Emburse, a global leader in expense management and accounts payable automation, announces the launch of Emburse Global Reimbursements.
This new solution, powered by international payments leader TransferWise, creates a faster, cheaper, automated way to reimburse employees’ out-of-pocket expenses, across multiple countries and currencies.
Global organizations have historically been forced to rely on the SWIFT network to facilitate payments from their corporate account to their employees. This often requires several correspondent banks in the exchange process and as a result, organizations are subject to hidden fees, unfavorable exchange rates, and slow transfers. Emburse Global Reimbursements uses TransferWise’s own local bank accounts to exchange foreign currency, providing low, transparent fees, and always uses the mid-market exchange rate. Emburse Global Reimbursements accelerates expense reimbursements to employees and provides organizations with a simpler, more convenient reimbursement process, while significantly reducing costs.
“As a global organization with hundreds of employees across 30 countries, overseas reimbursements have historically been a pain point. We are always looking for ways to better support our teams and to make our internal processes more efficient,” said Emily Murray, accounting manager at ClassPass. “Reimbursing our employees with Emburse Global Reimbursements will give us considerable cost savings, as well as supporting our employees by getting funds back in their accounts up to 90% faster than before.”
“We’re thrilled to partner with TransferWise to improve the experience for employees around the world. With our new Emburse Global Reimbursements offering, employees can now be reimbursed for their expenses in minutes, not days, giving them peace of mind and improving their cash flow,” said Eric Friedrichsen, CEO of Emburse. “In addition, this makes it simple, quick and far less costly for organizations to reimburse international employees. Companies can save more than 60% of the overall international transfer costs, with transparent fees and no exchange rate mark-ups.”
“Over 8 million individuals and businesses around the world rely on TransferWise to move more than $5 billion across borders every month,” said Kristo Käärmann, co-founder and CEO at TransferWise. “We're partnering with Emburse so that businesses now get TransferWise’s speed and low price from directly within their expense system. This will help Emburse’s customers to save millions of dollars per year in international transfer fees, while getting money reimbursed to employees much faster and more conveniently than before.”
Friedrichsen added, “The goal for our Emburse Pay suite of global payments solutions is to simplify, automate, and control corporate expenses. Emburse Global Reimbursements is one way we’re delivering on that objective. I’m excited about establishing key partnerships like this to provide our customers and their employees with solutions that will dramatically transform their experience with global payments and expense.”