AvidXchange, a leading provider of Account Payable (AP) automation software and payment solutions, has recently introduced its Cross-Border Payments solution, powered by Wise Platform. This industry-leading, integrated payments experience provides U.S.: – based AvidXchange customers with a more seamless payment experience, enabling them to pay domestic and international suppliers, all without leaving the platform.
With this fully automated bookkeeping process, AvidXchange customers are better informed of their foreign currency fees and any gains or losṣses, giving them greater control of their costs and cash flow right from the start. It enables businesses to save time and money in the payments process by reducing the manual effort required to print paper checks and tracking expensive international wire fees. Additionally, by allowing one unified platform to manage accounting and payments tasks, the process for paying international suppliers is safer than sending critical documents through the mail or sharing bank account information between multiple accounting systems.
“Partnering with Wise to bring best-in-class international payments capabilities to our customers was a no-brainer because of their leading-edge marketplace platform and their ability to seamlessly integrate,” said AvidXchange CMO Dan Drees. “We are standing strong as leaders together, and remain committed to making the payment experience for our customers even more effective, no matter the country lines.”
Small and medium businesses (SMBs) are expanding globally, so they need partners to help them navigate the challenges this expansion brings, particularly international payments.
“The current systems make it difficult for businesses to send, spend, or receive money internationally with ease. With the help of AvidXchange, Wise is helping businesses gain access to a faster, cheaper, and more seamless way of managing finances with domestic and international suppliers across a range of currencies and countries,” said Steve Naude, Wise Platform Chief. “With 50% of Wise’s transfers sent instantaneously, and always at mid-market rates, AvidXchange customers can now be confident knowing that they are saving time and money on every transaction.”
The Wise Platform is in production use today with more than 50 banks and businesses that have integrated Wise’s capabilities building the best possible way to transfer money internationally, all within their existing infrastructure. With a special deployment team of deployment, engineering, customer, and product experts, Wise Platform works with partners such as AvidXchange to seamlessly integrate Wise APIs across partners and UIs. AvidXchange, Inc. is a licensed money transmitter for U.S. B2B payments, licensed as a money transmitter by the New York Department of Financial Services and in all other states where AvidXchange is required to be licensed.