“THE WHOLE PROCESS WITH THE CONVERSION AND TRANSFER IS EASIER WITH CURRENCYCLOUD COMPARED WITH OUR PREVIOUS BANK.”
JACK CUICo-Founder, One Point Universal
Established in May 2020, Sydney-based One Point Universal is a global payments business with a focus on Australian and Asian importers and exporters. However, working with their traditional Australian bank was proving to be time-consuming and expensive, cutting into their profits.
One Point Universal realised that after less than a year of being in business, they needed to work with a currency provider that gave them more freedom.
After launching in May 2020, One Point Universal quickly built up a strong client base due to past successful business relationships. Of their clients, 98% were exporters and importers. Most were Asian-based, buying goods from Australia or sending goods to Australia. These clients needed to be able to pay their Australian suppliers in an efficient way.
One Point Universal helped its Australian clients receive funds from their Asian-based buyers. Most of this was USD converted into AUD. They charged their clients 13% of each transaction for this service, which was an industry-standard rate. One Point Universal used a traditional bank to complete all their transactions.
Whenever a transaction was made, One Point Universal co-founder Jack Cui or his colleagues would be called by their bank to personally sanction the transaction. This was proving to be extremely time-consuming and complicated. Worse, their clients weren’t getting their funds in the time that One Point Universal had promised: integrity and transparency are very important to One Point Universal’s founders.
The bank wasn’t nearly flexible enough, it was very old-fashioned, complex, expensive, and slow.
In early 2021 One Point Universal looked for a new partner. They chose Currencycloud.
Once One Point Universal decided to partner with Currencycloud Limited, it only took two and a half weeks to set up their account. This was a smooth process and had been expected to take four weeks.
One Point Universal uses Currencycloud Direct Platform to receive funds, convert the funds, and transfer the funds back into their account. It’s simplicity itself.
The easy-to-use Currencycloud Direct Platform gives One Point Universal the autonomy to process each transaction themselves, making processing very efficient and much less time-consuming. Transactions now take minutes, not hours.
Being based in Australia, One Point Universal initially had some concerns about being able to speak to someone in London-based Currencycloud due to the time difference. Thanks to Currencycloud’s 24-hour support service, One Point Universal can confidently access Currencycloud and speak with someone whenever they need to.
The easy-to-use Currencycloud Direct Platform has accelerated the speed of the service One Point Universal can provide its clients while simplifying the entire transaction process. This has made them more profitable and attracted more clients. Going forward, One Point Universal aims to extend their global footprint and double their market share from 6% to 12%. They are planning to establish offices in Queensland, Perth, Singapore, the UK, and the US.
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