B2B Payments

Airwallex, Xero Collab On X-Border SMB Payments, Reconciliation

Airwallex, FinTech, unicorn, Xero, Collaboration, cross-Border, B2B, SMB, Payments, Reconciliation

Australian cross-border FinTech unicorn Airwallex is integrating with New Zealand’s cloud-based accounting platform Xero, Airwallex announced Tuesday (March 10).

The collaboration is aimed at assisting Airwallex’s small- to medium-sized business (SMB) customers to easily handle local and global payments. Airwallex is striving to boost SMBs in an environment that is progressively becoming a borderless world.

“It was our key priority to launch this feature as quickly as we could, as it was the number one most-requested feature from our customers in Australia,” Jack Zhang, co-founder and chief executive officer at Airwallex, told The Australian. “Most of our SMB customers in Australia are using Xero as their accounting solution, and so it was important to provide that seamless experience between Airwallex and Xero.”

SMBs can now link cross-border dealings in Airwallex to Xero, enabling users to take a look at transactions every day. SMBs can also review transactions to measure how finances are doing.

The collaboration is live in Australia, and later in 2020 will be offered to users in the U.K.

“Small businesses do not have the time or resources to manage multiple technology solutions that often operate in silos — they need solutions to work and integrate with each other seamlessly,” Zhang said in the announcement. “This is even more imperative when it concerns their multi-currency financial reporting as there is no room for errors.”

“An integration with Xero is one of the most requested integrations from our customers,” Zhang added. “This is the start of a series of capabilities that we plan to introduce with Xero to improve the way small businesses manage their finances across platforms.”

Airwallex gives SMBs the ability to tap interbank foreign exchange rates on global payments and deposits. SMBs can also open accounts in the U.S., U.K. and EU on Airwallex.

“As more small businesses enter overseas markets, it’s important that their multi-currency payments flow seamlessly in Xero and are automatically reconciled,” said Ian Boyd, financial industry director at Xero. “This integration with Airwallex will ensure our mutual customers spend less time on administrative tasks and more on what’s important to them — running their business.”

Airwallex announced a partnership with Visa last month to introduce a borderless card for businesses.

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