Dext, a provider of bookkeeping automation and part of the IRIS Software Group, has entered into a strategic partnership with Airwallex.
This collaboration will facilitate the launch of Dext Payments in 2025. As an integrated payment solution within the Dext platform, Dext Payments aims to complete the accounts payable workflow from invoice upload to payment automation.
Combining forces for enhanced financial operations
The partnership between Dext and Airwallex brings together two fintech companies dedicated to modernizing financial processes for small and medium-sized businesses (SMBs) and their accounting partners. By integrating Airwallex’s payment infrastructure into Dext’s intelligent automation platform, users can benefit from a unified solution that manages supplier payments, expense payments, payroll, and the simplified collection of payments directly from invoices. This integration also enhances security through data verification, ensuring accurate and straightforward financial transactions.
Controlling late invoice issues
SMEs in the UK frequently face the challenge of delayed invoice payments, averaging 46 days according to recent reports, which can harm cash flow. In response, the UK Government has strengthened its Fair Payment Code to encourage timely payments. Dext Payments seeks to address these challenges by offering a secure, centralized payment service within the Dext platform, providing businesses and their advisors with better transparency and control over financial transactions.
Dext Payments allows accountants and bookkeepers to provide payment services, enabling quick review and processing of client payments through automated reconciliation and fraud detection. This is particularly beneficial in light of new requirements for financial transparency under the Economic Crime and Corporate Transparency Act. For small businesses, Dext Payments enables direct payments to suppliers and employees, faster invoice collections, and management of multi-currency wallets with competitive exchange rates. Businesses can receive payments using local bank details in 12 countries across more than 20 currencies.
Powered by Airwallex’s secure financial infrastructure, Dext Payments supports payouts in over 150 countries and more than 46 currencies.
