Through this partnership, Spendesk and Wise Platform intend to launch international payment capabilities for the former’s platform. This enables customers based in the European Economic Area (EEA) and the UK to conduct cross-border transactions securely and more efficiently in 30 currencies, in turn assisting invoice payments and expense reimbursements. As of the announcement, customers can enter a waiting list, with the capability being expected to go live within a few weeks.
In addition to teaming up with Wise Platform, Spendesk also recently partnered with Marqeta, with the latter becoming the issuer processor of Spendesk Financial Services (SFS) in Europe. The move focused on offering optimised expense management for small and medium-sized enterprises (SMEs) operating in the region. Also, Spendesk was set to utilise this merged technology to support SME customers in monitoring budgets, customising spend controls, and scaling efficiency.
Optimising cross-border transactions
Through this new international payment capability, Spendesk’s customers are set to be able to simplify how they manage multi-entity financial and cross-border operations via a single, unified dashboard. Merging spend management with transparent and cost-effective international payments into a single solution enables the company to mitigate inefficiencies and slow processing times that are typically associated with cross-border transactions. Additionally, the initiative supports Spendesk in offering real-time tracking of every payment directly from the dashboard.
Furthermore, among the potential capabilities of the collaboration between Spendesk and Wise Platform, the two companies mention:
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Global payment reach, with customers being able to send invoices and expenses in 30 currencies leveraging the mid-market exchange rate;
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Instant payments through Wise’s global payment infrastructure;
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Scaled payment visibility, enabling real-time tracking of all international payments from the Spendesk dashboard. This equips finance teams with increased control and transparency;
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Multi-entity management, allowing handling of complex corporate structures with centralised international payment management across several business entities.
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