«amnis’ rapid developments and continuous improvements enable us to save costs and increase financial efficiency.»
Algrano AG - The marketplace for green coffee
Algrano, a Swiss tech startup, connects coffee producers and roasters directly through its online marketplace platform. Using tech and a service-oriented approach, Algrano simplifies and streamlines the global coffee supply chain. Since 2015, it has shipped coffee containers from diverse growers in Latin America, Africa, and Asia to European roasters, promoting transparency and efficiency in the trade. With a network of hundreds of roasters and producers around the world, Algrano has established itself as a global player, facilitating connections and collaborations that span continents and cultures.
Company: Algrano AG
Industry: Wholesale
Number of employees: 39
Customer since: 2018
Global activity: Latin America, Africa, Asia, Europe, USA
The Challenge: Payment transactions across 30+ countries
Navigating a complex landscape with operations spanning over 30 countries and a network of roasters and producers across Latin America, Africa, Asia, United States and Europe, Algrano encountered a series of challenges. Algrano’s commitment to paying coffee producers in USD meant constant engagement in foreign exchange transactions, particularly converting EUR, CHF and GBP to USD. Despite Algrano’s global presence, the company grappled with the limitations of international payments due to a lack of local payment options.
Algrano’s third-largest market, the UK, presented a unique hurdle. Each transaction, regardless of size – even for payments as modest as 100 GBP – incurred substantial fees ranging from 20 to 30 CHF for UK SWIFT transactions on both ends. This not only imposed significant financial strain but also led to extended processing times before payments were received due to intermediary banks.
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The Solution: Streamlined global transactions for Algrano
Algrano embarked on a quest for a simple, fast, transparent and cost-effective tool to overcome the challenges of FX related fees and efficient international payments. This journey led them to discover amnis in 2018.
- No more SWIFT fees: The tech startup seamlessly routed GBP and USD payments locally through the amnis platform, eliminating the need for costly SWIFT fees.
- Local payment velocity: Algrano gains access to local payment schemes, like FPS for UK and ACH for US transactions, fulfilling a crucial requirement for their global operations.
- Instant transaction capability: Payments via FPS enhance efficiency, ensuring 24/7 real-time and cost-free transactions for both parties, Algrano and its clients.
- Currency risk control: amnis’ hedging capabilities empower Algrano to autonomously manage currency risks with flexibility and ease, utilizing spot or forwards.
«amnis has been an amazing partner. Any payments that we do locally in the UK and US with amnis are a clear win for us. With self-service flexibility, we still appreciate proactive customer support that stands out – kudos to the team for their pace!»
Success
The collaboration with amnis resulted in significant annual savings for Algrano and optimized their financial processes through transparent exchange rates, fixed and low margins and currency risk hedging opportunities.
5-digit annual savings
With an average of three monthly foreign currency payments, amnis’ competitive fx rates and access to local payment schemes led to significant annual fee savings for Algrano.
Flexible FX self-hedging
Algrano autonomously settles one major forward contract each month. The ability to effortlessly shift the value date forwards or backwards provides complete control without incurring additional processing fees.
Strategically hand in hand
Recognizing the importance of offering more than just FX services in a highly competitive market, Algrano values amnis as a provider that goes beyond the ordinary.
The introduction of the multi-currency business debit card in 2023, a strategic response to market competition, has garnered widespread appreciation from Algrano’s international employees, owing to its intuitive expense management that enables seamless receipt collection.
Algrano attaches high priority to treasury management, unlocking the full potential of unutilised cash. For example, if the tech startup has a loan in CHF and wants to convert it into USD for a later payment, there are providers that offer competitive interest rates for such transactions. While amnis has not previously offered interest, the launch of EARN in January 2024, featuring interest on business accounts, aligns seamlessly with Algrano’s long-standing financial strategy.
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Thanks to amnis’ transparent rates, Algrano has gained a clear understanding of currency conversion and transaction costs. Local payment routes facilitate instant, free payments between Algrano and suppliers, resulting in significant cost savings. amnis’ support, including an accessible account manager, contributes to a smooth financial experience, enabling Algrano to handle payments and FX independently, eliminating the need for manual processes or assistance.
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