WEX Teams With MYOB For Supplier Payments In Australia

In an effort to simplify B2B payments for Australia, FinTech service provider WEX is teaming with digital business management technology company MYOB. The tie-up provides WEX clients with access to MYOB’s business payment technology for vendor payments through WEX virtual credit cards, according to an announcement.

Justin Cross, WEX’s director of business development and partnerships, EMEA & APAC, said in the announcement that the company’s corporate payments operation will continue working with brands such as MYOB to help with local business expansion and to “ensure payments are not an afterthought.”

“We are committed to growing with Australian brands by helping them build their financial infrastructure and providing a seamless customer experience through simplified payment transactions,” Cross said in the announcement.

WEX clients are able to experience a smoother and more effective experience as they conduct vendor payments through the MYOB offering, even if vendors don’t typically accept virtual cards. Vendors also do not have to make modifications in the way they receive payments.

For its part, MYOB offers business and accounting technology to 1.2 million companies in New Zealand and Australia.

“Cash flow is absolutely critical for businesses, and this relationship with WEX provides its customers with more choice around payment options, allowing more flexibility to choose a solution that works best for their business at a particular moment in time,” Andrew Baines, general manager of financial services for MYOB, said in the announcement.

The news comes as corporate payments services company Plastiq is integrating Intuit QuickBooks to assist companies in saving time and financial resources. The combination will provide a “seamless, automated way to reconcile payments, bills and invoices” with the accounting infrastructure of a business, according to a release.

Invoices will go straight into QuickBooks, which can find and populate key data such as supplier, amount due and invoice due date, among other data points. Once an invoice is paid via Plastiq, the platform will bring the payment data back to QuickBooks.