Lili, an all-in-one financial platform for small and midsized businesses, announced on Sept. 9 a new feature that enables small and midsized businesses to pay international vendors and receive payments in various currencies.
“This new capability further supports international business growth, enabling businesses to make international payments in 130 currencies so they can expand their businesses beyond U.S. borders,” Lili said in a media release.
Lili’s new feature aims to simplify cross-border payments by making international payments as easy as local transactions.
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According to global consulting firm McKinsey, most small and medium-sized enterprises need to expand internationally in order to grow; however, growth beyond their home front is often a challenge. Lili says its new feature removes the financial complexity from international expansion by making payments simple, easy, and cost-effective.
“International commerce was once limited to large corporations that had the man-power behind them to manage the complexities of international transactions; however, Lili is removing those barriers for businesses of all sizes and simplifying the international payment process to help them grow beyond the U.S. market,” Lilac Bar David, co-founder and CEO of Lili, said in a statement. “Now with our quick and cost-effective international payments in local currencies, SMBs have no limitations and can grow as far and wide as they choose.”
Earlier this year, Lili announced that it expanded their product offering to enable SMBs to make international payments to vendors and customers. The offering allows businesses to both pay and receive international funds in dozens of countries across North America, Europe, and Asia. Lili offers unlimited inbound transfers, high outbound transaction limits, enhanced security, and enables SMBs to pay or receive funds as quickly as 24 hours.
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