Bluevine and Wise Partner on Cross-Border Bill Payments for Small Businesses

Bluevine and Wise have partnered to streamline cross-border payments for United States small businesses.

With this collaboration, Wise’s platform for moving money around the world has been integrated into Bluevine’s all-in-one digital banking account for small businesses, the companies said in a Wednesday (April 12) press release.

“In speaking to customers, it became clear that managing international payments was still a headache for too many,” Bluevine Banking Senior Vice President and General Manager Charles Amadon said in the release. “What they wanted from Bluevine was a simple solution that delivered on what matters most — speed, transparent pricing and ease of use from within online banking.”

PYMNTS research has found that while many small- to medium-sized businesses (SMBs) are expanding their focus to include international deals along with domestic ventures, they are constrained by a lack of access to the financial services they need to power their international reach.

Twenty-seven percent of SMBs see the complexity of cross-border payments as a hindrance to their ability to grow, and 75% of SMBs are dissatisfied with their current cross-border payment solutions, according to “International B2B Payments: A Guide for Entrepreneurs and Digital Businesses,” a PYMNTS and Payoneer collaboration.

The report also found that among SMBs seeking to streamline their cross-border payment solutions, a primary challenge is their lack of the technical or human resources required to manage the digitization process independently.

The international bill pay solution delivered by the partnership of Bluevine and Wise allows U.S. SMBs to make payments to 26 countries in eight currencies with no hidden fees, according to the press release.

The SMBs can make these international payments from their Bluevine account dashboard, where the new payment option is integrated with their bill pay and checking accounts, with no need to call or visit a physical bank, the release said.

Wise Platform Head Steve Naudé said in the release the partnership will “bring in a new era of convenience and transparency for small business financial tools. Now these businesses can spend less time dealing with poor user experiences and worrying about hidden fees, and instead focus on running and growing their business internationally.”

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