How Fyorin Unified iGaming Idol’s Finances and Automated Their Processes

iGaming Idol delivers content and events for the European igaming industry with the aim of providing more opportunities for networking and exchange of insights for companies within the sector. Despite their headquarters being located in Malta, iGaming Idol organises events in multiple locations around Europe and works with publishers around the world to distribute news and connect professionals in the iGaming industry.

The cross-border operations meant that, on a daily basis, the business handles transactions in multiple currencies. iGaming Idol struggled however to get access to foreign currency accounts to execute cross-border transactions. On average, they needed to wait even up to 90 days and go through a tiresome and complex process that involved a lengthy back-and-forth with the bank which caused administrative strain and a disruption to normal business operations.

As a result, to access multiple currencies and solve their financial needs, iGaming Idol relied on multiple financial providers, which not only led to lack of cash visibility and slow transaction processing but it also hiked the transaction and account maintenance cost, especially for non-euro transactions and accounts.

It was not only the payments and banking relationships that were constrained by inefficiencies: iGaming Idol's internal processes were still reliant on manual data entry, reconciliation, and payment runs. Lack of automation or bulk payments functionality within their internal systems meant that each transaction, including payroll payments, needed to be processed one by one and then individually matched. This resulted in errors, administrative overhead, and a significant portion of time lost each month.

Finally, iGaming Idol, like many companies with a frequently travelling workforce, faced challenges with employee expense management. Issuing corporate cards for individuals was a slow process requiring excessive paperwork and signatures. As a result, employees frequently needed to pay out of their own pocket and file reimbursement reports. This, in turn led to extra workload on the financial team and a lot of back and forth chasing expense receipts, adding to the mounting inefficiencies of financial operations within the business.

All the above challenges, high operational costs, and lack of visibility over cash not only put a strain on the human and financial resources of iGaming Idol but also slowed down decision-making and growth.

Fyorin’s unified financial and treasury management platform provided iGaming Idol with the right tools to address their challenges: unify their global cash operations, automate financial processes, and streamline day-to-day operations.

Fyorin’s multi-currency virtual accounts enabled iGaming Idol to access foreign currencies much faster compared to the traditional banking routes. With one compliance and commercial process, the business could open accounts in multiple currencies from the same platform and pay clients and employees in local currencies, along local payment rails such as Faster Payments or ACH. With real-time settlement, iGaming Idol reduced fees and delays associated with traditional cross-border payments, improved cash flow and operational efficiency.

By consolidating finances into one platform through Fyorin’s virtual accounts and connecting their existing accounts, iGaming Idol drastically reduced their reliance on multiple financial providers. Fyorin’s unified treasury management solution allowed them to lower bank fees as well as foreign transaction fees and provided unparalleled visibility into their cash position across all currencies and accounts.

On the efficiency side, the native integration with Xero and automated accounts payable eliminated the need for manual payment runs and reconciliation. Invoices are automatically pulled from Xero, matched, and reconciled in the accounting system, providing real-time visibility into cash flow and simplifying accounting workflows. Additionally, payroll is now handled through batch uploads, saving time and ensuring timely delivery of salary payments to employees.

Employees also benefited from Fyorin’s cards for their expenses. With Fyorin, virtual and physical cards can be issued instantly, assigned to an individual or a team, and customised with controls and limits to exert better control over budgets. Staff can use cards for online and in-store purchases and upload receipts on the go, which eliminates the need for expense reimbursement forms and reduces missing expense invoices at the end of the month. With a centralised platform, iGaming Idol could not only give their employees access to company funds faster and ensure continued business operations but also gain better oversight and control over spending.

Since partnering with Fyorin, iGaming Idol has greatly improved their efficiency, reduced costs, and saved a significant amount of time by unifying and automating their financial operations.

Automating payment runs, reconciliation with a seamless integration with Xero and instant posting, as well as processing payroll in batches, saved the finance team around 24 hours per month, which translates to nearly 3 working days monthly. With these efficiency savings, the finance team can direct their efforts into more strategically-oriented tasks.

Streamlined compliance and commercial processes enabled iGaming Idol to open foreign currency accounts nearly instantly and saved them up to 90 days per year on administrative processes. Additionally, access to local payment rails meant that most transactions are now reaching the beneficiary accounts in less than 24 hours, which strengthens supplier and employee relationships.

Unification of their treasury and cash operations in one platform unlocked significant cost savings for iGaming Idol. By reducing banking fees by nearly 30% and transaction charges, especially for non-euro payments, the business was able to manage their foreign currency operations more effectively.

Finally, the introduction of expense cards for their employees revolutionised expense management by giving employees instant access to funds and the finance team greater governance. At the same time, the cash rebate from the spending on virtual cards further helped to save costs and improve the bottom line.

Fyorin has become an integral part of iGaming Idol’s financial operations, enabling them to unify and automate processes that were previously fragmented and inefficient. iGaming Idol now aims to further consolidate all their cash transactions into a single, efficient system using Fyorin and explore additional automation features, such as accounts receivable, to stay ahead in the fast-paced events industry.