Last week we learned that Xero, the provider of cloud-based accounting software serving 500,000+ small businesses globally had made a partnership with MidPoint, an international money transfer company regulated by United Kingdom’s FCA to integrate real time invoice payments as an add-on to it’s services.
This week is it TransferWise, also regulated as a payment institution by the FCA who has made a partnership with Xero to also became integrated within the Xero platform. TransferWise and Xero users globally can now save time and money with both services working in harmony. The advantages of doing FX payments with TransferWise and Midpoint is that as non-bank providers they are usually cheaper than the higher fees known to be associated with banks. Plus working as an all-in-one solution, it makes getting cross border invoices paid with less hassle.
Gary Turner, MD of Xero, on why the partnership will help small businesses dodge bank fees:
“This partnership is great for many of our small business customers that are dealing with different markets around the globe. Small businesses can now easily avoid paying banks those hefty 3-6% commissions, instead paying just a small fee and using a fair exchange rate.
TransferWise and Xero share a similar ethos, both companies are focused on using digital technology to disrupt the fintech sector and simplify financial management for small businesses. And both work hard to challenge banking and force innovation within the sector.”
To view more information on the integration, click here.