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Screenshot of a breaking news alert e-mail from Q2 2017
International payments provider OFX has announced the roll-out of its integration with Xero, the cloud accounting software for small businesses, in the UK and New Zealand. The integration makes overseas payments easier for Xero’s small business customers in the UK and New Zealand, who will be able to take advantage of quick international batch payments at competitive rates.
The integration with local brands UKForex and NZForex is a continuation of the collaboration between parent company OFX and Xero, which launched in Australia last year. The integration will save small businesses time and money, allowing them to:
- Create an invoice in a foreign currency using the Xero cloud accounting platform
- Retrieve an FX quote from UKForex or NZForex for each international transfer
- Pay the invoice via UKForex or NZForex, and have the information automatically recorded in the general ledger in Xero.
International payments via the platform are around 5 times quicker for small businesses than manually paying foreign invoices, and all overseas transfers via UKForex and NZForex are fee-free for Xero customers. Additionally, Xero customers will be able to take advantage of dedicated 24/7 customer support from specialist dealers at UKForex and NZForex.
Adam Smith, COO at OFX, said:
We are thrilled to continue our great working relationship with Xero to make international invoice payments simpler for businesses in the UK and New Zealand. Both of our companies help small businesses stretched on time and in need of expert support, so the new integration with Xero is a natural extension of our work. Xero’s seamless accounting platform is the perfect match for our great rates and global expertise in foreign exchange, and leveraging our current integration in two new regions continues our strategy to focus on wholesale opportunities with well-known and trusted brands.”
Gary Turner, co-founder and managing director, Xero UK, added:
At Xero, we’re passionate about making the lives of small business owners easier, so we are really pleased to have OFX extend its services to the UK. The integration will streamline a previously manual and laborious task, saving business owners valuable time.”
Businesses that can look forward to smoother, fee-free international invoice payments include SME exporters, businesses outsourcing their technology needs to another country, and those buying raw materials from overseas.
Athan Didaskaluo, founder of coffee subscription service Three Thousand Thieves, has been using the integrated platform to make international payments since it launched in Australia last year. He shared:
OFX’s integration with Xero has been a tremendous help to my business. What used to be quite a manual and laborious task has now been streamlined. It has reduced my margin of error completely, and made the task of dealing with foreign exchange a much better experience.”