AvidXchange (Nasdaq: AVDX), a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, announced the launch of cross-border payments (CBP).
The embedded payment experience will be “available first to Oracle NetSuite customers and accessible in AvidXchange’s newly launched SuiteApp within NetSuite’s SuiteCloud platform.”
With the AvidXchange SuiteApp, customers in the United States “can pay both domestic and international suppliers without leaving NetSuite.” Payments can be “made from a USD bank account and currencies offered include AUD, CAD, EUR, GBP, INR, and MXN. Once cross-border vendors have been established, customers can automate exchange rate quotes for international bills and elect to process payments.”
Building upon NetSuite’s robust solution for financial services, “the fully automated accounting process with CBP provides better visibility into foreign exchange fees, gains, and losses, so that customers have more control over costs and cash flow.”
AvidXchange allows customers “to streamline resources and reduce the amount of manual work required to print paper checks and keep track of costly international wire fees.”
With a centralized system to handle accounting tasks, “the process to pay international suppliers is also more secure.”
Michael Praeger, co-founder and chief executive officer of AvidXchange, said:
“In today’s market, organizations want direct payment processes. AvidXchange’s domestic and international payment modules are both embedded in NetSuite, which means our customers never need to leave the system to make payments. AvidXchange strives to provide a true end-to-end solution that saves our customers time without adding extra steps.”
Tyler Gill, vice president and business line executive of strategic partnerships and alliances at AvidXchange, remarked:
“We’re excited to introduce this cross-border payment offering because of what it means for our customers and the market as a whole. AvidXchange has partnered with NetSuite for nearly 15-years, and this integration is a great way to show gratitude to our joint customers.”
This embedded payment experience is “made possible through an arrangement with a third-party leader in international payments.”
AvidXchange is a licensed money transmitter “for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services.”