In brief
- Airwallex, a global payment and financial platform, wanted to optimize cash utilization for businesses by seeking scalable, multi-currency solutions.
- By partnering with J.P. Morgan Asset Management, Airwallex leveraged their multi-currency expertise and advanced API technology to achieve seamless integration.
- This collaboration enhanced Airwallex's service offerings, and expanded their market reach, fulfilling their mission to revolutionize global banking.
About
Airwallex is at the forefront of redefining the future of global banking. Established to tackle the complexities and high costs of cross-border payouts, Airwallex's platform now supports a wide range of financial services, from payments to spend management and yield optimization. Today, Airwallex serves over 150,000 customers worldwide, ranging from small businesses to large multinationals.
The Challenge
In Australia, SMEs face economic pressures and rising costs, prompting a need to better utilize cash balances from global payments. These businesses sought a solution presenting flexibility, attractive returns, and robust multi-currency capabilities.
Airwallex recognized this need and embarked on a project to enhance financial management for its clients, focusing on flexibility and yield opportunities. The goal was to find a partner with a proven track record, global reach, and expertise in multi-currency solutions, particularly in Australian dollars and US dollars, while also being digital-first and collaborative.
The Solution
Airwallex found these qualities in J.P. Morgan Asset Management (JPMAM). With over three decades1 of experience in managing money market strategies across multiple currencies, JPMAM’s Global Liquidity business provide the experience and reliability Airwallex required.
The collaboration focused on operating at scale, ensuring real-time transaction processing and seamless integration across trading, reporting and reconciliation.
JPMAM’s advanced API technology facilitated this integration, presenting seamless functionality across geographies and investment products. This capability was crucial as Airwallex expanded globally, significantly reducing integration time.
A standout example of this partnership was the expansion to include Hong Kong dollars. JPMAM swiftly built backwards compatibility, allowing Airwallex to maintain a consistent model across all products without requiring adaptation to new integration patterns.
The Results
The partnership has been transformative, enabling Airwallex to scale operations, process in real-time and enhance its service offerings. Initially started in Australia, the collaboration is now expanding to other global markets, showcasing the solution’s scalability and adaptability – fulfilling Airwallex’s mission to revolutionize global banking.