Middle-market businesses and suppliers can now pay their suppliers with cross-border payments (CBP) made possible by AvidXchange, a leading provider of account payable (AP) automation software. AvidXchange’s newly launched SuiteApp within NetSuite’s SuiteCloud platform will offer the embedded payment feature first to Oracle NetSuite customers.
Michael Praeger, co-founder, and chief executive officer of AvidXchange, said, “In today’s market, organizations want direct payment processes. AvidXchange’s domestic and international payment modules are both embedded in NetSuite, which means our customers never need to leave the system to make payments. AvidXchange strives to provide a true end-to-end solution that saves our customers time without adding extra steps.”
AvidXchange SuiteApp allows NetSuite users to pay domestic and international suppliers without leaving the platform. In addition to USD bank accounts, other currencies supported include AUD, CAD, EUR, GBP, INR, and MXN. Customers can automate exchange rate quotes for international bills once cross-border vendors are established and payments can be processed.
Tyler Gill, vice president and business line executive of strategic partnerships and alliances at AvidXchange, said, “We’re excited to introduce this cross-border payment offering because of what it means for our customers and the market as a whole. AvidXchange has partnered with NetSuite for nearly 15-years, and this integration is a great way to show gratitude to our joint customers.”
By combining NetSuite’s robust financial solution with CBP’s fully automated accounting process, customers can better track foreign exchange fees, gains, and losses, so they are in full control of their costs. AvidXchange streamlines operations and reduces the time it takes to print checks and keep track of expensive international wire fees using fewer resources. It is also safer to pay international suppliers with a centralized accounting system. An agreement with a third-party leader in international payments has allowed for the creation of this embedded payment experience. The New York State Department of Financial Services has granted AvidXchange a money transmitter licence for use in US business-to-business transactions.
