Cambridge Global and Beanworks to continue the partnership in cross-border payments
Cross-border payments have become fiercely competitive. To stand out from the pack, non-bank payments firms are partnering with accounts payable automation providers.
In the last couple of months, Nium and Banco Hipotecario have partnered, Emburse and TransferWise have also partnered, while SWIFT launched its low-cost cross-border payment services.
This week, Toronto-based cross-border payments company, Cambridge Global Payments, part of US fuel card provider Fleetcor, has continued its partnership with Beanworks Solutions which is an account payable automation firm. They aim to provide combined services and simplify payment services for clients that conduct international business transactions.
With the latest AP solution, companies will have the ability to process payments and international vendor invoices through a payments platform.
“We look forward to continuing our partnership with Beanworks to provide a combined AP automation and global payments solution that can help minimize administrative overhead for users of the platform,” said Mark Frey, President, Cambridge Global Payments.
According to the press release, this partnership would provide clients with greater visibility on the accounting process which will range from invoicing to payment processing. Users will have an ability to reconcile PO and invoices side by side and before proceeding directly to payment in over 145 currencies, the press release noted.
With this, clients can initiate wire transfers and other payments through Beanworks platform. Once the payment is approved, it can move from Beanworks platform to Cambridge live FX platform which is interlinked.
“Through this partnership, we offer organizations even greater control and visibility of their global AP processes from purchase to payment,” Beanworks CEO Catherine Dahl said in the announcement.
Last month, Cambridge had partnered with Ripple for cross-border payments for B2B customers.