Melio Intros International Payments for SMBs

B2B small business-focused payments platform Melio has launched an international payments initiative that will allow small businesses in the U.S. to make payments to suppliers in more than 70 countries around the world by July 1, according to a Tuesday (May 31) press release.

Some 63% of small businesses have had to alter their supply chains in the past six months, Melio said in its announcement, so cross-border payments have been growing quickly in that time, meaning small businesses that aren’t equipped to handle them are often left behind or left out.

Melio’s international payments solution brings the capabilities to a wider range of vendors, the press release says.

“As Melio continues to scale rapidly, we are growing our product and R&D team in order to expand our product offering for small businesses,” Melio Co-founder and CTO Ilan Atias said in the press release.

Melio offers an integrated payments solution that allows small businesses to transfer and receive payments — helping with cash flow needs, eliminating late payment costs and giving businesses back valuable time, per the press release.

Related: Verto Unveils B2B Multi-Currency Global Accounts

Last week, B2B cross-border foreign exchange Verto launched its multi-currency global account, allowing businesses to receive and send payments across 190 countries in up to 51 currencies.

Global Account lets businesses take in money in up to 25 currencies, convert the funds and pay their partners, suppliers or employees in 51 currencies. The company finalized a $10 million Series A funding round in September and has a presence across Europe, the U.S. and the U.K.

Verto’s Global Account offering helps businesses that have struggled with currency conversion issues when it comes to paying partners, suppliers and employees, said Verto CEO and Co-founder Ola Oyetayo.

In December, VertoFX teamed up with Banking Circle to streamline international payments. Verto uses the bank’s virtual International Bank Account Number (IBAN) solution and local payment rails to alleviate the pain of complex pay-ins and cross border payments.