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Reckon ups accounting ante with strategic match up

05 Jul 2016

The accounting and bookkeeping software company has recently announced its latest move, one that will make international payments for their customers a lot easier. 

Reckon has formed a partnership with OzForex Ltd (OFX), one of the world's largest international payments businesses. 

According to a company statement from Reckon, customers will have access to better-than-bank rates on 55 currencies, no OFX fees transfers and 24 hours 7 days a week access to OFX customer service. 

Although that being said, third-party banks may deduct a fee before paying the recipient. This fee may vary and OFX state that they will receive no portion of it.

OFX also have a seemingly efficient three step procedure for customers wanting to transfer their money:

  1. Get a quote with their better-than-bank exchange rates.
  2. Enter your recipient’s bank account details and lock-in your transfer.
  3. Send your funds to them and they'll complete the transfer to your recipient.

Sam Allert, managing director, Australia and New Zealand at Reckon says they chose to work with OFX as they are a market leader in global payments. 

“Most SME businesses simply don’t realise how much they are paying to transact with customers, suppliers, or employees in other countries,” says Allert. 

“We’re confident that OFX will help Reckon customers become more informed and reduce their costs, without being held up dealing with old-world financial services providers,” he adds. 

Richard Kimber, CEO at OFX group says the company is looking forward to their new partner, especially because Reckon is a well-known and trusted brand. 

“The partnership is consistent with our Accelerate Strategy, targeting wholesale opportunities that embed our services in already established ecosystems. We believe this partnership will result in increased brand awareness and lead to further customers for OFX," says Kimber.

Reckon One customers, who are registered with OFX, will be able to automatically make international payments against Reckon One invoices directly from the OFX platform in the next few months. 

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