OzForex forges new strategic partnership with Xero
International payments businesses, OzForex Group (ASX:OFX), has inked a strategic platform partnership with Cloud accounting software for small business company, Xero, to make international payments easier for Xero customers.
The platform, which has gone live, will enable Xero’s Australian customers, who have also registered with OzForex, to automatically make international payments against Xero invoices directly from the OzForex platform.
Rollout of this API connection is expected to take place for Xero customers in other regions over the coming months.
OzForex Group CEO, Richard Kimber, said this partnership is in line with the group’s recently announced ‘accelerate strategy’ to focus on wholesale opportunities that leverage the company’s payments engine.
“The partnership is consistent with our accelerate strategy, targeting wholesale opportunities that embed our services in already established ecosystems. We are excited to partner with a brand like Xero, with a strategic relationship that will make international invoice payments simple for Xero customers.
“We believe this partnership will result in increased brand awareness and lead to further customers for OzForex,” he claimed.
Xero financial services head of strategic partnerships, Ben Styles, said the company chose to work with OzForex for its play in global payments, and using trusted payment systems that give businesses access to lower cost international payments.
“Most small businesses simply don’t realise how much they are paying to transact with customers, suppliers, or employees in other countries. We’re confident that OzForex will help Xero customers become more informed and reduce their costs, without being held up dealing with old-world financial services providers,” Styles added.
