Foreign exchange and global payments provider, OFX together with WiseTech Global’s leading logistics execution platform, CargoWise, has launched Integrated Global Payments from OFX and CargoWise.

The native integration will mean CargoWise customers can access OFX’s competitive exchange rates and international payment capabilities directly from within the CargoWise platform.

“While freight forwarders and logistics leaders have been aware of the power of global connectivity, the pandemic has spurred the need for more integrated and agile payments technology to help manage the ever-changing landscape and drive their business forward,” OFX president for Asia Pacific, Yung Ngo said.

Direct integration to OFX’s platform allows CargoWise customers to make international payments via OFX without moving off-platform, which can help simplify previously complicated, multi-step, multi-system FX processes.

The integration was also designed for moving money via OFX with speed and ease, offering competitive rates across over 50 currencies, with 80% of all major currency international payments made by OFX processed within 24 hours on receipt of funds.

Ultimately, Integrated Global Payments simplifies access to FX operations, enhancing payment processes to offshore suppliers. Tools such as checking and accepting OFX exchange rates, completing FX payments via OFX and tracking key events are now available directly from within the CargoWise system.

“With the enhanced Integrated Global Payments functionality, CargoWise customers now have access to a simplified workflow process, competitive FX rates from OFX, and faster cross-border payments, translating to improved efficiencies and productivity,” CargoWise product portfolio manager, Imraan Khan said.

“The benefits of an integrated global payment system for finance and treasury teams include increased transparency, easily accessible audit trails, and reduced data entry across multiple systems that improve central controls.”

Beyond the platform integration, OFX has a team of global OFXperts who can offer added human support with queries on currency considerations.