MODIFI and Airwallex Create Cross-Border Payment Tool for Chinese Exporters

MODIFI and Airwallex have partnered to facilitate cross-border payments and financing for Chinese exporters.

This collaboration brings together MODIFI’s global commerce platform for business payments and Airwallex’s global payments and financial platform to create Global Account Solutions, a payment tool that helps both B2B exporters and eCommerce marketplace vendors and large buyers around the world, the companies said in a Thursday (May 18) press release.

“We are delighted to partner with Airwallex for MODIFI’s Global Account Solution to further broaden our payment and financing services,” Wenlong Huang, general manager of MODIFI Greater China, said in the release. “The innovative solution builds convenient cross-border payment and financing services for Chinese exporters and helps them to speed up the working capital cycle and increase profit margins.”

PYMNTS research has found that access to the right cross-border payment solutions is critical as payment options increase and consumers’ preferences evolve.

Digital businesses that grow internationally face challenges that include fraud and regulatory compliance, slow payment processing times, foreign exchange (FX) volatility and lack of access to banking infrastructure to manage global transactions, according to the “Cross-Border Payments for Digital-Native Companies Playbook,” a PYMNTS and Citi collaboration.

The report adds that businesses can overcome these barriers by adopting tools that increase access to robust, global banking infrastructure, aid in transparent liquidity management, and assist with compliance and transaction monitoring.

The new partnership of MODIFI and Airwallex aims to offer a solution to emerging small and medium-sized businesses (SMBs) that are often underserved by banks and struggle to find cross-border payment and financing solutions that are affordable and flexible, according to the press release.

The product they have launched, Global Accounts Solutions, optimizes cash flow, bridges financing gaps and supports Chinese exporters, the release said.

“Moving money around the world can be incredibly restrictive, time-consuming and costly,” Pranav Sood, general manager, EMEA at Airwallex, said in the release. “Airwallex’s global financial infrastructure coupled with MODIFI’s digital commerce payments platform, will simplify the way businesses can grow across borders.”

In another recently announced partnership, Airwallex and Expedia Group have teamed up to offer a discount to global business travelers.

With this collaboration announced Wednesday (May 17), existing and new users of the Airwallex payments and financial platform can receive a 10% discount off hotel stays that they book on the Expedia travel technology platform.