Aussie fintech unicorn Airwallex has announced an integration with Xero that will allow its small business customers to easily reconcile domestic and international payments directly in Xero.
Businesses will be able to connect their multi-currency financial transactions in Airwallex to Xero, allowing users to see a daily update of transactions in their Xero bank feed.
The integration is expected to free small business owners from labour-intensive manual processes so they can instead focus on driving business growth
“Small businesses do not have the time or resources to manage multiple technology solutions that often operate in silos – they need solutions to work and integrate with each other seamlessly. This is even more imperative when it concerns their multi-currency financial reporting as there is no room for errors,” said Jack Zhang, CEO and co-founder, Airwallex.
“An integration with Xero is one of the most requested integrations from our customers. We have been listening and are delighted to be able to offer this to our Australian customers from today, with a wider international rollout planned across 2020. This is the start of a series of capabilities that we plan to introduce with Xero to improve the way small businesses manage their finances across platforms,” Jack Zhang added.
Ian Boyd, financial industry director at Xero, said as more small businesses enter overseas markets, it’s important that their multi-currency transactions can be reconciled easily.
“This integration with Airwallex will ensure our mutual customers spend less time on administrative tasks and more on what’s important to them – running their business.”
Airwallex currently offers SMBs the ability to access interbank foreign exchange rates on international payments and transactions. SMBs can also easily open accounts in the US, UK and EU on Airwallex, allowing them to break down the barriers of achieving international growth.
The integration is currently live in Australia and will become available in the UK and HK later this year.
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