Privalgo has grown exponentially since we started. In recent months, the settlements team has been racing ahead, following a rapid rise in transaction volumes and an increase in demand for payments.

Sunny Bains, Privalgo’s Assistant Settlements Manager, discusses what this means for the team.

Strengthening Settlements to handle surging demand

“I believe when a company grows it’s natural for the team to grow. Since the end of last year, the settlements team has developed significantly.

We’ve expanded our team by 75% in the last four months in line with the huge increase in demand for payments at Privalgo. Such an expansion has enabled us to boost productivity and process a considerably larger number of payments.

In 2022, we experienced a 199% increase in the total number of payments completed compared to 2021. So far in 2023, we have almost reached the same number of payments as we did in 2021, and I expect this year we’ll see a 40-50% jump from 2022.

Our strengthened productivity and payment processing capabilities have massively transformed the client experience. We can process their payments more efficiently and we’ve improved our customer service capabilities, offering more support and faster response times when they need us.

The new faces in the team have also been a huge boost to morale, expanded our creativity, opened new doors to co-creation and innovation through a combination of fresh knowledge and skills, and have elevated productivity.”

Read about Privalgo’s recent 29% increase in sterling payments and what this means for the currency.

Streamlining services with the latest tech and developments

“We’ve recently introduced API connectivity with some of our counterparties. This means we can process and receive credits into our system quicker, streamlining our clients’ payments.

API integration also substantially increases accuracy and reliability of data, keeping errors to non-existent levels and increasing transparency in the credit processing system. This way, our clients will very rarely experience issues or delays with their payments.

We’re also constantly evolving our payments engine. We map our clients’ payments to the correct counterparty based on their profile or payment profile and speed of settlement, enabling a smooth client journey.

Additionally, our clients can get excited about our ambitions of connecting to SWIFT in the coming months. We have a phased approach starting with receiving credits. This will allow us to receive credits more efficiently, process transactions in real-time, and gain access to a global network of financial institutions, further streamlining our clients’ payments experience.”

To find out more about the incredible service our settlements team provides, get in touch with Sunny at sbains@privalgo.co.uk, on +44 (0) 20 3880 0575 or book a chat with a Privalgo Currency Specialist by clicking the button below.