This collaboration seeks to support international payment capabilities through AvidXchange’s newly launched Cross-Border Payments solution. According to the Chief of Growth at the company, AvidXchange partnered with Wise to provide its customers international payment capabilities. The decision was reportedly easy to make because of Wise’s platform and integration capabilities. The two companies are reportedly dedicated to making their customers’ payments process more efficient regardless of country lines, as stated by the official press release.
The Head of Wise Platform declared that current systems reportedly don’t allow businesses to easily send, spend, or receive money internationally. By partnering with AvidXchange, Wise has announced its desire to help businesses gain access to a faster, more cost-effective and improved way to manage finances with domestic and international suppliers in multiple currencies and countries. According to the press release, with 50% of transfers sent instantly, always at the mid-market rate, AvidXchange customers can reportedly save time and money with each transaction.
AvidXchange is a licenced money transmitter for US B2B payments, licenced as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a licence.
AvidXchange is a provider of accounts payable automation software and payment solutions for middle-market businesses and their suppliers. In October 2021, the company announced that it went public on the Nasdaq. A month later, in November 2021, AvidXchange announced that AvidSuite for Financial Services, the company’s accounts payable automation solution is available to credit unions.
In May 2022, AvidXchange announced a full API integration that was made available for property management companies using ResMan technology. The cross-border payments solution mentioned earlier was launched by AvidXchange at the end of November 2022, to expand its global capabilities.
Wise is not foreign to partnerships. In May 2022, the remittance platform partnered with Monzo to support international payments for their customers. Mid-August 2022, Wise and Plaid, an Open Banking network, announced an Open Finance agreement to help customers move money across different financial institutions. In November 2022, the fintech partnered with HR and payroll company Deel to enable customers to send funds via Deel using an email address.
A month earlier, Wise revealed plans to expand its investment services across Europe following the Assets product launch in Estonia. In September 2022, Wise launched the SWIFT Receive service, so customers from banks can receive cross-border payments, even if the bank is not connected to SWIFT. Wise introduced its new INTERAC e-transfer request money feature to its users in Canada, providing a more convenient way to move money into their Wise wallets, as announced here.
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