Western Union has teamed with MineralTree, a US-based accounts payable (AP) firm, to help middle market companies pay suppliers overseas.
MineralTree’s Invoice-to-Pay solution offers an integrated service with the global payment services company to facilitate cross-border vendor payments.
In addition, the solution also provides a number of features, which will streamline the AP process for middle market companies.
The payments solution offers out-of-the-box two-way synchronisation with common Accounting/ERP applications; automated invoice data capture and online approval workflow; and purchase order matching.
It also offers direct integration with bank and credit card accounts for payment disbursement, account balances and transaction reporting; payment authorisation security and control; multiple payment methods; and guaranteed protection against online fraud.
Western Union global payments president Jean Farah said: “We’re delighted to announce this alliance with MineralTree which will enable their customers to disburse international business payments to suppliers in over 200 countries and territories.
“The customer is at the heart of everything we do at Western Union and our goal is to serve them in the best way possible.”
MineralTree founder and CEO BC Krishna said: “Businesses today have a globalised supply-chain, and they face the need to streamline relationships with international suppliers.
“However, most businesses still follow ad hoc, risky, expensive processes to process and pay invoices from their international vendors.
“We are extremely pleased to work with Western Union’s business function to bring the power of their global payments network to US middle market companies.”