Small business-focused B2B payments platform Melio has launched an international payments initiative that will allow US small businesses to make payments to suppliers in more than 70 countries around the world by July 1. July, according to a press release on Tuesday, May 31.
Some 63% of small businesses have had to change their supply chains in the last six months, Melio said in its announcement, so cross-border payments have increased rapidly during this period, meaning that small businesses that do not are not equipped to manage them are often left behind or forgotten.
Melio’s international payments solution brings the capabilities to a wider range of providers, the press release says.
“As Melio continues to grow rapidly, we are growing our product and R&D team to expand our product offering for small businesses,” Melio co-founder and CTO Ilan Atias said in the release. hurry.
Melio offers an integrated payment solution that allows small businesses to transfer and receive payments — helping meet cash flow needs, eliminating late payment fees and giving businesses back valuable time, according to the press release.
Related: Verto Unveils Multi-Currency B2B Global Accounts
Last week, cross-border B2B money changer Verto launched its global multi-currency account, allowing businesses to receive and send payments in 190 countries in up to 51 currencies.
Global Account allows companies to withdraw money in 25 currencies, convert the funds and pay their partners, suppliers or employees in 51 currencies. The company completed a $10m Series A funding round in September and has a presence in Europe, the US and the UK.
Verto’s Global Account offering helps businesses that have encountered currency conversion issues when it comes to paying partners, suppliers and employees, said Verto CEO and co-founder Ola Oyetayo.
In December, VertoFX partnered with Banking Circle to streamline international payments. Verto uses the bank’s virtual International Bank Account Number (IBAN) solution and local payment rails to ease the pain of complex payouts and cross-border payments.