Airwallex Enhances Financial Operations for McLaren Racing
Streamlining Financial Operations for McLaren Racing
Airwallex, a leading global payments and financial platform for modern businesses, has recently demonstrated the positive impact of its technology on McLaren Racing's financial operations throughout the Formula 1 season. This partnership marks a significant enhancement in the way McLaren Racing handles their international payments and financial transactions.
The Previous Payment Process
Before collaborating with Airwallex, McLaren Racing's international payments involved a cumbersome process requiring them to execute payments individually—resulting in approximately 30 transactions each time. This approach was not only inefficient but also consumed valuable time that could have been better spent. The introduction of Airwallex's solutions has transformed this tedious job into a streamlined and efficient process.
Efficiency Gained Through Technology
Now, with Airwallex, McLaren Racing can push payments through a custom approval workflow, executing batch payouts with a template in under an hour. This innovative change is estimated to save the finance team an impressive half-day of work every month, optimizing their operations significantly.
Improved Transfer Speeds and Costs
Alongside the process efficiency, the McLaren Racing finance team faced challenges with slow transfer speeds and high fees associated with making payments to international suppliers in US dollars. The partnership with Airwallex has resolved these issues, allowing them to benefit from competitive foreign exchange rates and move funds through an extensive local payout network.
Now, a remarkable 90% of payout transactions are completed within hours, with 65% arriving instantaneously, ensuring that the racing team can meet their financial commitments effectively.
Leadership Insights
Both Laura Bowden, CFO at McLaren Racing, and Jon Stona, VP and Head of Global Marketing at Airwallex, have shared insights on the importance of this partnership. Bowden emphasized the necessity of speed and technological optimization in finance, noting the significance of continuous improvement for the team’s success. Stona echoed this sentiment, highlighting how operational efficiency is crucial in supporting racing initiatives and ultimately driving results on the track.
Enhancing the Partnership with Innovation
In an exciting move commemorating their collaboration, Airwallex recently unveiled a unique 3D perception shift sculpture featuring McLaren F1 driver Lando Norris. This artwork, crafted by renowned artist Michael Murphy, symbolizes the integral role that perception plays in realizing success, especially within the context of their partnership.
About Airwallex
Founded in Melbourne in 2015 and currently headquartered in Singapore, Airwallex has expanded its global presence with numerous locations and a workforce exceeding 1,500 employees. The company recently announced surpassing $100 billion in annual processing volume, showcasing impressive growth with a year-on-year increase of 73%. Its annual run rate revenue has approached nearly $500 million across various products.
About McLaren Racing
With a rich history dating back to its founding by racing driver Bruce McLaren in 1963, McLaren Racing has earned numerous accolades in the motorsport world, with 20 Formula 1 world championships and countless victories across different racing series. McLaren's commitment to excellence is evident in its collaboration with Airwallex, as they strive to push boundaries in racing and technology.
McLaren Racing is dedicated to sustainability and has signed the UN Sports for Climate Action Commitment, aiming for net-zero emissions by 2040 while fostering diversity within motorsport.
Frequently Asked Questions
1. What is the role of Airwallex in McLaren Racing's financial operations?
Airwallex provides innovative payment solutions to enhance McLaren Racing's financial processes, making them more efficient and cost-effective.
2. How has the payment process changed for McLaren Racing?
The partnership allows McLaren Racing to make batch payouts efficiently, significantly reducing the time required for transactions.
3. What improvements have been made in transfer speeds?
About 90% of payouts now arrive within hours, and 65% are instantaneous, a far cry from the previous multi-day transfer process.
4. Who are the key figures at McLaren Racing involved in the partnership?
Laura Bowden, CFO, plays a crucial role in leveraging technology for financial efficiency, supported by Jon Stona from Airwallex.
5. What are McLaren Racing's commitments beyond racing?
McLaren Racing focuses on sustainability and aims for net zero emissions by 2040, championing diversity in the motorsport industry.
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