ForeignPay Direct is a simple yet powerful bolt-on tool from WNS and Western Union Business Solutions that works on the enterprise’s existing SAP system. The tool utilizes standard SAP and a pre-built payment format to send the payment and perform the required accounting entries, including the exchange gain or loss reconciliation.
ForeignPay Direct helps enterprises perform a unified payment activity amalgamating the domestic and international multi-currency transfers seamlessly. This allows for automated adjustment of daily and real-time currency values, resulting in automatic reconciliation of updated values in the financial statements.
Benefits of implementing ForeignPay Direct
Partnering with Western Union Business Solutions enables organizations to make intelligent, informed decisions to help reduce the risks associated with currency market fluctuations.
Saves Time, Cost and Errors
ForeignPay Direct integrates with SAP and includes the required accounting entries. This process simplifies the complexities associated with financial transactions and ensures accurate and timely payments.
Western Union Business Solutions accepts most industry-standard connectivity solutions. WNS implements the tool rapidly to adhere to your security requirements.
Flexible File Interface
ForeignPay Direct provides a flexible file interface that can be customized as per the customer’s ERP requirement and accounting software integration.
Know How ForeignPay Direct Works
Facilitating international payments using Western Union Business Solutions (WUBS) is a quick and hassle-free process. The ForeignPay Direct payment gateway runs in an SAP ERP financial environment and uses a specific bank account that represents the WUBS account. The gateway collects payment data from vendor account to the WUBS account via SAP payment run, and provides the data as a format recognized by WUBS payment platform, WU® GlobalPay, to make the outgoing payment. Post payment, ForeignPay provides a statement from WU® GlobalPay, which enables reconciliation and clearance from the WUBS account.