Customer story: Teneo
Public relations and advisory firm Teneo revolutionises its payments process with Payit™.
Accelerating the payments process with Payit
Teneo provides company executives with advice on how to make and implement better strategic decisions to help them realise their business goals.As part of its work, Teneo pays employees and creditors affected by insolvent businesses. Often, it’s vital that payments are made fast as recipients can’t afford to wait. Teneo needed a solution to provide quick payments, often in situations where records of bank details are not readily available. Its existing process was manual and required people to prove their bank account details before a payment could be made, resulting in delays in getting the money where it was needed.
Given the problems, Teneo decided to use Payit to transform its payments, using Confirmation of Payee functionality to make sure the payments go exactly where they’re meant to – to the intended recipients bank account.
How did Payit help Teneo?
By choosing Payit, Teneo has been able to:
Speed of payments
Pay those affected by business insolvencies almost instantly.
Accuracy
Ensure payments only go to the intended recipients’ bank accounts.
Reduced administration
Eliminate the need for manual verification of an individual’s bank account, slashing payment times.
Outcome
Payit and Confirmation of Payee are helping Teneo to pay those who are affected within insolvent businesses much faster than before. Teneo can now provide payouts quickly and securely, with no need to issue time-consuming and costly cheques or get bogged down capturing, storing and checking bank account details. And thanks to Confirmation of Payee, it’s always sure the money’s going where it’s meant to.