B2B cross-border payments with real-time exchange rates, same day settlements, lower fees and being able to lock in exchange rates for future date payments. That’s not wishful thinking anymore. It’s real. Let me explain.

When we started working on our B2B cross-border payment solution, we knew we wanted to create something that would make the whole process easier to handle. To make it work we needed a partner, and we found one in Worldpay. Our platforms complement each other perfectly, but what’s even more important is that they share our vision of making life easier for businesses. 

Real-time exchange rates

A big part of that is enabling real-time exchange rates. It might sound simple, but having up-to-date information can make a big difference when you’re making decisions that impact cash flow. I’ve spoken to companies who deal with volatile markets daily, and they’ve told me how much transparency matters to them. Having real-time data allows them to move faster and make better decisions.

This also means no more recording exchange rate differences. That’s right, no more hassle of posting a provisional exchange rate, only to adjust the books later when the final rate comes through.

But most B2B payments are made on terms, you say? Meaning you don’t pay your invoice right away, but rather within 2 weeks or 30 days. How then can we book in an exchange rate today that we’re not actually going to use until later? Well, this is where forward contracts come into play.

The power of forward contracts

Using forward contracts means you don’t have to wait and see what the exchange rates will be, you can book the rate at the time of the contract and post it directly to the books. A huge advantage compared to the traditional way of doing things, where you often have to make estimates or temporary entries and then go back to adjust the figures once the exact exchange rate is known. With forward contracts, businesses gain more certainty and stability in their financial planning, and they save time by reducing the need for these later adjustments. 

Interested in saving as much money as you do time? We thought so. By cutting out unnecessary intermediaries, we can provide much better exchange rates and significantly lower fees. Even for smaller, recurring payments, this can quickly add up to noticeable savings over time. Reducing costs in cross-border transactions means freeing up valuable resources to reinvest in other areas of the business.

Same day settlements

Instead of waiting days for payments to clear, we’ve made sure you can rely on faster processing, which improves cash flow and liquidity. This is especially crucial for companies operating in multiple markets. By speeding up payment cycles, we help businesses manage their finances more effectively and avoid the bottlenecks caused by delayed transactions.

I know that B2B cross-border payments can seem complicated, but they don’t have to be. Our goal is to make the process as smooth and efficient as possible, so you can focus on running your business. If any of this sounds like something you’d like to learn more about, feel free to reach out. I’m always happy to have a chat and answer any questions you might have.

Bastiaan Weide
Growth & Partnership
bastiaan.weide@openpayments.io

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