New global capabilities enable middle-market businesses to automate all AP processes on a single platform streamlining financial operations and reducing and costs
MineralTree, market-leading accounts payable (AP) and payment automation solution provider, announced the availability of new end-to-end multi-currency capabilities for middle-market businesses. The offering equips users to automate the capture, processing, and approval of international invoices from around the world leveraging the same platform and workflow they use for domestic invoices. It also syncs seamlessly with client ERP and financial systems to reconcile invoicing exchange rates with users’ native currency.
Read More: Blockchain Valley Ventures Launches Virtual Deal Marketplace for Startup Funding
In addition, a new partnership with leading B2B payments firm TransferMate enables MineralTree users to easily pay invoices in more than 130 different local vendor currencies. Integration with TransferMate’s global payments platform automates the execution of multi-currency payments from the MineralTree platform. Foreign exchange (FX) rates are locked when payments are initiated, assuring predictability and reducing risk to currency fluctuations. In addition, users save hard costs on wire fees versus traditional methods.
“As middle-market companies look to scale their businesses by sourcing more goods and services globally, the management of international AP becomes an important consideration,” said MineralTree President, Vijay Ramnathan. “At MineralTree, it is our mission to digitize the finance function. With these new capabilities, we can now offer our clients a world-class platform for the automation of all domestic and international invoices and payments.”
According to Medici Research, international AP by small and medium-sized businesses amounts to approximately $7 trillion annually. The manual exceptions required to capture and process invoices received in different currencies create significant operational and cost inefficiencies for these businesses. Reconciling payments to international vendors—either in US dollars or the vendors’ local currencies—also involves additional costs and complexities related to FX, wire fees and compliance requirements. These challenges are especially pronounced in industries such as manufacturing and technology where middle-market US companies depend increasingly on international suppliers.
“The ability to manage both domestic and international invoices through the same AP automation platform creates enormous operational advantages for our finance team,” said Lucrezia Bickerton, Controller at Hourglass Cosmetics, an early user of the MineralTree multi-currency capability. “It enhances the visibility and control we have over the financial aspects of our business and especially over our cash flow, which is increasingly important in the current environment.”
Read More: SIMON Markets LLC and Raymond James Launch New Strategic Partnership for Annuities
