July release notes: Currency switching on Shopify app, improved FX conversion APIs, and more

Business Account

Interac e-Transfer collections now available for Canada CAD Global Accounts 🇨🇦

Starting this month, businesses with US or Canadian entities can now send and receive money via Interac e-Transfer in Canada, allowing for even faster and more streamlined deposits & transfers. Interac e-Transfer is a real-time, 24/7 transfer method in Canada that allows money movement via email. Customers will be able to register for Interac e-Transfer Autodeposit via their own email address or opt for a pre-registered, unique Airwallex email address.

Access to Interac e-Transfer will be available to all businesses regardless of geographic entity starting August 1, 2024. To learn more about this new release, visit our Help Center.

Payments

Now available: Currency switching on Shopify with Airwallex Online Payments 🔄

Our revamped Shopify app is now available to all Airwallex customers. We’ve made some key upgrades to deliver a more delightful experience for shoppers and increase conversion rates, including:

• Seamless currency switching and availability of local payment methods, to help shoppers pay in their preferred currency using their preferred payment method

• An updated, streamlined design that includes detailed order summaries to provide confidence to shoppers

With these updates, all shoppers will be able to pay with their preferred payment method, regardless of the set Shopify store currency. This furthers our commitment to enabling global businesses to unlock borderless growth.

The new Shopify APM app has been launched to all merchants using Airwallex, without the need for reinstall or update. To learn more about using Shopify with Airwallex, explore our product documentation.

Coming soon: Afterpay as a payment method for all Airwallex customers 🛍️

Following our recent release of enhancements to Klarna as a payment method, we’re excited to announce that Afterpay will soon be available as a payment option to offer to shoppers in Australia, New Zealand, UK, US and Canada. Including Afterpay as a local payment method allows businesses to expand their Buy Now Pay Later offerings, giving their shoppers even more flexibility than before and attracting younger customers that favour Buy Now Pay Later as a purchase option. Using Afterpay also provides tangible benefits to merchants, with Afterpay citing a 58% increase in average order value¹.

Afterpay will be rolled out in phases, so check with your account manager or customer support representative for further details.

Spend

Coming soon: Multi-conditional approvals for Expenses and Bills ✅

We’re pleased to announce that Airwallex customers will soon be able to create more customised approval workflows for card expenses, reimbursements, and bills with multiple conditions (such as merchant category and even custom variables), rather than relying only on amount thresholds. Customers can leverage categorisation data from their accounting providers like Xero, QuickBooks and Netsuite in approval workflows for spend management. This update will allow admins to set different approval flows depending on the type of expense - for example, if a different flow is needed for travel vs marketing expenses. Please note that these changes will not apply to transfer approvals.

Multi-conditional approvals will be available for all Airwallex Spend customers soon. For more information, contact your customer support representative. If you’re interested in early access, please reach out to your account manager.

Core API and Embedded Finance

Make managing global FX conversions even simpler with new FX updates 💱

For our API and embedded finance customers, we’ve made FX conversions more streamlined than ever before. Businesses can now interchangeably choose whether to lock in an FX quote from 1 minute up to 24 hours with Quotes API, or to initiate currency conversions at the prevailing market rate with Rates API. A single account can switch between utilising these options as often as needed for business needs, rather than needing to create separate accounts for separate uses.

Additionally, customers using Airwallex APIs for embedded finance offerings can now charge their customers a percentage markup on FX rates. With Airwallex’s interbank rates, this allows companies to still offer their customers a competitive FX rate, while simultaneously creating new streams of revenue.

Learn more about these updates in the Quotes API and Rates API product documentation.

Yield

Airwallex Yield is now available to all Aussie customers 🚀🇦🇺

We are thrilled to announce the general release of Airwallex Yield, a revolutionary product designed to empower businesses with flexible ways to save and grow their funds.

With Airwallex Yield, businesses are able to maximise their cash balances with competitive rates comparable to banks, but without the stress of lock-up periods - allowing our customers to be even more flexible with how they choose to handle their funds.

Airwallex Yield offers a range of benefits² tailored to meet the evolving needs of modern businesses:

• Competitive returns: Yield currently offers a return of 3.67 percent for AUD balances and 3.95 percent on USD balances (compared to a 1.06 percent p.a. and 0.50 percent p.a. respectively)*³.  

• No lock-up period or penalties: Unlike traditional term deposits, you can move your money in and out of your Airwallex Yield account as needed.

• Easy access to USD returns: You can generate returns on your USD balances, just as easy as you would AUD, no foreign accounts or entities required.  

• Safety meets growth: Grow your funds with a low-risk, highly graded, liquid investment with Airwallex’s investment into JP Morgan money market funds. 

• Xero bank feed integration: Sync your Yield balances and returns to Xero in real time for faster reconciliation - coming soon in late July.

Airwallex Yield is now available for all customers with an Australian entity. If you are an existing customer, get started in the Wallet tab, or sign up for an account in minutes if you are new to Airwallex. You can read more about Yield on our blog.

2: The risks of Airwallex Yield can be found in Section 4 of the USD and AUD PDSs available at www.airwallex.com/au/terms. All investments carry risk. Past performance is not indicative of future performance.  3: Average of CBA, Westpac, ANZ, and NAB business saver per annum rates as of 1 July 2024 *Disclaimer: This information doesn’t take into account your objectives, financial situation, or needs. It is important for you to read the Product Disclosure Statement (PDS) for Airwallex Yield, which is available from Airwallex Capital Pty Ltd (AFSL No. 549026) at www.airwallex.com/au/terms and issued by K2 Asset Management Ltd (ABN 95 085 445 094, AFSL No. 244 393), a wholly-owned subsidiary of K2 Asset Management Holdings Ltd. All investments carry risk. *Target returns of Airwallex Yield are net of fees as at 1 July 2024 and indicate past 1-day annualised returns of the relevant underlying JPMorgan Liquidity Funds