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AvidXchange expands global capabilities with the launch of cross border payments

By Edlyn Cardoza

December 01, 2022

  • Accounts Payable Automation Software
  • Avidxchange
  • B2B Payments
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AvidXchange, Accounts Payable Automation Software, Cross Border Payments, Oracle NetSuite, Financial Services, International Payments, B2B Payments, USAAvidXchange, one of the leading providers of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, announced the launch of cross border payments (CBP). The embedded payment experience will be available first to Oracle NetSuite customers and accessible in AvidXchange’s newly launched SuiteApp within NetSuite’s SuiteCloud platform.

“In today’s market, organizations want direct payment processes. 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,” said Michael Praeger, co-founder and chief executive officer of AvidXchange. “AvidXchange strives to provide a true end-to-end solution that saves our customers time without adding extra steps.”

With the AvidXchange SuiteApp, customers in the United States can pay both domestic and international suppliers without leaving NetSuite. Payments can be made from a USD bank account and currencies offered include AUD, CAD, EUR, GBP, INR, and MXN. Once cross border vendors have been established, customers can automate exchange rate quotes for international bills and elect to process payments.

Building upon NetSuite’s robust solution for financial services, the fully automated accounting process with CBP provides better visibility into foreign exchange fees, gains, and losses so that customers have more control over costs and cash flow. AvidXchange allows customers to streamline resources and reduce the amount of manual work required to print paper checks and keep track of costly international wire fees. With a centralised system to handle accounting tasks, the process of paying international suppliers is also more secure.

“We’re excited to introduce this cross-border payment offering because of what it means for our customers and the market as a whole,” said Tyler Gill, vice president, and business line executive of strategic partnerships and alliances at AvidXchange. “AvidXchange has partnered with NetSuite for nearly 15-years, and this integration is a great way to show gratitude to our joint customers.”

This embedded payment experience is made possible through arrangements with a third-party leader in international payments. AvidXchange is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services.

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