Today, MineralTree, a market-leading accounts payable (AP) and payment automation solution provider, announced our partnership that automates the execution of multiple currency payments inside the MineralTree platform. Read the full press release below.
CAMBRIDGE, Mass., June 11, 2020 (GLOBE NEWSWIRE) — MineralTree, a market-leading accounts payable (AP) and payment automation solution provider, today 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.
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.”
“We are excited to integrate our award-winning international payments capabilities into the MineralTree platform,” said Terry Clune, Executive Chairman of TransferMate – a part of the Taxback Group. “Together, we can deliver important savings via highly competitive FX rates and ease the burden of processing transactions on finance teams.”
MineralTree’s multi-currency invoice capture/approval and multi-currency payment capabilities are configurable and can be used in combination or separately, based on the needs of the customer.
MineralTree provides robust, secure and easy-to-use Accounts Payable (AP) and Payment Automation solutions for more than 1,500 middle-market enterprises and nearly 30 financial institutions. As a result, these organizations are able to streamline AP processes from end-to-end, gaining unparalleled visibility and realizing big cost and time savings. For more information, visit www.mineraltree.com.