Jeeves partners with Bexs

Friday 10 November 2023 08:43 CET | News

Global expense management and cross-border payments platform Jeeves has partnered with digital payments and FX bank Bexs

Through this collaboration, Jeeves and Bex developed a digital cross-border Business-to-Business (B2B) payments platform for Brazilian businesses. The launch intends to eliminate the manual processes traditionally associated with sending funds from Brazil to global regions, including the US and Europe, and to provide businesses with a simplified, fast, and transparent transaction experience. 

Global expense management and cross-border payments platform Jeeves has partnered with digital payments and FX bank Bexs.

The launch’s objective

Brazilian businesses previously managed the analogue bureaucracy of FX contracts and the complex process of invoice payments that was not time-efficient, usually requiring constant communication with FX providers. With Jeeves’ platform, transactions are executed digitally within 24 hours, while also ensuring compliance with the Central Bank of Brazil’s security standards and allowing finance teams to focus on other responsibilities. The platform is integrated through API to Bexs’ FX-as-a-Service solution, enabling international transactions to be conducted digitally. Considering the current environment where the world is increasingly interconnected, businesses require immediate international transactions, including for technology, legal advice, marketing, or good import.

According to Bexs’ officials, the bank intends to expand and facilitate access for Brazilian companies to global goods and services. Bexs aims to use technology to provide improved solutions to Brazilian businesses to ensure simplified transactions and optimal processes, while also reducing the holdups that can impact the course of their activities. The platform also provides competitive FX rates, which intend to accelerate fund transfers and optimise margins on transactions.

Representatives from Jeeves stated that Brazil is a promising market and the partnership with Bexs offers the company insight into the unique characteristics of the region. With the new solution, the two companies aim to help Brazilian companies in their business deals by simplifying the conversion to other currencies in a single and secure platform. Moreover, the launch supports Jeeves’ objective of serving startups and early-stage companies in Brazil, as well as targeting medium and large-sized companies. The company also sees Brazil as a significant opportunity to expand its operations in Latin America. 

More information about Bexs

Through its FX and payment technology, Bexs aims to connect Brazilian companies and clients with the rest of the world. The group merges solutions developed by Bexs Banco, which offers transaction and API capabilities to the FX market, and Bexs Pay, a digital payment provider for international markets. This intends to ensure that Brazilian clients have access to improved services and offer their products at a global level. Bexs processes transactions for companies such as Revolut, Avenue, Nubank, TikTok, dLocal, Nuvei, Wordline, Kwai, Thunes, and Ebanx, among others.

At the end of October 2023, Ebury announced that the Central Bank of Brazil approved its acquisition of Bexs Group, with both of its branches. The approval allowed both companies to advance the integration procedures to accelerate the launch of new products in the Brazilian market. Moreover, the acquisition was intended to broaden Ebury’s offering of international funds transfer solutions for SMEs and increase its digital offerings to online businesses in Brazil, especially marketplaces, investment applications, and software companies. 

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Keywords: FX , partnership, cross-border payments, cross-border ecommerce, B2B payments
Categories: Payments & Commerce
Companies: Bexs, Jeeves
Countries: Brazil
This article is part of category

Payments & Commerce




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