Revamping payment and FX processes at new economy companies
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Revamping payment and FX processes at new economy companies
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Driven by a young and aspirational middle class, digital consumption and travel
expenditures are booming in South-East Asia. A company that sits at the sweet
spot of these two trends is Tiket.com, one of the fastest growing online travel
agencies (OTA) in the world with more than 15 million app installations.
Founded in 2011, the Indonesian new economy company now cooperates with 140
airlines and 2.6 million accommodation providers.
Yet, acting as an intermediary between different parties creates multiple challenges
for the treasury function, explains Eddy Putra, Head of Treasury at Tiket.com. Given
the nature of travel, where booking is usually done in advance and settlement
to hotels is done only upon completion of travel, the company is exposed to FX
risks. It also faces multiple recurring cross-border payments to overseas hotels
which led to high fund transfer fees as well as manual processing.
How did the company address these challenges in a workflow automation project with
Deutsche Bank? Tune into the new flow InCorporateTreasury podcast and learn
more about this award-winning solution!