Caxton has been a highly-respected name in finance for over 20 years and processes over £1bn in transactions annually. They’re a giant, handling global payments for both businesses and individuals.
But despite their enormous success, they faced a pain point shared by many similar businesses. With just one central account for payment processing, their clients had to manually add unique reference information to every direct payment, which was used for processing and reconciliation.
On paper, it’s a simple solution. But in reality? Every misspelled or blank reference from a customer was a headache for the Caxton operations team and created unnecessary delays for their payment. As their business continued to expand, they wanted infrastructure that encouraged growth, not stifled it.
OpenPayd’s payment and banking infrastructure didn’t just ease this issue, it could eliminate it.
Thousands of virtual IBANs, created instantly
The key to this transformation is down to one major element in the OpenPayd payment and banking suite: virtual IBANs. Think of a vIBAN as a sub account of a central master account, allowing payments to be easily routed and received internationally. Instead of reconciling manually based on reference numbers, there is an automatic record of every payment coming in from Caxton’s clients.
This gave Caxton a far simpler way to process and reconcile payments automatically, removing the possibility of customers entering references incorrectly. No matter how quickly Caxton scales, the functionality will be just as fast and reliable.
With OpenPayd’s developer-friendly API, the integration of these new services took less than two weeks and required minimal development work from their tech team. The new approach to payments was initially offered to 10,000 customers, before being rolled out to all Caxton clients.
Caxton’s CEO, Rupert Lee-Browne said:
“For over 20 years, Caxton has provided its corporate and consumer clients with a world class payments experience, combining best-of-breed financial technology with an award-winning level of customer service. As we continue to grow, we’ve chosen to partner with OpenPayd to overhaul our operations. OpenPayd’s unique API-driven infrastructure will help our teams continue to shape the future of payments, automating time-consuming processes, delivering improved operational efficiency and an even better service for our customers.”
Caxton’s operations team is now able to spend more time focusing on growth and less time correcting errors or tracking down payments. Not a bad result for a two week integration.