NUIG

Business Payments Case Study

Back to Education

An Irish University with an International Ambition

NUIG

Established in 1845, NUI Galway (NUIG) is a long established university with a strong tradition and proven track record for high standards in all facets of academic achievement including teaching, learning, research, administrative/support services, community engagement, regional development, and internationalisation.

Today, NUIG is a dynamic and ambitious university committed to achieving excellence in innovation and leadership through distinctive programmes of academia, research, and scholarship.

As a globally recognised institution which fosters entrepreneurial spirit, it is hardly surprising that NUI Galway is ranked in the top 2% of universities in the world for the quality of its research and teaching. In fact, NUI Galway was the only Irish university to increase its ranking in both the QS World University Rankings and Times Higher Education Rankings in 2014 .In 2016, the thirteenth edition of the QS World University Rankings placed the university 249th in the international rankings , up 22 places form the previous year.

 NUI Galway has excelled in technology development, spanning areas including biopharma, tissue engineering, medical devices and Information and Communications Technology (ICT).  All of this has delivered commercial success for the university over the past year, resulting in the formation of 5 NUI Galway start-up companies and the signing of 11 licencing agreements with new or existing companies.

NUI Galway enjoys national and international recognition as a centre of academic excellence with over 17,000 students, 2,000 of whom are international students from over 92 countries.  To date over 90,000 students have graduated from NUI Galway with many now in positions of seniority in business, politics and industry across 100 countries worldwide. Today, NUIG delivers more than 60 undergraduate degree courses, 585 postgraduate programmes as well as a wide range of part-time degrees and diplomas to its 17,000 students across its five colleges – College of Arts, Social Sciences, and Celtic Studies, College of Business, Public Policy and Law, College of Engineering and Informatics, College of Medicine, Nursing and Health Sciences and College of Science.

NUIG is proud of its global influence and seeks to enhance its reputation and activities by developing priority institutional alliances. This is reflected in the 2014 signing of a high level institutional agreement between the college and Tsinghua University, Beijing in recognition of its longstanding cooperation in teaching and research. This cements an already existing collaboration with over 30 institutions throughout China and Hong Kong. In October 2015, it was announced that NUI Galway is to play a major role in a new EU technology network.  The network, made up of 16 institutions and 12 industrial partners will feature NUI Galway as a major partner.

International Payments for an International Institution

The university’s impressive international connections and increasing global reach, generate a significant demand (both in terms of volume and value), for foreign currency payments. Examples include payments for imported goods and services, payments to visiting tutors, deposit refunds to returning overseas students, and procurement spending on everything from spectrometers to stationery.  In these regards, NUIG’s Finance Division makes extensive use of the forex payments module developed by FEXCO in partnership with Agresso – the renowned financial accounting software. This partnership has enabled NUIG to lever significant value and service in processing its foreign currency payments. FEXCO Corporate Payments has been seamlessly integrated into NUIG’s accounts payable system, providing solid payment records that facilitate accurate reporting and line-by-line reconciliation of payments to supplier invoices.

Additional services provided by FEXCO include payee authentication and query management. These tools make the foreign exchange payables process more efficient because they (a) identify invalid bank account data before a payment is processed, and (b) ensure a swift resolution of queries on payments that have already been submitted to the international banking system. By reducing errors and ensuring quick resolution of queries, FEXCO ensures that large payment runs are hassle-free.

The benefits for NUIG are clear: “Any issues with international payments are quickly dealt with by FEXCO who put a trace on the payment and pursue a resolution in the shortest possible time frame. They work closely with our own payables team and are flexible when it comes to identifying the best way to make an international payment. This partnership approach has benefited NUIG not only in the form of reduced transactional charges but also in terms of team building and job satisfaction”, said Gearóid Ó Broin, F.C.A., Director of Financial Accounting at NUI Galway.

"Overall, our experience with FEXCO has been of a fast, efficient service which integrated well with our current systems. They are knowledgeable, transparent, and upfront in how they do business; their approach assists our Finance Function to deliver a high quality foreign exchange payments service and value for money, to our stakeholders."

Gearóid Ó Broin, F.C.A., Director of Financial Accounting

Drive business efficiencies by speeding up & automating your payment processes

Fill in the details below and one of our payment experts will contact you to discuss your specific requirements.

Please leave this field empty.

or .