How Meridian put Ochre in control of FX across its global revenues
Ochre provides direct-to-consumer (D2C) technology and services enabling music labels and artists to run scalable, global D2C operations. Its clients include globally recognised artists such as Oasis and The 1975.
The Challenge
During a client consultation in 2019, Meridian spotted an opportunity to streamline Ochre’s US revenue flows more efficiently, enabling them to better manage FX rates.
Ochre was selling extensively into the US market using mainstream payment gateways. While these platforms collected funds in USD, they automatically repatriated the proceeds to Ochre’s UK bank account in GBP. This meant:
USD revenues were automatically converted into GBP by the payment gateways
FX conversion costs of up to 4% on every daily settlement
No control over FX rates or timing of conversions on these transfers
Double FX costs when paying US suppliers (GBP converted back to USD)
A review of historic transactions revealed avoidable FX losses.
The Solution
Meridian implemented a streamlined, multi-currency setup to give Ochre full control over its US revenues:
A US-based, named USD account
Enabling payment gateways to settle funds locally in USD, avoiding costly automatic FX conversions
Highly competitive FX rates
When conversion was required, delivering 3–3.5% savings versus the payment gateways and improving FX cost efficiency
Full control Over Currency Conversions
Allowing Ochre to manage when and how currencies were exchanged, manage their FX risk exposure, pay US suppliers directly, and eliminate unnecessary double conversions
Secure online portal with real-time visibility
Supported by a dedicated account manager
FX market insights
To support operational planning around currency requirements
Meridian’s expertise and support has been a game-changer, always helping us deliver the best solutions for our customers.
Dan MinchomManaging Director, Ochre
Results
Meridian’s expertise helped Ochre regain control of its US revenues, significantly reduced FX costs and built a more flexible, scalable international payment structure to support their continued global growth.
Significant Cost Savings: 3–3.5% reduction in FX costs, enabling more efficient FX handling
Improved cash flow: Retaining funds in USD until conversion is operationally required
Greater control: Eliminating automatic conversions and reducing FX exposure
Operational Efficiency: Simplified payment flows and supplier settlements
Improved customer relations: Continuing to always improve Ochre’s internal processes to enhance their customer offering and support long term relationships
