Introduction
DOKU, Indonesia's first payment gateway, has been paving the way for the country's digital economy since 2007 — through a series of services that include collections, B2B & B2C payments, fund disbursements and more.
DOKU boasts an extensive base of users, with over 3.8 million DOKU eWallet users and 22,000 merchants. The company's payment partners include banks, convenience stores and fintechs. Their users and partners are dependent on DOKU's payment solutions for conducting their cross-border business transactions.
The Challenge
Being an operator in the fintech sector, DOKU must ensure that every transaction is executed as close to real-time as possible. Accordingly, the company is always looking for ways to improve their business processes.
One obstacle to this was the way DOKU conducted their FX trading, which was often done via phone and involved paperwork, which was highly inefficient. Because of this, they began looking for alternatives to streamline their approach to cross-border transactions.
The Solution
DOKU eventually partnered with Wallex for the processing of their clients' cross-border transactions after experiencing improvements in the speed, cost-effectiveness and convenience in performing their cross-border transactions.
With Wallex as a partner, DOKU could also harness the fintech expertise of Wallex's dedicated account managers to better serve their clients with complex needs.
They also recognised that Wallex, being a young and dynamic startup, would understand the demands of their clients, which included global tech leaders that frequently made international transactions with unique demands.
The Result
1. Cost Savings
Through Wallex, DOKU avoids the exorbitant fees that Indonesian banks charge for transfers, as well as intermediary bank charges.
The company now saves significantly more on all their cross-border transactions with highly competitive, near mid-market FX rates. Furthermore, they only need to pay a flat fee for every transaction regardless of the amount, with zero hidden costs.
2. Transactions initiated in under a minute
DOKU takes less than a minute to initiate cross-border transactions once they began working with Wallex, making time-consuming bank trips became a thing of the past.
3. Real-time tracking and notifications
Every transaction DOKU makes can be tracked in real-time with notifications provided each time a deduction, collection, or payment request happens. Having full visibility of the movement of funds allows the company to provide clients with a better experience.
4. Multiple payments in one go
DOKU saves both time and effort with Wallex's Bulk Payments feature, which enables them to make payments in multiple currencies to up to 200 beneficiaries across 48 countries in one go.
5. Satisfied Customers
With Wallex's platform and dedicated support, DOKU's customers now experience better transaction speed, efficiency and cost savings, resulting in far greater satisfaction.
Take Your Business to the Global Stage with Wallex
DOKU is one of the many high growth businesses that Wallex has supported in Asia. Get in touch with our team of FX experts today and see how we can help your business manage its payment processes while saving time and money.
