Xero to offer P2P invoice FX through hook up to Midpoint
06 July 2015 | 2183 views | 0
Midpoint Holdings Ltd. (“Midpoint”) (TSXV: MPT) (FSE:8MH), the world’s first authentic peer-to-peer (‘P2P’) international foreign currency and payments platform is partnering with accounting software firm Xero to provide its international payments platform to their customer base.
Xero is a global leader in cloud accounting software for small businesses that will now be able to offer foreign invoice payments through Midpoint to the 500,000 customers.
The integration of the Midpoint platform will enable Xero’s subscribers to save money on their foreign invoices by buying the currency at the midpoint of the buy and sell rate. “Businesses are becoming much more effective at sourcing goods and services internationally which can help reduce costs. Xero’s clients will benefit from this integrated platform, where all supplier data is available in the cloud-based system and, with little more than a click, these invoices can now be paid.” commented John Booth, Chairman and CEO of Midpoint.
Midpoint provides its customers with access to multi-party, multi-currency transactions and removes the impact of currency rate spreads, as well as the hidden costs and fees imposed by traditional banks and brokers, saving them money. This proprietary and highly scalable intellectual property allows Midpoint to also white-label, co-brand and license its disruptive platform into larger Business to Business to Consumer trade flows.
John Booth added: “With over half a million subscribers, Xero has developed an impressive following and user base, particularly amongst our target SME market. The opportunity to integrate was one we have been keen to pursue and we look forward to helping Xero grow their installed user base and also help them make more cost effective international cross currency payments. We are proud to be joining the growing and vibrant Xero community.”
Gary Turner, MD of Xero, said: “This partnership is great for many of our small business customers dealing with international payments around the globe. These businesses can now seamlessly use the Midpoint platform to avoid paying banks and brokers those hidden fees.”