Lili Adds International Wire Payments to Small Business Financial Platform
Lili added international wire payments to its financial platform designed for small business owners.
The company’s international wire payments solution enables its small business customers to both receive and send international payments in 27 countries across North America, Europe and Asia, Lili said in a Wednesday (Feb. 19) press release.
Lili expects to add more countries later this year, according to the release.
The company’s solution offers unlimited inbound transfers, high outbound transaction limits, enhanced security and competitive pricing, the release said.
With Lili’s integrated bill pay solution, the international payment details are automatically organized through the platform, per the release.
“Through international payments, small business owners will have the flexibility to connect with more vendors and customers abroad, helping them both innovate their offerings and expand their base of clients,” Lili Co-founder and CEO Lilac Bar David said in the release.
More small- to medium-sized businesses (SMBs) are sending and receiving cross-border payments they navigate international markets and supply chains, PYMNTS reported in November.
While the rise of digitally powered businesses has opened new possibilities for SMBs, a lack of access to the necessary financial services to power international transactions is a key constraint, according to the PYMNTS Intelligence and Payoneer collaboration, “International B2B Payments: A Guide for Entrepreneurs and Digital Businesses.”
The report found that 27% of SMBs saw the complexity of cross-border payments as a hindrance to their ability to grow, and just 23% said their current cross-border payment solutions were very or extremely satisfactory.
Lili’s international wire payments solution joined some other recent additions to its offerings.
The company launched an embedded finance integration called Lili Connect in October, saying this feature streamlines small business banking, accounting and tax processes by allowing partner companies to offer Lili’s financial management tools directly through their platform.
Lili teamed up with Dun & Bradstreet in August to enable that company’s small business customers to open a Lili checking account directly from the Dun & Bradstreet myD&B platform.
In May, Lili launched a generative AI chatbot called Accountant AI that harnesses business’ financial data and the latest industry information to answer business owners’ financial and accounting questions and provide personalized recommendations about their businesses’ finances.
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