Airwallex and Xero have entered a collaborative partnership in order to support small to medium businesses (SMBs) looking to save time and money, the companies said in a statement.
Fintech company Airwallex has integrated with Xero, the small business platform, to enable SMBs wanting to reconcile domestic and international payments.
As of now, SMBs can connect their multi-currency financial transactions in Airwallex to Xero. Here customers can view a daily update of transactions through Xero bank feeds.
Xero Premium account users will be able to connect multi-currencies. Xero Starter and Standard account users will be able to connect a single domestic currency, Airwallex states.
SMBs also have full visibility of Airwallex funds within Xero's interface, which helps them to gauge their business's financial health and position as needed.
According to the company, this simplifies and speeds up the reconciliation process and frees SMBs from labour-intensive manual processes. As such, it allows them to focus more on driving business growth.
Airwallex CEO and cofounder Jack Zhang says, “Small businesses do not have the time or resources to manage multiple technology solutions that often operate in silos they need solutions to work and integrate with each other seamlessly. This is even more imperative when it concerns their multi-currency financial reporting as there is no room for errors."
Zhang says, “An integration with Xero is one of the most requested integrations from our customers. We have been listening and are delighted to be able to offer this to our Australian customers from today, with a wider international rollout planned across 2020.
“This is the start of a series of capabilities that we plan to introduce with Xero to improve the way small businesses manage their finances across platforms.
Xero financial industry director Ian Boyd says, “As more small businesses enter overseas markets, its important that their multi-currency payments flow seamlessly in Xero and are automatically reconciled. This integration with Airwallex will ensure our mutual customers spend less time on administrative tasks and more on what's important to them running their business.
Airwallex currently offers SMBs the ability to access interbank foreign exchange rates on international payments and transactions. SMBs can also open accounts in the US, UK and EU on Airwallex, which leads to more opportunities for international growth.
This latest announcement is part of Airwallex's ongoing aim to support SMB's building on their success in an increasingly borderless world, according to the company.
It follows the company's recent launch of the Airwallex Borderless Card in partnership with Visa. With advancements such as this the company aims to provide an alternative business account for modern businesses that want to operate and bank online.
The integration is currently live in Australia and will become available in the UK and HK later this year.