- Travel and Expense (T&E) company Certify has teamed with Western Union to grow its global reimbursement and supplier payment capabilities, PYMNTS.com reported last week. The pair now partner to speed payments from Certify to employees requiring reimbursements, as well as supplier payments due in a variety of currencies.
- The two are focused on improving the health and predictability of cross-border and cross-currency transactions between companies along the supply chain.
- Both companies are advancing independently as well, with Certify merging with Nexonia, ExpenseWatch and Tallie, and Western Union potentially adopting the integration of blockchain technology to further enhance cross-border payment capabilities.
Simplifying cross-border payments is becoming indispensable as global supply chains grow.
While FedEx strives for international delivery dominance, states too are acknowledging the need to streamline border passage and smooth the supply chain. Growth of at least 20% is expected to inflate e-commerce sales by 2022, with foreign currency exchange becoming increasingly more common.
Global supply chains are often complex and rife with payment delays, particularly when the currency expected requires conversion on the receiving end. As slow payments lead to frustration and can also negatively impact business, those who want to remain in good standing with overseas suppliers should adopt the most rapid, effective payment methods possible.
As payment systems digitize, foreign suppliers are at risk of being left out and having to slough through older, slower payment systems, especially if they need payments in different currencies. A partnership between Western Union and Certify can help a company streamline its entire payments system to keep all its suppliers satisfied and the supply chain moving smoothly.