MODIFI, a global commerce platform for business payments, announced a partnership with leading global payments and financial platform Airwallex 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 world, 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 favour larger companies, leaving emerging SMEs struggling to find affordable and flexible global payment services. As a result, there is a demand for efficient and cost-effective cross-border payment 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 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.
MODIFI supports major platforms such as Walmart, JD Worldwide, Amazon, Wayfair, Tmall International, Coupang, and Temu. By optimizing cashflow, bridging financing gaps, and providing support for Chinese exporters, MODIFI facilitates cross-border e-commerce platforms. Wenlong Huang, General Manager of MODIFI Greater China, said: "The innovative solution with Airwallex 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 offering this solution not only to Chinese exporters but also to exporters outside of China. It eases trade bottlenecks and tackles liquidity issues, benefiting exporters struggling with financing and collection solutions."