Webexpenses Partners With Wise Platform to Provide Multi-Currency Expense Solution

Webexpenses, a supplier of cloud-based financial management software, has partnered with cross-border payment network Wise Platform to provide a seamless and efficient expense solution across multiple currencies.

With the integration of Wise Platform, Webexpenses customers can now manage and pay their expenses directly from the platform, simplifying the expense management process and ensuring faster payments at a lower cost, the companies said in a Tuesday (Nov. 28) press release.

“In today’s world, the last thing employees want is delayed expense claim reimbursements,” Andrew May, managing director at Webexpenses, said in the release. “With our new solution, our clients can leave clunky processes in the past and easily pay their business expenses all in one day.”

One of the key advantages of this partnership is the ability to process payments in multiple currencies, according to the press release. With Wise’s technology, businesses can now make payments in British pounds sterling, Australian dollars, U.S. dollars, euros and Singapore dollars.

In addition to multi-currency capabilities, Webexpenses’ solution offers increased automation, making it easier for employees to submit expense claims and for finance teams to process and approve them, the release said. With Wise, over 60% of all payments settle instantly, and 94% settle within 24 hours.

Furthermore, the partnership with Wise Platform provides finance teams with greater visibility and control over their cash flow, per the release. This transparency strengthens the financial agility of the organization and reduces the risk of errors and unnecessary fees.

“Global expense management is a vital component of business operations today, but it can be a hassle,” Steve Naudé, managing director at Wise Platform, said in the release. “With Webexpenses, businesses can now process payments securely and efficiently, gain clarity on their finances, and increase productivity by freeing up time to focus on what really matters most to them.”

Cross-border transactions have traditionally had the highest frictions and costs of any form of payment, PYMNTS reported in September. At a time when more small and medium-sized businesses (SMBs) are looking to do business internationally, solving for these historical bottlenecks has drawn the attention of non-bank platforms and firms offering alternative payment methods, as well as an increasing interest from incumbent financial institutions.

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