Launch of Emburse Global Reimbursements expands the Emburse Pay suite of payment capabilities; speeds delivery, reduces costs, and increases efficiency
LOS ANGELES and LONDON, OCTOBER 20, 2020: Emburse, a global leader in expense management and accounts payable automation, announces the launch of Emburse Global Reimbursements. This new solution, powered by international payments leader TransferWise, creates a faster, cheaper, automated way to reimburse employees’ out-of-pocket expenses, across multiple countries and currencies.
Global organizations have historically been forced to rely on the SWIFT network to facilitate payments from their corporate account to their employees. This often requires several correspondent banks in the exchange process and as a result, organizations are subject to hidden fees, unfavorable exchange rates, and slow transfers. Emburse Global Reimbursements uses TransferWise’s own local bank accounts to exchange foreign currency, providing low, transparent fees, and always uses the mid-market exchange rate. Emburse Global Reimbursements accelerates expense reimbursements to employees and provides organizations with a simpler, more convenient reimbursement process, while significantly reducing costs.
“As a global organization with hundreds of employees across 30 countries, overseas reimbursements have historically been a pain point. We are always looking for ways to better support our teams and to make our internal processes more efficient,” said Emily Murray, accounting manager at ClassPass. “Reimbursing our employees with Emburse Global Reimbursements will give us considerable cost savings, as well as supporting our employees by getting funds back in their accounts up to 90% faster than before.”
“We’re thrilled to partner with TransferWise to improve the experience for employees around the world. With our new Emburse Global Reimbursements offering, employees can now be reimbursed for their expenses in minutes, not days, giving them peace of mind and improving their cash flow,” said Eric Friedrichsen, CEO of Emburse. “In addition, this makes it simple, quick and far less costly for organizations to reimburse international employees. Companies can save more than 60% of the overall international transfer costs, with transparent fees and no exchange rate mark-ups.”
“Over 8 million individuals and businesses around the world rely on TransferWise to move more than $5 billion across borders every month,” said Kristo Käärmann, co-founder and CEO at TransferWise. “We're partnering with Emburse so that businesses now get TransferWise’s speed and low price from directly within their expense system. This will help Emburse’s customers to save millions of dollars per year in international transfer fees, while getting money reimbursed to employees much faster and more conveniently than before.”
Friedrichsen added, “The goal for our Emburse Pay suite of global payments solutions is to simplify, automate, and control corporate expenses. Emburse Global Reimbursements is one way we’re delivering on that objective. I’m excited about establishing key partnerships like this to provide our customers and their employees with solutions that will dramatically transform their experience with global payments and expense.”
Emburse humanizes work by empowering business travelers, finance professionals and CFOs to eliminate manual, time-consuming tasks so they can focus on what matters most.
Emburse brings together some of the world’s most powerful and trusted expense and AP automation solutions, including Abacus, Captio, Certify, Chrome River, Nexonia and Tallie. The company’s innovative offerings, which are uniquely tailored for specific industries, company sizes, and geographies, are trusted by more than 4.5 million users in more than 120 countries.
Over 14,000 customers, from start-ups to global enterprises, including Boot Barn, Grant Thornton, Telefónica, Lufthansa Systems, and Toyota rely on Emburse to make faster, smarter decisions, empower business travelers to recapture lost nights and weekends spent doing tedious expense management, and help make users’ lives - and their businesses - better.
For more information on Emburse, visit emburse.com, call 877-EMBURSE, or follow the organization’s social channels at @emburse.
TransferWise is a global technology company that’s building the best way to move money around the world. Whether you’re sending money to another country, spending money abroad, or making and receiving international business payments, TransferWise is on a mission to make your life easier and save you money.
Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is one of the world’s fastest growing tech firms having raised over $1 billion in primary and secondary transactions from investors such as D1 Capital Partners, Lead Edge, Lone Pine, Vitruvian, IVP, Merian Chrysalis Investment Company Ltd, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin from PayPal.
Over eight million people use TransferWise, which processes over $5 billion in cross-border payments every month, saving customers over $1 billion a year.