CashWise Introduces New Multi-Currency Payout Feature

29 June 2024

Introducing Our New Multi-Currency Payout Feature

In today’s globalized world, businesses increasingly face the need to pay international suppliers in various currencies. Supporting multi-currency payouts has become crucial as more suppliers invoice in their home currencies. To address this, CashWise Robo-Treasury is excited to announce a new feature that simplifies and automates foreign currency payouts.

Background

Without a doubt, globalization is affecting every business, and as a result, it’s more likely than ever that your business will have requirements to pay international suppliers. While it’s convenient if they accept your local currency, their products and services are often sold and invoiced in their home currency, necessitating support for multi-currency payouts.

Building on our momentum from supporting direct payouts and integration with Xero, we have introduced a new feature to manage payouts in foreign currencies. Previously, in CashWise, direct payouts and cash reservations were based on account currency. This lead to 3 problems areas:

1. Manual calculation of the reservation amount using exchange rates and fees, adding buffers for safety
2. Waiting for cash to be available in the payment system (if transfer is required)
3. Manual Payout entry in the Payment system and associated approvals (if enabled)

Not only were there multiple steps, but there was also a wait time between them. This added risk as exchange rates could change, and users might get busy and forget to complete the task. This flow was far from ideal, given our goal to minimize manual efforts and errors as much as possible.

New Multi-Currency Payout Feature

Our new multi-currency payouts feature is automatically enabled for all users. In short, we enabled users to specify the payout or reserve cash in a foreign currency.  

The magic happens in the background, CashWise will pull the exchange rate, add a buffer (a new setting under FX Settings), move funds, track receipt, and push it out as a payout to the payment system. No more manual calculations, no waiting for funds, and no forgetting to complete the transaction!

One More Thing - Xero Integrated

It’s even easier when you’ve integrated Xero! When you receive the invoice from your international supplier, just forward it to Xero, and it’ll automatically be pulled into Bills to Pay just as before. Once you schedule the payment in Xero, it’ll get pushed to CashWise as usual. This time, we’ll also accept foreign currency invoices and automatically take action on them to reserve cash in your account.

About Us

CashWise Robo-Treasury is an automation platform for cash, liquidity, and treasury management, enabling businesses to streamline cash management across multiple accounts effortlessly while maximizing returns. Define your cash policies, and we'll handle the rest on autopilot.

We're proud to collaborate with leading platforms like Syfe, Airwallex, Wise, and Xero to deliver innovative solutions tailored to your needs.

Thank you for choosing CashWise. We look forward to continuing to serve you.

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