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Algrano AG – The marketplace for green coffee

Algrano, a Swiss tech startup, connects coffee producers and roasters directly through its online marketplace platform. Using tech and a service-oriented approach, Algrano simplifies and streamlines the global coffee supply chain. Since 2015, it has shipped coffee containers from diverse growers in Latin America, Africa, and Asia to European roasters, promoting transparency and efficiency in the trade. With a network of hundreds of roasters and producers around the world, Algrano has established itself as a global player, facilitating connections and collaborations that span continents and cultures.

THE CHALLENGE

Payment transactions across 30+ countries

Navigating a complex landscape with operations spanning over 30 countries and a network of roasters and producers across Latin America, Africa, Asia, United States and Europe, Algrano encountered a series of challenges. Algrano’s commitment to paying coffee producers in USD meant constant engagement in foreign exchange transactions, particularly converting EUR, CHF and GBP to USD. Despite Algrano’s global presence, the company grappled with the limitations of international payments due to a lack of local payment options.

Algrano’s third-largest market, the UK, presented a unique hurdle. Each transaction, regardless of size – even for payments as modest as 100 GBP – incurred substantial fees ranging from 20 to 30 CHF for UK SWIFT transactions on both ends. This not only imposed significant financial strain but also led to extended processing times before payments were received due to intermediary banks.

THE SOLUTION

Streamlined global transactions for Algrano

Algrano embarked on a quest for a simple, fast, transparent and cost-effective tool to overcome the challenges of FX related fees and efficient international payments. This journey led them to discover amnis in 2018.

• No more SWIFT fees:
  The tech startup seamlessly routed GBP and USD payments locally through the amnis platform, eliminating the need for costly SWIFT fees.
• Local payment velocity:
  Algrano gains access to local payment schemes, like FPS for UK and ACH for US transactions, fulfilling a crucial requirement for their global operations.
• Instant transaction capability:
  Payments via FPS enhance efficiency, ensuring 24/7 real-time and cost-free transactions for both parties, Algrano and its clients.
• Currency risk control: 
  amnis’ hedging capabilities empower Algrano to autonomously manage currency exchange rate risks with flexibility and ease, utilizing spot or forwards.

Strategically hand in hand

Recognizing the importance of offering more than just FX services in a highly competitive market, Algrano values amnis as a provider that goes beyond the ordinary.

The introduction of the multi-currency business debit card in 2023, a strategic response to market competition, has been widely appreciated by Algrano’s international employees for its intuitive expense management and seamless receipt collection. Over 30 virtual and physical cards are actively used daily by sales employees for international travel expenses such as transport and meals, with spending limits proving highly effective in maintaining control and staying within defined budgets. Overall, the card’s features have greatly streamlined the company’s expense management and accounting processes.

Algrano attaches high priority to treasury management, unlocking the full potential of unutilised cash. For example, if the tech startup has a loan in CHF and wants to convert it into USD for a later payment, there are providers that offer competitive interest rates for such transactions. While amnis has not previously offered interest, the launch of EARN in January 2024, featuring interest on business accounts, aligns seamlessly with Algrano’s long-standing financial strategy.

Thanks to amnis’ transparent rates, Algrano has gained a clear understanding of currency conversion and international payment fees. Local payment routes facilitate instant, free payments between Algrano and suppliers, resulting in significant cost savings. amnis’ support, including an accessible account manager, contributes to a smooth financial experience, enabling Algrano to handle payments and FX independently, eliminating the need for manual processes or assistance.

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amnis has been a game-changer, transforming what was once a headache into a breeze. Its constantly evolving portfolio of features and products has truly impressed us – for us, it’s clearly the best tool out there.

amnis values us as a small company, ensuring that we receive the right solutions for every requirement. We especially appreciate the attractive, transparent conditions for currency exchange, free from hidden extra costs and with a fixed margin.