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Midpoint extends Xero partnership with pay now app launch

Midpoint shares rise after the company says it is extending its partnership with Xero with the release of a pay now app
Midpoint extends Xero partnership with pay now app launch
Forex transactions at the touch of a button

Midpoint Holdings (CVE:MPT) shares rose by 7% on Thursday, after the company said it was extending its partnership with Xero with the release of a pay now app.

The Toronto-listed company which provides international payments and peer-to-peer foreign exchange services to individual and corporate customers, said the add-on application enables users of Xero, an on-line accounting software, the opportunity to not only pay a foreign supplier, but also send out a sales invoice from Xero to their customers.

Email recipients will be able to use a pay now button to trigger the transaction.

This is the latest development in the partnership between Midpoint and Xero, which was announced in July, 2015. The integration of the Midpoint platform will enable Xero's 600,000-plus subscribers to save money on their foreign invoices through buying currency at the midpoint of the buy-and-sell rate.

"This development paints a picture of the future of e-invoice FX payments. The process is easy and seamless, delivers unbeatable value and simultaneously updates a user's Xero software, whether a vendor or customer," said Brad Lemkus, chief operating officer of Midpoint.

"This further re-enforces the partnership between Xero and Midpoint in providing contemporary cost-effective solutions to the market by harnessing the power of cloud-tech, peer-to-peer connectivity and user-friendly software-as-a-service applications," he added.

Midpoint shares were up 7.4% at C$0.14.

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