AvidXchange Holdings has expanded its international payment capabilities through a partnership with Wise Platform.
With the partnership, the provider of accounts payable (AP) automation software and payment solutions for middle-market businesses and their suppliers will gain support for international payment capabilities through its new Cross-Border Payments solution.
“Partnering with Wise to provide our customers with best-in-class international payment capabilities was an easy decision because of their market-leading platform and seamless integration capabilities,” AvidXchange Chief Growth Officer Dan Drees said in the release. “Together, we stand firm as leaders and remain dedicated to making our customers’ payment process more efficient regardless of country lines.”
AvidXchange is a licensed money transmitter for U.S. business-to-business (B2B) payments, according to the press release.
Wise Platform said in the release that current systems don’t allow businesses to easily send, spend or receive money internationally.
“Through our collaboration with AvidXchange, Wise is helping businesses gain access to a faster, more cost-effective and seamless way to manage finances with domestic and international suppliers in multiple currencies and countries,” Wise Platform Head Steve Naude said in the release. “With 50% of transfers sent instantly, always at the midmarket rate, AvidXchange customers can now have confidence knowing they are saving time and money with each transaction.”
PYMNTS research has found that efforts to modernize and speed up the B2B cross-border payment experience have lagged behind similar efforts to improve the online payment experience for consumers, resulting in a cross-border payments process that is often complicated and filled with friction.
For many businesses, the cross-border payment process is prohibitively complex. Small to medium-sized businesses (SMBs) are particularly hard hit, with 27% ranking the complexity of making cross-border payments as one of their top obstacles, according to the “B2B Cross-Border Payments Tracker®,” a PYMNTS and American Express collaboration.