b'TECHNOLOGY & RELOCATIONBy Warren HeeleyFIGURING OUTTHE FINANCESNew technology aims to make establishingcredit and payroll easier for relocating employeesE mployees relocating globallycredit with a new bank. I felt I was alonehealth care plans, mobile phone contracts encounter a lengthy list of chal- with no help.and other straightforward services all lengesfrom adjusting to therequire similar information. Szabo says environment of their destination toSzabo recalls a bank meeting dedicatedthere should be a tech solution to this finding a new home and schools for theirto building his financial history thatdilemma: In this age of technology, we children. But setting up a bank accountlasted over four hours. It was a frustratingneed a resource that can automatically and establishing credit and payroll topprocess but one that many relocateesprovide these companies with the most the list, because without access to funds,continue to experience. In some cases, itup-to-date personal financial information relocating employees cannot begin theirholds them up from moving forward withfor a relocating employee.new life in their new location. And to date,their new life.sorting out this part of their move can With no access to funds in their destina- TECH SOLUTIONSbe daunting. tion, relocatees have little recourse but toTechnology solutions for credit challenges Credit and payroll are about a personstry to secure cash from their homelandare typically being developed individ-financial history, which relocatedto make their initial transactions. Theually by different tech experts. Szabos employees will typically not have whenchallenge then revolves around gettingcompany Beacon, however, looked at a they arrive in their new country, explainsthe funds across borders. This moneybroader solution to solve key challenges Stuart Szabo, CEO of Beacon, a relocationmoving issue also impacts the culturalwith a single technology. We [worked] company that has developed an app to helppractice of sending money home toon a super app that [addresses] most relocatees in this area. With no credit orfamily, which is vitally important forof the hurdles for relocating employees funds flowing from payroll, the relocatingsome transferees.needing credit in a new country, he says. employee and family find themselves in aYet another irritating challenge addedBeacons mission is to empower immi-difficult position. I have personally hadto the mix concerns the multiple timesgrants to establish credit in advance of the experience of relocation, and I knowrelocatees must provide the same infor- their arrival. Institutions like Beacon are how difficult it is to start from scratch formation. Banking, insurance companies,the missing part of employee relocation. 22PERSPECTIVESWinter 2024'