Payment firm OzForex Group has announced it has entered into a strategic platform partnership with cloud accounting software provider Xero.
The partnership aims to make international payments easier for Xero customers.
The platform will enable Xero’s Australian customers, who have also registered with OzForex, to automatically make international payments against Xero invoices directly from the OzForex platform.
Rollout of this API connection is expected to take place for Xero customers in other regions over the coming months.
The partnership is in line with the OzForex’s recently announced Accelerate Strategy to focus on wholesale opportunities that leverage the company’s payments engine.
“We are excited to partner with a well-known and trusted brand like Xero, with a strategic relationship that will make international invoice payments simple for Xero customers, Richard Kimber, OzForex Group CEO, says.
“The partnership is consistent with our Accelerate Strategy, targeting wholesale opportunities that embed our services in already established ecosystems,” he says.
“We believe this partnership will result in increased brand awareness and lead to further customers for OzForex.”
Ben Styles, head of strategic partnerships, financial services, at Xero, says Xero chose to work with OzForex as they are a proven player in global payments, using trusted payment systems that give businesses access to lower cost international payments.
“Most small businesses simply don’t realise how much they are paying to transact with customers, suppliers, or employees in other countries,” Styles says.
“We’re confident that OzForex will help Xero customers become more informed and reduce their costs, without being held up dealing with old-world financial services providers.”