Leveraging Airwallex's global payments and financial infrastructure, MODIFI has created Global Account Solutions, a payment tool which facilitates a seamless payment integration for exporters in China and large buyers around the world, by addressing the complexities and high costs of cross-border payments and invoice financing.
Cross-border payments are associated with high costs, longer payment terms, limited access, and lack of transparency. Banks, which are typically dominant in global business payments, tend to favour larger companies, leaving emerging SMEs struggling to find affordable and flexible global payment services. As a result, there is a demand for efficient and cost-effective cross-border payment solutions, as per the press release.
MODIFI has embedded Airwallex's payment infrastructure to provide Global Account Solutions for exporters around the globe who are seeking sustainable growth in their international business. This solution simplifies the financing and collection process for buyers and sellers across multiple regions, including North America, Europe, and Asia.
Global Account Solution is designed to address the financing pain points of B2B exporters, as well as meet the cash flow needs of ecommerce marketplace vendors and non-traditional businesses. MODIFI supports major platforms such as Walmart, JD Worldwide, Amazon, Wayfair, Tmall International, Coupang, and Temu. By optimising cashflow, bridging financing gaps, and providing support for Chinese exporters, MODIFI facilitates cross-border ecommerce platforms.
Officials from Airwallex said that moving money around the world can be incredibly restrictive, time-consuming, and costly. Airwallex's global financial infrastructure coupled with MODIFI's digital commerce payments platform, will simplify the way businesses can grow across borders. They're happy to work with MODIFI and further enable businesses to reach their global ambitions.
MODIFI’s executives explained that they're offering this solution not only to Chinese exporters but also to exporters outside of China. It eases trade bottlenecks and tackles liquidity issues, benefiting exporters struggling with financing and collection solutions.
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