April release notes: Instant B2B transfers with Airwallex Pay, smarter FX planning, and new local payment methods

Business Accounts

Transact with other Airwallex businesses using faster, low-cost transfers through Airwallex Pay 💸

Airwallex Pay enables instant, cost-effective transfers between more than 150,000 businesses within the Airwallex network. Simply enter the recipient’s account details and the amount, and Airwallex handles the FX conversion and verifies the recipient’s account automatically.

​​Lock in FX rates up to 90 days in advance with scheduled conversions 🔒

Scheduled conversions are being progressively rolled out globally, allowing you to book currency conversions up to 90 days in advance with a confirmed FX rate. This feature provides cost certainty for upcoming foreign currency payments without the need to convert the full amount upfront. You can secure your FX rate by prepaying just 5–10% of the total conversion amount; no credit assessment or additional onboarding is required.

Spend

Enhanced multi-conditional approvals for complex spend workflows ✅

Approval workflows can be created based on multiple conditions like amount, expense category, department, and entity. Expenses can be routed to specific stakeholders, such as client entertainment to regional managers or employee perks to HR. All these settings can be managed in one place, across all your entities and regions.

Payments

Expand reach with new and enhanced local payment methods 🌏

We’ve expanded our local payment methods in beta to help you reach more customers in more markets while increasing your conversion rate.

• Venmo is used by 90 million consumers and Cash App Pay has over 57 million users, making them among the most popular consumer payment apps in the US. 

• PIX is used by over 150 million people in Brazil and powers 40% of eCommerce payments, with 24/7 real-time transfers.

• TWINT is Switzerland’s most popular mobile payment app and is often preferred over card payments.

Faster reconciliation with bank transfer as a payment method ↔️

Customers can now pay via traditional bank transfer in beta, ideal for invoice payments or high-value transactions. Airwallex has always supported inbound bank transfers to Global Accounts, however, you can now generate unique transfer instructions directly in the online checkout experience or within an invoice, enabling faster reconciliation.

Additional releases

Business Accounts

• Individual European Global Accounts: Instead of a single 'Europe' option, customers can now create Global Accounts in the Netherlands, Germany, and Estonia on demand.

Spend

• Card expense itemisation: A single card transaction can be split to assign different tax rates, chart of accounts, departments, or project codes to portions of the same expense, improving accuracy for GST/VAT reporting.

• Card expenses OCR: AI-powered OCR now automatically extracts the merchant name and suggests a description when employees upload a receipt.

• Automatic remittance advice: Vendor Management now supports automatic emails that notify the vendor’s default contact with key payment details, including the amount, invoice reference, and transfer information.

Payments

• Card Account Updater: Airwallex will automatically update your customers’ card details when their cards expire, are replaced, or are updated, ensuring recurring or subscription payments can be processed without interruptions.

• Xero Invoice Payment: Businesses in New Zealand can enable customers to pay their Xero invoices using Visa, Mastercard, and a range of local payment methods.

• Shop Pay: Shop Pay can be enabled through the Airwallex Card Payments App if your website is built on Shopify and your business is registered in the US, France, or Australia.

Platform APIs and Embedded Finance

• Regular EFT Transfer: Transfers can be made via Canada CAD Regular EFT transfers (a more cost-efficient alternative to Priority EFT), using the Payouts API.

• Connected Account Console updates: Balances and account activity for Connected Accounts can be viewed in the WebApp, making it easier to handle customer inquiries and reconciliations. RFIs can also be centrally viewed, responded to, and tracked in the Console, accelerating resolution times. 

• Settlement Record API: Merchants can access settlement data directly via API for faster, more efficient tracking, eliminating the need to manually download and parse settlement reports.