This release in GlobeNewswire highlights some new things from MineralTree, a 2010 Cambridge, Mass fintech specializing in AP automation and targeting the SME space. The first is an expansion of invoice acceptance from domestic to international formats, along with integration into ERPs and accounting systems for FX conversion. The second is a partnership with TransferMate, another 2010 startup based in Dublin, Ireland, and specializing in cross-border payments.
‘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 members of the CEP service will know, we have cross-border as a major sub-theme for the 2020 outlook, recently releasing a Viewpoint on that very topic. In that paper we point out that more than 80% of cross-border funds transfer fall into the B2B category, where a number of innovations are underway to make experiences easier for corporates. This is particularly important for SMEs, especially as one moves down the revenue scale, since liquidity shortfalls are an existential threat, therefore easier and faster financial processing improves working capital. With economies in recession and world trade expected to be greatly curtailed during 2020, modern advancements are available and now more likely to be adopted after the great pandemic wake up call.
“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.”
Overview provided by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group.