Expense management provider Emburse has launched a new service that lets corporate clients reimburse employees' expenses across multiple countries and currencies.
Dubbed Emburse Global Reimbursements and supported by cross-border payments specialist TransferWise, the tool is designed as an alternative to the international SWIFT bank messaging network, which historically has been used by global organizations to make international payments to reimburse employees.
The SWIFT method often requires the involvement of several correspondent banks, incurs fees and uses unfavorable exchange rates, while slowing transfers, according to Emburse. Instead, Global Reimbursements uses TransferWise's own local bank accounts to exchange foreign currency, providing "low, transparent fees, and always uses the mid-market exchange rate," thereby reducing costs and simplifying the process.