Payments solutions company AvidXchange has unveiled a cross-border payment experience.
The North Carolina company said the new offering will be available first to Oracle NetSuite customers and accessible in its newly launched SuiteApp, according to a news release Tuesday (Nov. 29).
SuiteApp lets customers in the U.S. pay domestic and international suppliers without leaving NetSuite, letting them make payments from a U.S. bank account in currencies that include AUD, CAD, EUR, GBP, INR and MXN.
“In today’s market, organizations want direct payment processes,” Michael Praeger, the company’s CEO and co-founder, said in the announcement. “AvidXchange’s domestic and international payment modules are both embedded in NetSuite, which means our customers never need to leave the system to make payments.”
The company says the solution offers greater insights into foreign exchange fees, gains and losses, giving customers more control over cash flow and costs. It also helps them reduce the manual work needed to print paper checks and track international wire fees.
The launch comes three months after AvidXchange debuted an integration with cloud-based accounting system Blackbaud Financial Edge NXT.
AvidXchange’s customer base is largely middle-market businesses and their suppliers while Blackbaud Financial Edge NXT is focused on the nonprofit sector.
The integration uses the AvidConnect platform, enabling the “automatic syncing of GL codes, vendor lists, invoices and payments between AvidSuite, which includes AvidInvoice and AvidPay, and Blackbaud Financial Edge NXT,” the companies said.
AvidXchange is launching its new offering as faster payments become increasingly important to businesses. A recent survey from the Federal Reserve found that 75% of businesses consider offering faster payments important, with 90% expecting to offer that capability within the next three years, as reported in the “Real-Time Payments Tracker®,” a PYMNTS and The Clearing House collaboration.
The businesses cited various reasons for wanting faster payment, the survey found: 52% wanted more accurate cash flow management, 46% hoped to improve their accounts payable (AP) procedures, and 43% needed to streamline their payroll operations.
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