B2B Payments

Western Union, MineralTree Collaborate Cross-Border Supplier Payments

Accounts payable (AP) firm MineralTree is teaming up with Western Union to help companies pay suppliers overseas.

An announcement Tuesday (Oct. 31) said MineralTree will integrate Western Union’s global payments capabilities into its own offering, enabling business customers to pay their vendors across borders via the MineralTree platform. The integrated solution also syncs with accounting and enterprise resource planning (ERP) systems, automates data capture and purchase order matching and offers several security features.

Companies can pay vendors via check, ACH, virtual card or wire transfer, with the system integrating with bank and credit accounts for streamlined payment disbursement, the companies added.

“Businesses today have a globalized supply chain, and they face the need to streamline relationships with international suppliers,” said MineralTree Founder and CEO BC Krishna in a statement. “However, most businesses still follow ad hoc, risky, expensive processes to process and pay invoices from their international vendors.”

“We’re delighted to announce this alliance with MineralTree which will enable their customers to disburse international business payments to suppliers in over 200 countries and territories,” added Western Union President of Global Payments Jean-Claude Farah.

Earlier this year, MineralTree announced another partnership with American Express. That collaboration integrates American Express’ virtual card capabilities into a platform on MineralTree, enabling businesses to pay their invoices.

Western Union has also enhanced its B2B offerings of late. Last year, the financial institution’s (FI) corporate segment, Western Union Business Solutions, launched WU EDGE, a digital platform to help small and mid-sized businesses facilitate international trade by connecting buyers and suppliers and supporting cross-border B2B payments.

“WU EDGE technology will enable hundreds of thousands of businesses across the world to easily engage in global trade, potentially enabling them to grow, invest and deliver the jobs of the future,” said Kerry Agiasotis, Western Union Business Solutions president, at the time. “We view ourselves as business partners to our SME customers, and we are proud to offer this platform to them.”

——————————–

Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

TRENDING RIGHT NOW