Introducing Multiple Wallets: Simplify Global Growth with Streamlined Fund Management

Digital business models now mean that many businesses are global by default. The cost of entry into new regions has decreased significantly, with the ability to hire teams, host infrastructure and reach customers online – with 72% of global companies planning to expand into new markets in coming years.

However, while it’s never been easier to work across borders, the work of accounting and ledger management still requires a local focus, with a need to track and manage costs on a regional basis. Without the right processes in place, this can be time consuming and error-prone, adding risk with global expansion and potentially limiting your scaling factor in line with your financial management capabilities. 

To expand efficiently, businesses need the ability to grow globally – while managing locally. And this requires a new approach to account management.

The growth conundrum

Every business needs to track what it spends and makes – but the larger and more complex your operation, the more work is required to keep the books up to date. This gets even more complicated once you’re working across multiple regions, especially if your financial processes haven’t kept up with your growth.

Common issues include:

• Inefficient fund segregation: Many organizations rely on a single wallet to manage all funds. For a corporate with multiple branches or departments, this leads to manual efforts to track and allocate funds, increasing administrative time and cost.

• Time on ledger reconciliation: Without clear segregation, finance teams face time-consuming and error-prone reconciliation processes, especially for businesses with high transaction volumes.

• Disjointed financial reporting: Consolidating payment information for reporting across multiple segments or use cases often leads to delays and inaccuracies.

The challenge for some businesses is that this problem is baked into their core proposition, such as:

• Spend management businesses where the same corporate entity with the same business registration number may operate across different branches or divisions of the company.  

• Payroll management organizations manage payouts to different categories of payers such as suppliers, employees, vendors, contractors for ease of reconciliation per category. 

• Travel management companies process funding and payments for different purposes such as payment to OTAs, hotels, cabs and service providers. 

A modern approach requires the ability to manage payments on a more granular level, tracking and reconciling data at the account level by region.

A targeted view of account activity

From our experience working with global businesses, we’ve created a new  Multiple Wallets feature as part of our Global Accounts.  

This enables businesses to separate funds by purpose, department, or region, with support for multi-currency wallets, this solution simplifies fund management while increasing the quality of data available for reporting and financial management. 

1. Enhanced fund segregation:  Assign specific wallets to branches, departments, or payment categories (e.g., payroll, vendor payouts) and automate fund flows to minimize manual interventions and enhance financial visibility.

2. Simplified reconciliation: Gain real-time visibility into wallet-specific transactions through APIs or downloadable reports and  save time on reconciliation by accessing separate account statements with detailed credit and debit data.

3. Streamlined reporting: Easily generate accurate reports from transaction-level data and ensure compliance with regulatory requirements at a local level  while reducing operational workload.

4. Operational efficiency: Automate fund management processes to lower administrative costs through integration with RESTful APIs. 

5. Centralized control: Monitor total balance per currency of each fund held in the wallet and access audit trails for reporting and strategic planning.

Build the control and process you need to grow

Multiple Wallets and Global Accounts are built for the way digital businesses work in the real world. Our simple APIs enable you to integrate your wallet configuration directly into your workflow with no need for manual intervention to start creating true visibility and control across your network.

Adding new wallets takes minutes, so you can easily add new regions, markets, and business use cases across segments as you expand, reducing compliance risk and financial management costs while simplifying reporting.

To find out more about Multiple Wallets through Global Accounts, get in touch with our team or visit here.