive,” says Pargol Mohsenpour, Head of Operations, Kovena. “We had a particular problem finding a good partner for Fijian dollars. We've got a big clientele in that area, and it's quite an important currency for us.”
Finding a partner for exotic currencies wasn’t the only issue hindering Kovena - managing money transfers between US States was proving a real challenge. Each state requires licensing to move money between them and Kovena’s previous partner was licensed in only 15 states.
“We move money around quite a bit in the United States. Between our trading account and settlement account, and to operate in each state, we’d need an individual license for each state.”
Kovena needed a payment provider that would allow them to collect, hold and move funds between currencies, and then distribute those currencies back to their hospitality clients in their chosen currency – all within a single easy-to-use and cost-effective platform.
The Solution
Kovena now uses the TransferMate Platform to manage their global and interstate money movement on behalf of clients. The system collects payments at source in currencies used by individual tourists, and then Kovena can distribute them back to the tourist provider in their chosen currency.
“TransferMate is a key service that we rely on daily. It's a very, very important part of our operations. Without it, it would be very difficult for us to process our payments on time, on budget, and in a way that would make sense to us and our clients.”
One capability of the platform that Kovena has come to rely on is the Global Accounts functionality. It allows users to open virtual accounts in 30+ currencies within the platform, acting as a foundation to move money easily across the world through TransferMate’s global payments network.
“It’s how we collect currencies together and then pay back the funds to our partners. As it’s their cash flow, it’s important it all works quickly, smoothly, and accurately. TransferMate pays a crucial role in paying them on time and in the currency they desire.”
Kovena uses the Global Account to effectively manage USD and AUD transfers and more exotic currencies like Fijian Dollars.
“The concept is fantastic. We've got two main Global Accounts, AUD and USD, to collect into and pay out from. We regularly transfer AUD to USD between the wallets to be able to pay our USD clients. Fijian dollars are an important one for us, and TransferMate does that in a seamless way. That's a massive benefit for us. So, it's good to have that because it makes life a lot easier.”
As for interstate operations between US states, that problem was immediately solved by using TransferMate.
“It’s a big reason why we chose TransferMate, and why we’re sticking with them. It means we don't need a license for each state. Otherwise, we’d have to go in and get that license individually. So, it's absolutely a key function.”
The Results
By using the TransferMate platform, and particularly the Global Account functionality, Kovena are now able to be smarter in how they manage and move funds around the world and between currencies. Importantly, it’s helped them to serve their clients in the way they need.
“Our clients receive funds faster. They receive the amounts in their desired currencies (which wouldn't make sense through a banking system). It enables us to provide a great service to our clients. So, it's a win-win for everyone.”
For Kovena, the cost of paying and receiving across of the world has been significantly reduced compared to their previous providers.
“Compared to a bank, the rate is much better. It's more transparent. And, regarding the FX cost, TransferMate is much better than a bank.”
The platform itself has been proven to be easy-to-use, and saved administration time for the Kovena time.
“You just log in, mark your payments, and that's it, done for the day. Everything is very seamless. You just make the payments, and that's it.”
The Final Word
“It's a service that is much needed in the payment world. TransferMate is professional, it's reliable, it's friendly and very helpful to our business.”
- Pargol Mohsenpour, Head of Operations, Kovena
Sign-up to the TransferMate Platform and start managing your global money movement in an easy-to-use, online portal, or contact the team for a demo.
