B2B Payments

Reckon Aims For Cheaper X-Border B2B Payments

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Cloud accounting firm Reckon is looking to ease the financial burden for businesses that need to send and receive money across borders.

To do so, the company announced Wednesday (June 29) that it is partnering with global payments company OzForex, now known as OFX, based in Australia, to enable Reckon’s existing corporate customers to conduct cross-border transactions.

Reckon’s corporate customers in Australia must be onboarded to OFX’s payments network to use OzForex’s global payments solution. OzForex supports 55 currencies and, according to the companies, offers better FX rates than banks.

“Most SME businesses simply don’t realize how much they are paying to transact with customers, suppliers or employees in other countries,” said Reckon’s Managing Director of Australia and New Zealand Sam Allert in a statement. “We’re confident that OFX will help Reckon customers become more informed and reduce their costs, without being held up dealing with old-world financial services providers.”

In a separate statement, OFX Group CEO Richard Kimber said the collaboration will hopefully raise brand awareness for the payments platform.

Earlier this year Reckon announced plans to acquire SmartVault, a document management company that similarly targets SMEs. The move will help Reckon expand globally and enable the firm to add document management capabilities for companies’ bookkeeping and accounting operations.

OzForex made its own headlines earlier this week when the company announced that it had facilitated a record number of currency exchange transactions following the Brexit vote. While the company declined to say how much exactly it handled, the firm did say it recorded the highest volume of FX transactions in its 18-year history.

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B2B APIs aren’t just for large enterprises anymore — middle-market firms and SMBs now realize their potential for enabling low-cost access to real-time payments and account data. But those capabilities are only the tip of the API iceberg, says HSBC global head of liquidity and cash management Diane Reyes. In this month’s B2B API Tracker, Reyes explains how the next wave of banking APIs could fight payments fraud and proactively alert middle-market treasurers to investment opportunities.

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