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