Westpac introduces new online international payments solution

Australian lender Westpac has rolled out a new online global payments solution.

Westpac introduces new online international payments solution

Australian lender Westpac has rolled out a new online global payments solution, which enables businesses to facilitate payments and manage international suppliers.

Dubbed as Business Link, the solution will allow Westpac customers to use their credit cards to facilitate payment of goods from overseas suppliers at real-time exchange rates.

This platform, which will be available to eligible Westpac Group business customers from February 2016, will eliminate the need to reveal secure credit card information to suppliers or make up front payments via traditional methods.

The bank has partnered with Sydney-based supply chain platform provider Octet to build Business Link trading platform.

The new offering will provide customers with benefits such as freeing up cash flow, provides access to real-time exchange rates, saves time by combining the management of suppliers onto one platform, securely stores important documents, and provides easy workflow and document management capabilities between customers and their suppliers.

It will also offer bilingual capability (English and Mandarin) as well as enables secure international payments to suppliers, processed by Westpac and deposited directly into the supplier’s pre-registered bank account.

Westpac chief product officer Jim Tate said the online platform will facilitate credit card payments to pay overseas suppliers with support for 10 foreign currencies, as well as allow business customers and their suppliers to jointly manage their workflow.

“By working with Octet, we can now offer business customers the ability to now use their credit card instead of tapping into cash reserves to make payments.

“This gives businesses the ability to free up their cash flow as well as having access to competitive real-time exchange rates, credit card interest-free periods and reward terms*. It also enables businesses to make the most of early payment benefits.

“Now, with Business Link, our customers also have access to such tools, which also encompasses the workflow between our customers and their suppliers,” Tate added.

Octet managing director Clive Isenberg said: “With Business Link, Westpac and Octet are making the supply chain management tools that have traditionally been the realm of large enterprises accessible to SMEs by making cross-border payments and transactions between businesses frictionless.”