B2B Payments

Xero Eases Cross-Border Invoice Settlement

Invoice Financing

Procurement is becoming far more streamlined in terms of the source-to-pay process — that progression appears to be accelerating as businesses work together to make it easier for corporate buyers to settle their digital invoices. Key in this movement, however, is facilitating cross-border payments as SMEs look overseas for new partners.

The most recent to facilitate this need is Xero, which announced Friday (March 4) that it extended its existing partnership with cross-border payments platform Midpoint.

In announcing their extended relationship, Midpoint also revealed the rollout of a new app allowing users of Xero’s cloud accounting software the ability to use Xero to invoice their clients, as well as a “Pay Now” button on those digital bills, sent via email.

“This development paints a picture of the future of eInvoice FX payments,” said Midpoint COO Brad Lemkus. “The process is easy and seamless, delivers unbeatable value and simultaneously updates a user’s Xero software, whether a vendor or a customer.”

Xero and Midpoint have been working together for less than a year, but when their partnership was announced last July, it connected Xero’s corporate subscribers to Midpoint’s FX services, meaning companies with international invoices could settle them at a more affordable cost by buying and selling currency via Midpoint.

“This further reinforces the partnership between Xero and Midpoint in providing contemporary cost-effective solutions to the market by harnessing the power of cloud tech, peer-to-peer connectivity and user-friendly Software-as-a-Service applications,” added Lemkus.

In a separate statement, Xero MD Gary Turner pointed to the rising number of Xero customers that are doing business with overseas partners.

“A growing number of our small business customers are trading overseas more frequently, so it is therefore very encouraging to see Midpoint extend their Xero integration with the launch of this new app,” Turner stated.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.