MEDIA RELEASE
OFX strengthens its position as the financial operations platform accountants have been waiting for
Global financial operations company OFX is giving accountants and the SME businesses they advise the tools to gain full control of payments, spend and cash flow across borders.
The locally headquartered company who has historically been well known for delivering competitive foreign exchange has redesigned its global payments platform slot directly between accounting systems and banks. Serving clients in Australia, North America, UK and Europe, the result is a complete payments solution that delivers control, compliance and clarity that was once the preserve of large corporates.
Control where it matters most
Accountants know that lack of cash flow visibility and internal controls are where businesses often stumble. OFX addresses this by allowing those in the business to focus on growth, while the platform takes care of embedded controls without adding friction to the process.
The platform uses AI to automate invoice capture, bank detail capture, accounting code selection and tax treatment selection. “We are continuously increasing our use of AI to automate low value tasks for our clients so it can free them up to focus on what matters most” says Francois Henrion, Global Head of Product at OFX. The user can also have their preferred settings saved as supplier rules which will override the AI.
Moreover, every payment and expense can be subject to a simple or complex approval workflow that’s tailored to the business needs. Every event is tracked with a complete audit trail, giving accountants confidence that policies are enforced. “OFX isn’t just another way to move money. We’ve built a platform that gives accountants and their clients the oversight and control they need to run their finances properly without adding headcount or manual work.”
Integration beyond FX
The broader platform goes further. Businesses can issue virtual or physical cards, manage team expenses and set spend budgets that integrate directly into accounting systems.
“It’s a level of integration you don’t get from banks” Henrion explains. “Every bill, expense, payment, deposit and FX transaction is synced and reconciled in real time with your accounting system. Accountants can spend less time doing grunt work and more time advising their clients.”
The glue between banks and accounting systems
Jaco Veldsman, Global Head of Non-FX Revenue at OFX, describes the company’s role as completing the financial operations triangle.
“We act as the glue between a client’s accounting system and their bank, but we don’t just connect the two, we extend what’s possible. Banks move money and accounting systems record it. We build the smart layer in between: powerful spend controls, smarter payment workflows, and global supplier management. All from one platform. That means accountants get accurate, live data, while businesses gain capabilities the bank alone simply can’t deliver.”
Enabling accountants to advise, not reconcile
By automating the operational heavy lifting, OFX frees accountants and finance teams to focus on higher-value work: cash flow forecasting, advisory and growth planning.
Skander Malcolm, Chief Executive Officer of OFX, says: “Our mission is to empower small and medium businesses with an end-to-end payment solution that helps them thrive in a fast-changing global environment. For accountants, that means less time spent on low-value reconciliation, and more time helping clients grow with confidence.”