Airwallex launches expense management platform

As new entrants to the payments market build their infrastructure and expand their global presence, they are also expanding vertically. They offer add-on products that integrate with their proprietary payment servicess to reduce manual work, digitize and automate tasks.

In such, Airwallex, an Australian cross-border payments company has announced the launch of the global expenses platform which the company says is a solution for the businesses to manage their expenses in a “fast, seamless and hassle-free way”

The company noted that as the workforce has been increasingly distributed and being in remote locations, the expense management has ‘evolved into a significant administrative burden for businesses operating globally’ and the platform would solve the problem by automating parts of the expense that normally take time and are manual in nature.

Last week, CreditQ integrated its business credit management with Tally while Medius acquired OnPay Solutions.

“Airwallex’s Expenses platform integrates seamlessly into our existing multi-currency cards product. Combined, this product suite offers control and visibility to businesses, helping to manage spending, reconciliation and reporting conveniently in one place,” said Shannon Scott, VP, Global Head of Product at Airwallex.

This year, Airwallex rolls out multicurrency virtual cards and expanded its network in Asian markets.

Through this platform, businesses would be able to upload receipts for approval, reconcile expenses and gain real-time visibility over card transactions. Also, this Expenses solution would along with Airwallex Borderless cards and will be available in all existing markets where the company has a presence such as Australia, the UK, Hong Kong, the U.S., and subsequently, in Singapore and Europe later this year.