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 Centre.

Payments

Currency switching on Shopify Airwallex Online Payments application now available 🔄

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 value³.

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.