Emburse launches Emburse Global Reimbursements, powered by TransferWise

By Pavithra R

Emburse, a global leader in expense management and accounts payable automation solutions has announced the launch of Emburse Global Reimbursements.

Traditionally, Global organization have relied on SWIFT network to facilitate payments from their corporate account to their employees. However, this often requires several correspondent banks in the exchange process and may result in organizations being subject to hidden fees, unfavorable exchange rates, and slow transfers.

Emburse Global Reimbursements, powered by international payments leader TransferWise offers a cheaper, automated way to reimburse employees’ out-of-pocket expenses quickly, across multiple countries and currencies.

“We’re thrilled to partner with TransferWise to improve the experience for employees around the world. With our new Emburse Global Reimbursements offering, employees can now be reimbursed for their expenses in minutes, not days, giving them peace of mind and improving their cash flow. In addition, this makes it simple, quick and far less costly for organizations to reimburse international employees. Companies can save more than 60% of the overall international transfer costs, with transparent fees and no exchange rate mark-ups,” said Eric Friedrichsen, CEO of Emburse.

The solution uses TransferWise’s local bank accounts to exchange foreign currency, providing low, transparent fees, and always uses the mid-market exchange rate. It accelerates expense reimbursements to employees and provides organizations with a simpler, more convenient reimbursement process, while significantly reducing costs. Emburse Glob­al Reim­burse­ments’ features include:

• Quick and affordable mploy­ee reimbursement in the recip­i­en­t’s local cur­ren­cy
• Lever­age real-time, mid-mar­ket exchange rates to get the best price
• Send reim­burse­ments in cus­tomiz­able batch­es or one-off pay­ments
• Gain mas­sive sav­ings and pay­ment vis­i­bil­i­ty with a cen­tral­ized solution

“Over 8 million individuals and businesses around the world rely on TransferWise to move more than $5 billion across borders every month. We’re partnering with Emburse so that businesses now get TransferWise’s speed and low price from directly within their expense system. This will help Emburse’s customers to save millions of dollars per year in international transfer fees, while getting money reimbursed to employees much faster and more conveniently than before,” said Kristo Käärmann, co-founder and CEO at TransferWise.

“The goal for our Emburse Pay suite of global payments solutions is to simplify, automate, and control corporate expenses. Emburse Global Reimbursements is one way we’re delivering on that objective. I’m excited about establishing key partnerships like this to provide our customers and their employees with solutions that will dramatically transform their experience with global payments and expense,” added Friedrichsen.

Founded in 2020, Emburse offers intuitive, trusted, and powerful expense management and AP automation solutions. Its solutions are designed to meet the demands of the workforce, and its technology empowers employees and keeps spending in compliance.