Airwallex partners with MODIFI to launch Global Account Solution for smooth and flexible cross-border B2B payments
LONDON, 18 May 2023 - Airwallex announced a partnership with MODIFI, a global commerce platform for business payments, to launch a streamlined, innovative, and secure solution for transferring money across multiple regions. Leveraging Airwallex’s global payments and financial infrastructure, MODIFI has created Global Account Solutions, a payment tool which facilitates a seamless payment integration for exporters in China and large buyers around the worldwide, by addressing the complexities and high costs of cross-border payments and invoice financing.
Cross-border payments are associated with high costs, longer payment terms, limited access and lack of transparency. Banks, which are typically dominant in global business payments, tend to favor larger companies, leaving many emerging SMEs struggling to find affordable and flexible global payment services. As a result, there is a growing demand for more efficient and cost-effective cross-border payment and financing solutions.
MODIFI has embedded Airwallex’s payment infrastructure to provide Global Account Solutions for exporters around the globe who are seeking sustainable growth in their international business. This solution simplifies the financing and collection process for both buyers and sellers across multiple regions, including North America, Europe, and Asia. MODIFI Global Account Solution is designed to address the financing pain points of B2B exporters, as well as meet the cash flow needs of e-commerce marketplace vendors and non-traditional businesses. Currently, MODIFI supports major platforms such as Walmart, JD Worldwide, Amazon, Wayfair, Tmall International, Coupang, and Temu. By optimizing cash flow, bridging financing gaps, and providing strong support for Chinese export enterprises, MODIFI facilitates cross-border e-commerce platforms and enhances their international competitiveness.
Wenlong Huang, General Manager of MODIFI Greater China, said, "We are delighted to partner with Airwallex for MODIFI’s Global Account Solution to further broaden our payment and financing services. 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."
Commenting on the partnership, Pranav Sood, GM, EMEA at Airwallex, said, “Moving money around the world can be incredibly restrictive, time-consuming and costly. Airwallex’s global financial infrastructure coupled with MODIFI’s digital commerce payments platform, will simplify the way businesses can grow across borders. We’re excited to work with MODIFI and further empower businesses to reach their global ambitions.”
Sven Brauer, COO of MODIFI, said, “We're partnering with Airwallex to offer our innovative invoice financing and payment solution not only to Chinese exporters but also to those located outside of China. Our solution eases trade bottlenecks and tackles liquidity issues, benefiting exporters struggling with financing and collection solutions. Together with Airwallex, we're proud to achieve our shared goals.
Airwallex is a global payments and financial platform for modern businesses. We remove the unnecessary friction and cost inherent in the traditional financial system to help entrepreneurs achieve their global ambitions. Leading companies around the world trust Airwallex to manage everything from payments, treasury, and spend to embedded finance - all in one single platform.
Our purpose is to connect entrepreneurs, business builders, makers and creators with opportunities in every corner of the world. With an international footprint across the Asia-Pacific, Europe and North America, we empower businesses to grow without borders.
MODIFI is a global business payments company that helps exporters and importers finance and manage their international trades. Through its digital platform, the company enables sellers to receive payments instantly and offers buyers the option to pay up to 180 days later. With a presence in 11 locations worldwide, including Berlin, Amsterdam, New York, Mexico City, Delhi, Mumbai, Shenzhen, Hong Kong, Singapore, Dubai, and Dhaka, MODIFI serves over 1,500+ buyers and sellers across more than 54 countries, spanning the major trading regions of Europe, Asia, and America. The company's platform combines external and internal trade data to facilitate easy onboarding and efficient handling of day-to-day business payments. MODIFI is backed by leading MAERSK, Intesa Sanpaolo (NEVA SGR), GFC and Picus Capital.
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