Cross-border payments company Cambridge Global Payments has announced a new partner to enhance its B2B payment solutions, just weeks after announcing another collaboration with AP automation company Beanworks.
On Wednesday (May 4), the firm announced a deal with electronic payments and commercial card company CSI globalVCard to streamline global payments for AP executives.
CSI will lend its digital accounts payable solutions, while Cambridge will add in its payments technology, generating a Web portal to issue and settle cross-border payments.
The solution supports payments sent via ACH, wire transfer, check or virtual card, the companies said, and can function across more than 140 currencies.
The service providers negotiate foreign exchange rates with other cross-border payment service providers, reports added.
CSI globalVCard Managing Director Jason Kolbenheyer said CSI globalVCard's corporate clients can see up to a 10 percent reduction in their FX spend by using this exchange rate negotiation service.
The basis of this collaboration, the firms said in their release, is the ongoing globalization of B2B companies.
“As companies expand globally, opening divisions or sourcing goods and services all over the world, the need to simplify cross-border payments has become crucial,” their statement read. “From international rules and regulations to the volatility of the foreign exchange market, businesses today face a continuous struggle to navigate through global payment complexities."
CSI globalVCard made another move to support global payments with its solutions earlier this year when it rolled out an integration of cross-border payments capabilities into its globalVCard paysystems AP tool.
“We are building an ecosystem with world-class partners who share our belief that customers should have a seamless global payments processing experience,” said Cambridge CEO Gary McDonald in a statement.
In a recent discussion with PYMNTS, Cambridge CTO Corinne MacMillan pointed to the role of collaboration between FinTech providers in removing B2B payments friction.
In working with other FinTech companies, MacMillan said integration with a payments company is now in high demand as companies look to “make it seamless for the customer to have invoices coming into a central location and to have that location talking to both ERP systems and their payment provider.”