There are over 500,000 small and medium-sized UK businesses that use Xero accounting software. Xero lets them manage their books from anywhere in the world, as long as there’s an internet connection. They can monitor their bank and credit accounts, reconcile transactions, send invoices, and take care of virtually any other accounting, and it’s all backed up and protected in the cloud.
But there’s one thing that hasn’t been so easy for those businesses to do: pay suppliers and other bills through Xero. In many cases, they had to download a batch payment file from Xero, upload it to their bank, check on the payments in their online banking and, back in Xero, manually mark the bills as paid. In other cases, where the bank didn’t accept batch payment files, they had to manually enter payment details for each bill in their online banking.
But that’s about to change. Because Pay with TransferWise — a bill payment solution that will let Xero customers pay suppliers through Xero with their preferred bank account — is about to come to life.
Pay with TransferWise will let Xero customers in the UK pay their bills in a few streamlined steps. Here’s how it’ll work:
Pay with TransferWise will plug into TransferWise’s API, which will offer SMBs many advantages. They’ll be able to pay multiple bills in one transaction, which should save a lot of time and money over the long haul. Within Xero, they’ll also see the status of all payments in almost real time, be alerted to potential errors before a payment is processed, and be able to reconcile payments in one click — which we hope will save peace of mind.
Pay with TransferWise will be available for selected customers, as part of a beta program, starting in February. See below for more info.
Xero and TransferWise form a natural partnership, both spiritually and physically.
Both companies are passionate about giving smaller organisations the financial power that large ones have. TransferWise lets them send, spend, and receive money quickly, conveniently, and at low cost. Xero lets them track their accounts and manage their books simply, conveniently, and at low cost.
While this is the first time TransferWise has explicitly focused on domestic bill payments, it’s always focused on building faster, more efficient networks between banks and payment providers. Opening those rails up to Xero makes perfect sense.
Besides, TransferWise lets millions of people and businesses around the world send money to over 70 countries, so we’ve already been processing payments to and from businesses for years. We hope to bring our API to more partners like Xero in the future — letting more and more businesses manage their money with the same privileges as large corporations.
If you’d like to be a part of beta, you can register your interest at xero.com/uk/pay-with-transferwise. To participate, you’ll need a TransferWise account, which is free.
To learn more about our API, go to https://transferwise.com/gb/business/api.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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