To help middle-market firms automate each of their accounts payable (AP) procedures on one platform, MineralTree has unveiled “end-to-end” multi-currency functions. The product lets users automate the intake, handling and approval of invoices from different parts of the globe harnessing the same technology and process utilized for domestic bills, according to a Thursday (June 11) announcement.
The software company also said a new collaboration with TransferMate, the corporate payments company, lets its users pay invoices in over 130 local currencies with ease per the release. Multi-currency payments from the company’s systems are automated through the connection with the international payments system of TransferMate.
Foreign exchange (FX) rates are set into place at the time the payments are set into motion, and MineralTree said users save on wire fees compared to historical methods. Terry Clune, the executive chairman of TransferMate, said in the announcement that TransferMate and MineralTree together “can deliver important savings via highly competitive FX rates and ease the burden of processing transactions on finance teams.”
Customers can use the multi-currency payment functions and multi-currency bill intake and approval abilities in conjunction or independently, depending on their individual needs.
Vijay Ramnathan, president of MineralTree, said in the announcement, “At MineralTree, it is our mission to digitize the finance function. With these new capabilities, we can now offer our clients a world-class platform for the automation of all domestic and international invoices and payments.”
Ramnathan became a member of the MineralTree team as its new president per an October press release. He was to work closely with Micah Remley, the company’s chief executive, according to news at the time. Ramnathan previously served as COMDATA Corporate Payments' product head. Prior to that time, he worked for Fifth Third Bank and U.S. Bank in product management positions.
At the time that his hiring was announced, Ramnathan said, “There is a huge opportunity in helping growing companies transform and streamline their AP departments, and I am honored to join a company at the forefront of this ongoing transformation.”