DCU

Business Payments Case Study

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A University with Global Reach

DCU

Dublin City University is a young, dynamic, globally-engaged, research-intensive university with a focus on translating science and knowledge into economic benefit.

As Ireland’s University of Enterprise, DCU creates an environment that encourages creativity and fosters the development of entrepreneurial and innovative thinking in students and staff alike.  Industry-academic collaboration has been a substantial and distinctive element of the DCU research profile since its establishment. DCU has consistently over the past five years signed more licence and option agreements for its innovative technology than any other Irish university.  In the past 12 months, DCU has spun out seven new enterprises and signed 20 licensing agreements with industry that will see DCU research delivering tangible impact.  

DCU enjoys national and international recognition as a centre of academic excellence with over 12,000 students. To date almost 50,000 students have graduated from DCU and are now playing significant roles in enterprise and business globally.  Today, in 2016, DCU delivers more than 200 programmes to over 12,000 students across its four faculties – Humanities and Social Sciences, Science and Health, Engineering and Computing and DCU Business School.

Summer 2012 marked an important milestone in the history of DCU Business School with the signing of a four-year partnership Princess Nora Bint Abdulrahman University (PNU) in Riyadh, Kingdom of Saudi Arabia. Under this agreement, DCU Business School is currently delivering two Undergraduate Degree Programmes at the PNU: a Bachelor in Business Studies International Finance and Bachelor of Marketing, Innovation and Technology. PNU is the world’s largest women-only university and strives to educate and inspire its female students with leading edge, innovative programmes.

Global Payments for a Global Player

In the past DCU has faced challenges when transferring funds internationally. The university’s payments need to be delivered in a local currency at a competitive rate. The DCU Finance Office has to take into account traceability and on-time delivery when making international payments. FEXCO delivers a payments solution that meets all of these requirements.

DCU’s Finance Operations Controller, Brendan Gillen, said; “when transferring funds overseas we tend to worry about potential delays, exchange rates and interbank charges arising on our side or on the receiving end. We need to be certain that all of those issues are within our control. FEXCO gives us that certainty. Since we have started working with FEXCO our transaction costs are lower and we have reduced our exposure to exchange rate fluctuation. That has made a huge difference for us with savings of more than €11,000 on fees alone.”

DCU now uses FEXCO for all of its international payments. Payment runs are processed from Agresso (the DCU Financial System) using FEXCO FileDirect integration, providing straight-through processing with no manual data entry. This has had a positive impact in terms of the level of resources required by using a high degree of automation and integration.

When it comes to complex international payments, the DCU Finance Office focuses on getting it right first time. 

"The FEXCO system has a validation tool that tells our staff if there is a problem with payment details. This means that we can spot incorrect bank details before it gets sent out. Also, if we need to make a payment that’s a bit tricky (for instance, a payment to a bank that doesn’t have a SWIFT number) we know that the customer services team in FEXCO can get it done. FEXCO is an important partner for us at DCU as we develop a more global reach."

Brendan Gillen, DCU’s Finance Operations Controller

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