Brex, the corporate card and spend management platform for startups and enterprises, announced Brex Embedded payments – a new API-driven payments solution that makes it easy for B2B software vendors to accelerate customer workflows with Brex virtual cards. By integrating with providers across categories like procurement, travel, and enterprise resource planning (ERP), Brex continues to expand its enterprise footprint, which already includes hundreds of customers like Atari, Sonos, and Five Guys.
Global B2B payment volume has skyrocketed over the past decade and businesses around the world are increasingly embedding payments into their products to help streamline their customers’ workflows to generate new revenue streams. But building financial services capabilities in-house is costly, time-consuming, and creates significant regulatory and financial risk. Brex Embedded leverages proprietary APIs and issuing integrations—including Mastercard’s innovative virtual card platform—to enable any software vendor to seamlessly integrate Brex’s global corporate card and payments capabilities directly into their platform, without the overhead of underwriting, onboarding, and credit risk. For Brex Embedded partners, their customers can make fast, secure global payments in virtually any currency, all while automating their existing financial workflows and payment reconciliation.
“Brex’s vertically integrated corporate cards, payment processing, and global money movement infrastructure has been used by tens of thousands of companies to help them save and control spend for the past 7 years,” said Pedro Franceschi, CEO at Brex. “We’re excited to democratize access to Brex’s best-in-class payments technology with Brex Embedded payments and unlock global payments everywhere.”
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“In recent years, large enterprises have transformed the way they do business to meet the fast-paced nature of today’s digital world,” said Sherri Haymond, Co-President of Global Partnerships at Mastercard. “At the forefront of that change is the digitization of B2B experiences and the need for innovative, global offerings to meet those expectations. We’re thrilled to expand our partnership with Brex to launch Brex Embedded, which puts corporations in control with a simple, safe and easy way to manage connected payments experiences.”
Brex Embedded payments gives software vendors, such as Sabre and Coupa, a single point of integration that allows them to embed Brex virtual cards with up to 40x higher limits, industry-leading rewards, and local currency payments in 50+ countries–saving end customers time and money. With Brex, these software vendors can onboard global customers in days, instead of months, and ensure all spend conducted on their platforms is automatically reconciled for accounting. Hundreds of customers like DoorDash, Boomi, and ScaleAI are already processing nearly $1 billion in annualized payment volume using Brex Embedded payments while saving an average of 440 hours per year on manual GL coding and reconciliation and hundreds of thousands annually on FX fees.
“Sabre is excited to partner with Brex through Brex Embedded payments in Sabre Direct Pay,” said Patricio Boccardo, Managing Director of Sabre Direct Pay. “This partnership brings unparalleled value to our customers, offering a truly global solution with issuance in over 50 countries on a single platform. With faster onboarding, enhanced data and reconciliation capabilities, and improved payment acceptance, our customers now have access to the most comprehensive global payments solution.”
SOURCE: PRNewswire