ImageCover-WorkingHOUSE

Case study: WorkingHouse UG

Building trust with suppliers by letting them track payments

Workinghouse logo

 

Since 2013, Workinghouse UG has been sourcing products from Asia and reselling them to consumers across Europe. Managing international transactions efficiently was a major challenge for CEO Eckart Schenck, who operates the business remotely from Taiwan while the company is based in Germany.

 

 

Importing goods for resale
Founded in 2013

Europe, Asia

Use case
Outgoing and incoming payments
FX spot

 

Currencies
EUR, USD, GBP

The challenge

Navigating complex international transactions with limited transparency

One of the key difficulties for Workinghouse was transferring exact amounts, including VAT, in foreign currencies such as British pounds, Polish złoty, and Czech koruna.

 

Traditional banks require extensive paperwork and lack real-time exchange rate tracking, making it nearly impossible to predict the precise amounts that actually reach suppliers.

 

And then there are the transaction costs. Many banks charge very high international transfer fees on top of unfavourable exchange rates. For Workinghouse's larger transfers, this quickly amounts to a considerable sum.

 

Before using iBanFirst, we never knew exactly how much the recipient was ultimately receiving. This lack of transparency, combined with high international transfer fees and unfavorable exchange rates, made managing payments both costly and time-consuming.

CEO

Eckart Schenck

The solution

Transparent, real-time payment tracking with iBanFirst

To streamline its payment processes, Workinghouse UG adopted iBanFirst, a platform designed for efficient international transactions. With iBanFirst, the company could execute spot transactions instantly, ensuring transparency and speed. The platform provided real-time exchange rates and clear breakdowns of fees, eliminating the guesswork involved in cross-border payments. 

 

One of the standout features for Eckart Schenck was the Payment Tracker, which allowed the company to monitor payment statuses in real time.

 

"Tracking capabilities enable us to follow payments and confirm that the correct amounts reach our recipients," he says. By sharing this information with suppliers, Workinghouse UG was able to build trust and strengthen business relationships. 

 

Additionally, the ability to process transactions digitally without excessive paperwork simplified operations significantly.

 

"We can quickly process everything via the platform without drowning in paperwork. This saves us valuable time and makes our operations abroad much easier."

 

Payment_tracking-3
With iBanFirst, we have one less thing to worry about. I don’t have to stress about when the transfer will arrive or what the fees will be. Everything is visible on the platform. Ultimately, this is the biggest advantage for us.

CEO

Eckart Schenck

The result

Increased efficiency, cost savings, and stronger supplier relationships

Since partnering with iBanFirst, Workinghouse UG has significantly streamlined its international payment processes. The company now enjoys greater convenience, with payments executed in just a few clicks — drastically reducing administrative workload.

 

Enhanced transparency around fees and real-time exchange rates means there are no surprises, making budgeting and forecasting more reliable. Additionally, access to competitive exchange rates and lower transaction fees has led to substantial cost savings.

 

Perhaps most notably, the ability to share payment tracking details with suppliers has helped build trust and improve collaboration across borders.

 

As a result, Workinghouse UG has not only optimised its payment operations but also strengthened its position in international trade, paving the way for sustained growth in the European market.

 

"The biggest advantages of iBanFirst? Undoubtedly, convenience, transparency, as well as cost and time savings."

 

With iBanFirst we have one thing less to worry about. When everything is working properly, all I have to do is make the payment, then check that task off in my head. I don't have to worry about when the transfer will arrive or what the fees will be. I can see all that directly on the platform.

CEO

Eckart Schenck

Frequently asked questions

Who can open an account with iBanFirst?

Any individual or company with international and foreign exchange payment volumes of more than €80,000 per year is eligible to open an iBanFirst account. Restrictions may apply depending on the country of origin, the activity of the company, or the origin of the funds.

Fill out the account opening form to be contacted by an advisor.

What does the process of opening an account look like?

Opening an account with iBanFirst is a 100% paperless process.

  • Fill out the account opening form to be contacted by an iBanFirst adviser.

  • Send us the documents identifying your company and its beneficial owners.

  • Our customer support team will set up your account, so you can be up and running right away.

  • You will need to activate your iBanFirst account by making a first transfer from your main bank account.

  • Your account will be ready to use upon receipt of this activation transfer.  

How much does it cost?

Unlike most corporate banks, iBanFirst does not charge fees or commissions on currency conversions.
 
The only fees iBanFirst charges are payment fees. Payment fees are fixed, but vary depending on the payment network, speed and payment instructions chosen. They are clearly displayed when a payment is created and users can choose between different payment options.
 
Companies below the minimum annual threshold of €200,000 in currency payments incur a variable fee of 0.2% of incoming payments and transfers without currency exchange. 
Other ad hoc fees may apply for iBanFirst to handle exceptional requests

Are my funds secure?

Protecting your account from fraud:
i
BanFirst ensures the security of its customers' accounts through numerous measures such as a robust infrastructure, SSL encryption of connections, and regular audits and computer penetration tests.
 
Strong Authentication:
Strong authentication is a mandatory security measure for sensitive actions such as:

  • Logging into the platform from a new device

  • Adding a beneficiary

  • Validating a payment or a currency conversion

  • Adding a user 

Strong authentication ensures the security of your account and funds if your platform credentials are ever compromised. The strong authentication methods available at iBanFirst are:

  • One-time code generated by mobile or desktop applications such as Google Authenticator or Authy

  • Yubikey

These methods are both used in a process called two factor authentication (2FA). They will ask you to authenticate using both something you know (your iBanFirst credentials) and something you have in your possession (your phone or Yubikey) .

What currencies does iBanFirst offer?

With iBanFirst, you can open accounts in more than 35 currencies, with nominative IBANs that guarantee the security and quality of your payments. 

Go check our Currency Reference Center

How much money can iBanFirst make me save?

Since 2013, iBanFirst has been analyzing exchange rate changes and fees charged by banks on foreign currency transactions and has developed a bank fee calculator.

How much do your foreign currency transactions cost you today with your bank? How much could you save with iBanFirst?

Do the simulation here.