Viably & Airwallex Boost Multi-Currency Ops for E-Commerce

Cross-border ecommerce transactions are projected to reach a staggering US$2tn in 2024, constituting 30% of global online sales according to CapitalOne Shopping Research. 

The volume represents a doubling of international trade over three years.

Now, fintech company Viably, which provides banking and analytics tools for online retailers, has partnered with Airwallex, a payments infrastructure provider that processes international transactions for businesses operating across multiple jurisdictions.

The partnership integrates Airwallex's payment infrastructure and foreign exchange capabilities into Viably's merchant platform, enabling retailers to process international transactions through a central interface.

Technical Integration

Per the deal, the Viably Global Account will now incorporate automated payment routing for vendor settlements and marketplace revenue collection. 

The platform executes currency conversion through Airwallex's FX rails - the technological infrastructure that facilitates money movement between countries - and issues multi-currency virtual cards.

For merchants expanding into new markets, the solution removes requirements to establish separate banking relationships in each jurisdiction. The automated forex conversion functionality eliminates the manual processing of cross-border transactions.

The service augments Viably's existing product suite which includes working capital management tools for monitoring available funds, automated reconciliation systems for matching transactions and analytics software for tracking profitability. 

The platform aggregates financial data to generate cash flow projections and performance metrics.

Market response

Al Perel, proprietor of online retailer 2SeeLife, reports measurable improvements in operational efficiency: “The ability to handle multiple currencies effortlessly in one place has freed us from the complexities of cross-border payments. 

“With everything from global banking to cash flow management integrated into a single platform, we no longer need multiple systems to manage our finances.”

Indeed, the partnership marks an expansion of both companies' capabilities in the global ecommerce sector.

Doron Gordon, Founder and CEO of Viably, frames the partnership as a response to merchant requirements: “Airwallex's technology coupled with Viably's ecommerce solutions empower ecommerce sellers to tap into international markets with the assurance that their financial needs are managed seamlessly.”

Or Liban, who leads Airwallex's operations across Israel and the Middle East, emphasises the operational benefits: "With our cross-border payments and financial infrastructure, Viably now provides a one-stop shop for financial operations."

Airwallex: Hitting expansion goals

For Airwallex, the partnership sees it stick true to its aims of expanding across Europe, the Middle East and the Americas, which Pranav Sood, Executive General Manager for EMEA at Airwallex discussed with FinTech Magazine earlier this year.

He said: “Airwallex is truly becoming a global company…Against a tough macro environment, our consistent growth in EMEA is a testament to our strong product market fit and innovative product stack.”

The fintech’s expansion strategy is underscored by its recent growth metrics. Airwallex has reported a 152% increase in revenue year-on-year across EMEA, with transaction volumes up by 125% despite challenging macroeconomic conditions. In the UK alone, revenue growth reached 157%.

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