August release notes: UAE AED collections, Global Entity Management, Reimbursements on mobile and more

Business Account Updates: Enhancements to Airwallex Services

AED Global Accounts for Local Currency Collection in the UAE

Airwallex now offers AED Global Accounts for businesses looking to expand into the Middle East and receive local deposits in the United Arab Emirates. These accounts allow businesses to receive local currency through Immediate Payment Instruction (IPI) transfers for real-time payments and Real-Time Gross Settlement (RTGS) transfers for same-day payments. This feature helps businesses avoid foreign exchange conversion fees and provides flexibility in managing local currency collections. AED Global Accounts can be set up via the Wallet tab in an Airwallex account. More details are available in the Help Centre.

Multiple Account Owners for Better Risk Management

Airwallex Business Accounts now support multiple account owners, allowing businesses to mitigate risks associated with single-person ownership. Current account owners can invite additional owners who, once verified, can perform the same actions as the original owner, including the transfer of ownership. This update enhances account security by enabling authorised changes or deletions. More information is available in the User Access Management section of the Help Centre.

Improved Transfer Fee Separation and Reporting

Airwallex has enhanced its transfer and transaction reporting features to offer greater transparency and easier reconciliation. The improvements include:

- Transfer Fee Visibility: Transfer fees are now displayed as separate records in the Wallet and Xero bank feeds, simplifying the reconciliation of net amounts and categorisation of transfers.

- Enhanced Balance Activity Reporting: Transfers can now be matched more efficiently, with references and descriptions available in balance activity reports. For currency conversions, balance activity is consistently shown in both source and destination currencies.

Additional details on these updates are available in Airwallex’s product documentation.

Global Entity Management for Financial Operations

Global Entity Management is now available for new customers using NetSuite. This feature allows businesses to manage financial operations across multiple entities and accounts centrally within the Airwallex web app, streamlining user management, global spend controls, and approval processes. For more information or to express interest in this feature, customers can contact sales or their account manager.

Reimbursements Now Available on Mobile for iOS and Android

Reimbursements, initially launched in March, are now available on mobile for both iOS and Android users. This update allows users to capture receipts, create reimbursement reports, and track reimbursement status from their mobile devices. Managers and administrators can also approve reimbursements on mobile, enhancing efficiency. More details can be found in the Help Centre or by downloading the Airwallex app from the iOS or Google Play stores.

Upcoming Enhanced Dispute Management for Merchants

Airwallex will soon enhance the dispute resolution experience for merchants using its payment services. The new features will include customisable email notifications, proactive updates on outstanding actions, and enhanced templates that align with organisational communication guidelines. More information will be available in the product documentation.

B2B Travel Cards Now Available for Singapore

Airwallex has launched B2B virtual cards for businesses in Singapore’s travel sector, offering rebates for cross-border transactions and customisable interchange rates to optimise merchant acceptance. These cards are also available in Europe, the UK, and Hong Kong, with expansion to Australia and the US planned for later this year.

Seamless Dispute Management with Dispute Client API

The new Dispute Client API allows Airwallex customers using the Issuing API to automate transaction disputes directly via API, eliminating the need for email-based requests. This functionality is available to all customers using the Issuing API for internal or embedded finance purposes. Further details can be found in the product documentation.