MODIFI simplifies transactions with Airwallex
Find out how global commerce platform for business payments, MODIFI, took advantage of Airwallex’s Global Accounts to transfer money across multiple regions with export financing opportunities for businesses.
MODIFI helps businesses manage international trade through its innovative digital platform, enabling sellers to receive payments instantly and offering buyers the option to pay up to 180 days later. The company now serves over 1,500+ businesses across more than 54 countries, spanning the major trading regions of Europe, Asia, and America.
Industry
FinTech
Company size
100+ employees
Location
Global
MODIFI helps businesses manage international trade through its innovative digital platform, enabling sellers to receive payments instantly and offering buyers the option to pay up to 180 days later. The company now serves over 1,500+ businesses across more than 54 countries, spanning the major trading regions of Europe, Asia, and America.
The Challenge
Liquidity that benefits both trade parties - where sellers get paid instantly and buyers pay up to 180 days later - is the main value MODIFI provides their B2B clients. However when dealing with larger buyers, they quickly noticed a problem when collecting payments.
MODIFI funds the seller upfront for a small fee. This helps improve cash flow for sellers and improves buyer-seller relationships resulting in growth and expansion.
Although getting paid by smaller buyers was straightforward enough, when dealing with larger buyers, the buyers’ systems don’t allow payment to third parties - so they have to pay the seller into an account in the seller’s name. They couldn’t pay MODIFI directly.
Sven Bauer
Chief Operating Officer, MODIFI
“Customers of global trade solutions expect a smooth, fast and flexible experience. MODIFI was looking for a reputable and reliable partner that could accommodate cross-border payments at scale, while being easy to implement and operate within the MODIFI platform.”
MODIFI needed a solution that:
enabled them to set up accounts in the seller’s name
helped them receive payments vial local payment rails (rather than the inefficient and costly SWIFT system)
improved payment visibility
worked across multiple currencies and geographies
The Solution
Airwallex’s Global Accounts are embedded into the MODIFI platform and essentially act as collection accounts for MODIFI. These accounts can be created instantly in their client’s name via API, and simplify the collection process and operations for MODIFI.
Airwallex Global Accounts are multi-currency, meaning MODIFI can collect payments from buyers around the world without being subject to unnecessary FX fees.
The Result
Accounts can now be in the seller’s name
By creating accounts in the seller’s name, buyers can meet their contractual obligations, and MODIFI remains in complete control of the payments process, tracking the payment means more visibility and less risk.
Leveraging local rails lessens the reliance on SWIFT
Processing SWIFT payment transfers is expensive. At Airwallex, 93% of all payments are done through local payment rails. This means MODIFI can now enjoy faster and cheaper payments globally.
API-first phased integration to suit MODIFI’s needs
We worked with MODIFI to implement a solution that best suits their specific challenges, with access to the comprehensive suite of Airwallex APIs to make integration as smooth as possible.
A problem solved globally
Fixing this seemingly small problem now means MODIFI can work effortlessly with exporters across the globe, offering a simplified financing and collection process for both buyers and sellers utilising MODIFI platform.
Sven Bauer
Chief Operating Officer, MODIFI
“Airwallex is our payments partner of choice when it comes to removing the friction associated with traditional financing. By using Airwallex, we offer exporters a seamless solution which eases trade bottlenecks and liquidity issues. Airwallex is a key partner in our mission to deliver finance to companies seeking sustainable growth.”
More stories from Airwallex customers
"Airwallex is the perfect cross-border payments and FX partner to support our mission. Their strong technological infrastructure and dedicated engineering support team has allowed for a seamless integration process."
Read Plum's story
“The value for building our top-of-the-funnel is our payments functionality. Airwallex’s multi-currency capabilities have made a huge difference.”
Read PartnerStack's story
“Airwallex has allowed us to modernise our payments infrastructure and cater to new investors all over the world. When making an investment the payment experience needs to be reliable, fast, and affordable."
Read OurCrowd's story
See how our customers are finding Airwallex
"Airwallex have been a fantastic partner for Olsam Group as we grow our eCommerce brands to new channels and new markets. Their easy to use interface and integrations have been a joy for our finance team to use as we scale."
Sam Horbye
Co-Founder, Olsam
"For ME + EM, expanding into international markets such as the US has been our focus - and with Airwallex, we were able to use their local USD Global Account to collect from our Paypal US account, thereby allowing us to save 3% on each transaction. The process of working with Airwallex has been seamless - our suppliers get paid quickly, we have a dedicated Relationship Manager who has been really patient, helpful and quick to respond. I am keen to use their cards to pay for our ad spend in the near future to save further on our USD invoices."
Meera
Finance Manager, ME + EM
"We've had such a fantastic experience switching to Airwallex. Previously we were using a traditional bank to make all of our international transactions and they'd constantly lock us out of the account everytime we made a transfer, resulting in hours and hours of lost time on hold. Airwallex is secure, makes it super quick and simple to make and receive international payments."
Rupert
Managing Director, Perspective Pictures
“We used to pay Stripe between $5,000 and $10,000 a month in conversion fees because most of our customers pay in dollars. Now we funnel that money into our Airwallex US dollar account, we don’t have to pay commission. We’ve saved more than $100,000 so far this year”
Thomas Adams
Founder and CEO, Brandbassador
"We love Airwallex! It has considerably eased our invoicing and payments to contractors around the world. Sending and receiving money is much faster and cheaper than before."
Edle Tenden
Co-Founder, Mobile Transaction
“We are so glad that we have found Airwallex! There are no hidden charges, they are quick to respond to any queries and we had the smoothest transaction with amazing support from the team continually.”
Andreia Beja
Supply Chain Executive, Miss Patisserie
"Our water solutions company, Dropterra (go.dropterra.com) has partnered with Airwallex since inception and it has been the best banking and payment partner a company can think of. International transactions are easy, secure, and fast, the technology is incredible and their client service fantastic! We look forward to growing and deepening our relationship with Airwallex!"
Francois Schramek
Co-Founder, Dropterra