Emburse, TransferWise Team To Automate Cross-Border Expense Reimbursements
Emburse, which works in expense management and accounts payable automation, has launched Emburse Global Reimbursements, intended to help pay employee expenses in a more efficient, cost-effective way.
The solution is partnered with TransferWise and will help to resolve issues in multiple currencies, the release says.
Rather than relying on the global SWIFT system, which can often incorporate numerous correspondent banks and take longer to resolve, the Emburse Global Reimbursements technology will use TransferWise’s own accounts to exchange foreign currency using the mid-market exchange rate. That, according to the release, will speed up expense reimbursements and make things more convenient.
“We’re thrilled to partner with TransferWise to improve the experience for employees around the world. With our new Emburse Global Reimbursements offering, employees can now be reimbursed for their expenses in minutes, not days, giving them peace of mind and improving their cash flow,” said Eric Friedrichsen, CEO of Emburse. “In addition, this makes it simple, quick and far less costly for organizations to reimburse international employees. Companies can save more than 60% of the overall international transfer costs, with transparent fees and no exchange rate mark-ups.”
TransferWise CEO Kristo Kaarmann said the new solution will “help Emburse’s customers to save millions of dollars per year in international transfer fees, while getting money reimbursed to employees much faster and more conveniently than before.”
Recently, Emburse also partnered with Mastercard for a new corporate option for streamlined business expense automation. The solution will assist Mastercard users operating with Amazon Business in accessing functions like automatic receipt generation and itemization of expenses.
Unlike the past methods in which companies would put in receipts manually, Emburse’s upgrade allows for a new automatic way to put them directly in the customer’s receipt wallet, and categorized into line-item breakdowns that add clarity based on said customer’s history and the policy of each individual company.