AvidXchange Expands Global Capabilities with the Launch of Cross-Border Payments

Rhea-AI Summary

AvidXchange (Nasdaq: AVDX) has launched a cross-border payments solution embedded within Oracle NetSuite. This new feature allows US customers to handle both domestic and international supplier payments directly through NetSuite, supporting multiple currencies including AUD, CAD, EUR, GBP, INR, and MXN. The integration aims to enhance financial visibility and streamline accounting processes, reducing the need for manual tasks and improving security. AvidXchange aims to provide a comprehensive end-to-end payment solution, leveraging a partnership with a third-party international payments leader.

Positive

• Launch of cross-border payments integration with NetSuite enhances service offerings.
• Supports multiple currencies, allowing for greater flexibility in transactions.
• Improves visibility of foreign exchange fees and cash flow management.
• Streamlines accounting processes, reducing manual work and enhancing security.

Negative

• None.

Initial availability will be offered to NetSuite customers

CHARLOTTE, N.C., Nov. 29, 2022 (GLOBE NEWSWIRE) -- AvidXchange (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today 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.

“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,” said Michael Praeger, co-founder and chief executive officer of AvidXchange. “AvidXchange strives to provide a true end-to-end solution that saves our customers time without adding extra steps.”

“We’re excited to introduce this cross-border payment offering because of what it means for our customers and the market as a whole,” said Tyler Gill, vice president and business line executive of strategic partnerships and alliances at AvidXchange. “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.

To learn more, visit www.avidxchange.com/solutions/avidsuite-for-netsuite/.

About AvidXchange^®
AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 825,000 supplier customers of its buyers over the past five years.

To learn more about how AvidXchange, and its publicly traded parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming the way companies pay their bills, visit www.AvidXchange.com.

Contact
Olivia Sorrells
osorrells@avidxchange.com    
386-848-3656

 

FAQ

What is AvidXchange's new cross-border payments feature?

AvidXchange's new cross-border payments feature allows US customers to pay international suppliers directly through Oracle NetSuite, supporting multiple currencies.

When was AvidXchange's cross-border payments solution launched?

The cross-border payments solution was announced on November 29, 2022.

What currencies are supported in AvidXchange's cross-border payments?

The supported currencies include AUD, CAD, EUR, GBP, INR, and MXN.

How does AvidXchange's solution improve financial visibility?

The solution enhances financial visibility by providing insights into foreign exchange fees, gains, and losses, allowing better control over costs and cash flow.

Who is AvidXchange's partner for the cross-border payments feature?

AvidXchange has partnered with a third-party leader in international payments to enable this feature.