Accounts payable and payment automation provider MineralTree announced new platform features and multicurrency payment processing capabilities for businesses sourcing products and services internationally.
The new features allow users to automate the capture, processing, and approval of international invoices using the same platform and workflow used for domestic invoices and also syncs seamlessly with client ERP and financial systems to reconcile invoicing exchange rates with preferred currency.
In addition, a new partnership with 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 multi-currency payments from the MineralTree platform. Foreign exchange rates are locked when payments are initiated, assuring predictability, reducing risk to currency fluctuations, and saving on wire fees compared to 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, our mission is 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.”
Small and midsize business accounts payables amounted to more than $7 trillion last year according to Medici research. Many of these transactions are processed manually creating significant operational costs, inefficiencies, complex fees and regulatory challenges, and complicated account reconciliation.
“The ability to manage 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, a user of the MineralTree’s 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.”
The multi-currency invoice capture and approval system and multi-currency payment capabilities are easily configurable and can be used as a suite of services or individually depending on business requirements.
MineralTree now provides accounts payable and payment automation solutions for more than 1,500 middle-market enterprises and nearly 30 financial institutions.
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