AvidXchange is launching cross-border payments (CBP), an embedded payment experience that 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 US 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 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 also is more secure.
With the AvidXchange SuiteApp, customers in the US can pay both domestic and international suppliers without leaving NetSuite.
Michael Praeger, co-founder and CEO of AvidXchange, says that 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, VP and Business Line Executive of Strategic Partnerships and Alliances at AvidXchange, says he is looking forward to what the cross-border payment offering will mean to 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.
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