Wise Business introduces invoicing tool for Singaporean SMEs

Being launched as a free-to-use solution and available within the Wise Business account, Wise’s tool works towards simplifying the process of generating invoices, conducting and receiving payments, and tracking finances. The service was developed to meet the needs, demands, and preferences of smaller businesses across Singapore, while also remaining compliant with regulatory requirements in the region.

Recently, Wise partnered with Swift to expand cross-border payment options, with the two companies intending to allow financial institutions to route Swift payment messages directly to Wide Platform via its Correspondent Services solution. This was set to enable their customers to benefit form both speed and convenience without needing to implement any major modifications to their systems.

Augmented payment capabilities

Wise Business’s new tool is set to equip small businesses with the ability to create and issue invoices, which can be automatically issued through email, reconcile payments, and track an invoice’s status to detect what needs to be paid or it is overdue. In addition, the invoicing tool allows users to issue invoices in multiple currencies, including USD, JPY, and EUR, and receive payments with minimised exchange rates and hidden fees. At the same time, to enable owners to pay securely, they can leverage a Pay with Wise option, which offers a faster experience for users whose customers also utilise Wise.

The decision to introduce the solution can be attributed to the current economic landscape in Singapore, where SMEs represent the majority of enterprises. Despite this and the region’s efforts to further innovate its banking system, small businesses still remain underserved, mainly when it comes to their payment needs. Wise developed the invoicing tool to address these complexities by optimising payments and assisting the continued expansion of SMEs. Also, Wise Business centres its operations around helping small businesses across the world grow their footprint and reach, allowing users to hold and send money in over 40 currencies to more than 160 countries, with account details in 9 currencies.