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Midpoint Holdings chief hails merits of its payment tech

Earlier this month, the group said it was extending its partnership with Xero ....
Midpoint Holdings chief hails merits of its payment tech
It means Xero’s small and medium sized enterprise users can pay their international invoices using Midpoint’s FX services with the strike of a button..

David Wong, chief executive of Midpoint Holdings (CVE:MPT), says its recently announced Pay Now app makes life  a whole lot easier and reduces costs for those involved with paying foreign suppliers.

Earlier this month, the group said it was extending its partnership with Xero - its partner, which specialises in cloud-based accounting software, with the release of a pay now app.

It means Xero’s small and medium sized enterprise users can pay their international invoices using Midpoint’s FX services with the  strike of a button.

Users can not only pay a foreign supplier but also send out a sales invoice from Xero to their customers.

The whole process is made a lot easier logistically by the technology, Wong was reported as saying in a recent interview.

He said: "Our seamless integration with Xero, actually means chief financial officers and treasurers no longer have worry about remembering long IBAN numbers, BIC/SWIFT codes, and more importantly multi-currency ledgers reconciliation. 

"Most of us would have experienced delay in cross border payments because of wrong IBAN numbers, SWIFT codes.

"Our solution addresses these ‘pain points’ for accountants and CFOs, by improving their workflow, saving time, whilst reducing their costs of conducting international business."

Midpoint has created an online marketplace that for a fee matches buyers and sellers of foreign currency at the midpoint of the relevant currency pair interbank rate and the pay now app was the latest development in the partnership between Midpoint and Xero, which was first announced last summer.

The collaboration was to 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.

Midpoint's chief operating officer Brad Lemkus had said then:  "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."

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