Tuesday, 10 March 2020 11:06

Airwallex, Xero offer integration to help SMBs reconcile payments

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Jack Zhang: “Small businesses do not have the time or resources to manage multiple technology solutions that often operate in silos." Jack Zhang: “Small businesses do not have the time or resources to manage multiple technology solutions that often operate in silos." Supplied

Melbourne-based payments technology start-up Airwallex says it has integrated with Xero to help its small and medium-sized business customers reconcile international and domestic payments.

The new feature is already available in Australia and will be added to UK and Hong Kong clients later this year.

In a statement, the company said the integration would help SMBs connect multi-currency financial transactions in Airwallex to Xero.

SMBs would also be able to see their Airwallex funds in Xero's interface.

“Small businesses do not have the time or resources to manage multiple technology solutions that often operate in silos – they need solutions to work and integrate with each other seamlessly," said Airwallez chief executive and co-founder Jack Zhang.

"This is even more imperative when it concerns their multi-currency financial reporting as there is no room for errors.

“An integration with Xero is one of the most requested integrations from our customers. We have been listening and are delighted to be able to offer this to our Australian customers from today, with a wider international rollout planned across 2020.

"This is the start of a series of capabilities that we plan to introduce with Xero to improve the way small businesses manage their finances across platforms."

Xero financial industry director Ian Boyd said: “As more small businesses enter overseas markets, it’s important that their multi-currency payments flow seamlessly in Xero and are automatically reconciled.

"This integration with Airwallex will ensure our mutual customers spend less time on administrative tasks and more on what’s important to them – running their business.”

Right now, Airwallex allows SMBs to access interbank foreign exchange rates on international payments and transactions. They can also open accounts in the US, UK and EU.


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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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