B2B payments company CSI globalVCard has opened a London office as part of a European expansion. It is the first step of a worldwide growth plan that will continue throughout 2017.
The move’s timing was influenced by growing demand from CSI’s multinational clients, the company said. That demand includes the needs for native currency payments and customer service support across local time zones.
The efforts are worth it as CSI estimated the annual global payments market to be worth $1.2 trillion, with B2B payments representing a $550 billion share.
The larger your company’s sales, the more you are likely to pay to foreign suppliers. Companies with revenue in excess of $2 billion send a majority of their payments to foreign suppliers.
“CSI globalVCard was designed to automate a company’s AP department and transform these departments from cost centers to profit centers,” CSI globalVCard managing director Jason Kolbenheyer said. “As business practices become increasingly global, it is not only a major step for our company but a critical competitive advantage. Now, with CSI’s Accounts Payable platform our clients can send payments to suppliers across the globe, in multiple currencies all while seeing robust reporting in our dashboard.”
CSI will employ PrePay Solutions‘ (PPS) payment issuance capacity in Europe. PPS is an Edenred subsidiary which is 70 per cent owned by Edenred and 30 per cent by MasterCard.