Cross-border payments service provider Cambridge Global Payments is working with CSI globalVCard to simplify global transactions through new accounts payable software.
Toronto-based Cambridge will integrate its payments technology and risk management solutions with CSI's electronic payment services.
"Both Cambridge and CSI share a vision to provide a seamless global payments system that in turn provides customers with the easiest path to their vendor payments," Jason Kolbenheyer, managing director for CSI globalVCard, said in a May 4 press release.
CSI customers can reduce costs by up to 10% by locking in exchange rates upfront to pay vendors in their local currency, Kolbenheyer added.
Customers will have the option to move funds through an online or mobile portal. Using a single payment file upload, international payments can be issued and settled via virtual credit card, ACH, check or wire transfer in more than 140 currencies.
Businesses also can use pre-negotiated exchange rates with certain cross-border payment providers, the release stated.