Currency UK: Winning business and saving time with DueDil
18 May 2016
Currency UK, one of the country's leading foreign exchange specialists, is using DueDil's advanced data analysis to generate new business and enhance its compliance processes.
The company, which helps companies and high-net-worth individuals move funds across borders or pay for foreign goods, uses DueDil across its business to search for new customers and evaluate their creditworthiness.
In addition to generating new business, Currency UK uses DueDil to onboard customers quickly, while identifying any red flags – providing a competitive advantage over rival firms.
William Kemp, Director at Currency UK, said: “Companies often come to us when they need to make a payment urgently – but many of our rivals can take days to open a new corporate account.
“By using DueDil's fast, authoritative service, we save considerable time over other systems and are able to credit check a company accurately in a matter of minutes. This gives us a real edge when it comes to winning new business.”
Doing the due diligence
When searching for new customers, Currency UK uses DueDil to create custom-made lists of companies with specific profiles in targeted sectors. It also uses DueDil's group graph capability to identify any parent companies that would also benefit from its services.
In addition, Currency UK monitors new and existing customers with DueDil's financial metrics and credit scoring to identify key information – including how quickly companies pay their bills and how much cash they have on their books.
When a potential customer is looking to come on board, Currency UK also uses DueDil's compliance features to do due diligence on the company, including identifing shareholders and directors, as well as ultimate company ownership.
Mr Kemp said: “In our industry, it is key to be able to perform compliance, anti-money laundering and know-your-customer checks accurately. Using DueDil has helped us identify potential red flags with potential customers, saving us a considerable amount of money, as well as time and effort.
“We already use DueDil widely, but I anticipate that we will integrate it even more across the company in coming months, especially as we expand our business development generation team.”
Currency UK has increased its headcount by 50% already in 2016 as it meets increased demand for its services, recently moving into new offices in Clerkenwell.