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Hecto Financial eases cross-border transactions with new solution

By Gloria Methri

March 01, 2024

  • Account Payables
  • Account Receivables
  • Cross Border Payments
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Hecto Financial, Master Account Management Solution, FinTech, Cross Border Payments, KoreaHecto Financial has launched its new Master Account Management Solution (MAMS) to help businesses navigate the complexities of cross-border transactions in Korea. This innovative platform promises to revolutionize the way overseas businesses manage their finances in Korea, eliminating the need for separate bank accounts and streamlining the entire payment process.

Hecto Financial’s MAMS offers a comprehensive 3-in-One settlement solution, enabling businesses to manage receivables, payables, and foreign exchange seamlessly. Unlike the traditional method involving three different banks – one for Korea, one as an intermediary, and one in the home country – Hecto Financial’s MAMS simplifies the process by consolidating all functions into its platform.

Clients only need to obtain access to Hecto Financial’s MAMS to handle pay-ins and pay-outs with local Korean partners. MAMS prioritizes user experience, offering a clear one-page overview of payables and receivables. The dedicated team also promptly responds to timely requests throughout the funds’ processing, ensuring a smooth financial journey.

The payments received are carefully matched with the expenses for specific local Korean partners who exclusively deal in KRW. This balancing act, called “netting” or “offsetting” happens exclusively within Hecto Financial’s MAMS platform.

After handling all the required settlements in KRW, any remaining funds are adeptly converted into the desired currency, mostly in USD, aligning with the preferred currency of the foreign business entity.

One of the standout features of Hecto Financial’s MAMS is its ability to overcome legal hurdles. Companies do not need to have a physical presence in Korea. Nor do they need to open a bank account tied to a Korean bank.

Hecto Financial’s MAMS signifies the commitment to simplifying cross-border transactions for businesses operating in Korea. With its innovative approach and extensive experience, the company positions itself as a reliable partner for foreign businesses looking to thrive in the vibrant Korean market.

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