FinTech: Visa and AirWallex Offer Card-based B2B Payment Solution

February 6, 2020 | FinTech, News

The two giants team up to offer the Airwallex Borderless Card.

Card giant Visa and global fintech leader AirWallex announced a global partnership to offer the Airwallex Borderless Card, a B2B card-based payment solution.

Offered initially only in Australia, the card will launch in the UK and Hong Kong later this year.

The companies announced the card at Pause Fest 2020, a leading innovation festival held in Melbourne.

How the AirWallex Borderless Card works

Business customers of Airwallex in Australia can now generate a multi-currency virtual Visa payment account instantly. They can use this account to pay their cross-border suppliers within seconds.

Further, Visa’s virtual payment accounts link to Airwallex’s foreign currency accounts; hence customers’ transactions are processed/funded in real-time.

The facility would be especially useful for businesses that have suppliers across many geographies and frequently need to make foreign currency remittances. Examples are travel agencies, e-commerce platforms, and freelancers in the so-called gig economy.

These businesses would enjoy better efficiency, transparency, and cost savings when using the AirWallex Borderless Card to pay cross-border supplier bills.

Easing cross-border payments

“Today, cross-border B2B payments remain a cumbersome and costly affair, which can impact small businesses and corporates who are time-starved and need to keep a close eye on their cash flow,” said Chris Clark, regional president, Asia Pacific, Visa.

Moreover, businesses can set secure limits that define transactions by amount, currency, and merchant types. This facility reduces the chances of fraud and improves control.

“By leveraging our network and scale, businesses on the Airwallex platform can now make payments to any merchant that accepts Visa,” said Clark.

“We can now offer businesses an end-to-end financial services solution,” said Jack Zhang, CEO and co-founder of Airwallex. “We have evolved to become a business account that will support the financial needs of today’s modern business.”

Related Story:  FinTech: Visa Snaps Up Fintech Network Plaid for $5.3 Billion                                                  

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.

Alt Insights

January 29, 2020

Venture Capital: The Kobe in “Bryant Stibel & Co”

Venture Capital: The Kobe in “Bryant Stibel & Co”

Latest Alternative Investment News
ESG: Graham Clapp Says ESG-Focus is Creating a New Bubble
February 27, 2020     ESG and Sustainability, News

RWC Partners fund manager Graham Clapp warned that sustainable investing trends are poised to form a possible bubble in the markets. He compared it to the tech boom of the 1990s….
Hedge Fund: Whitney Tilson Pumps Berkshire Hathaway as Top Retirement Stock
February 27, 2020     Hedge Funds, News

Former hedge fund manager Whitney Tilson has called Berkshire Hathaway (NYSE: BRK.A) the to retirement stock. Tilson, who now writes for Empire Financial Research, issued a note this week praising…
Liquid Alternatives: Invesco Launches New Sterling Corporate Bond ETF With ESG

Invesco, the fund manager with $1.23 trillion in assets under management as of December 31, 2019, has launched in Europe a new, first-of-its-kind, sterling-denominated, corporate bond ETF with an ESG…
Digital Assets: The SIX Swiss Exchange Buys A Stake in Crypto Trading Platform Omniex
February 27, 2020     Digital Assets, News

SIX Swiss Exchange announced it had struck a partnership agreement last week with San Francisco-based Omniex. The financial terms of the agreement, which also includes the acquisition of a stake…

Scroll to Top