Customer case
King Bearings Case
COMPANY
King Bearings
LOCATION
Israel, EU, Mexico
INDUSTRY
Automotive
Products used
International Payments, Bank Accounts FX
Employees
600
King bearings was able to create a cost-efficient international payments and collections infrastructure
Problem:
As a global factory company based in Israel, King Bearings were looking to reduce costs and time consumption of their international payments and collections around the world. They have suppliers all around the EU and China and clients in the UK, Argentina, Mexico, Africa and US.
Solution
Hedgewiz were able to create a number of accounts for collection and payment in the US, EU and UK. Allowing the flow of funds to avoid unnecessary collection to Israel and payments from Israel. Hedgewiz’s solution allows King Bearings to collect money from many countries in local currencies and avoid expensive incoming banking fees
Results
Payments costs for collections were reduced by more than 80%, using multiple accounts worldwide to make international payments locally, fast and low-cos
