OzForex (ASX:OFX) announced a strategic partnership with software company Xero (ASX:XRO) this morning, making it easier for its customers to make international payments.
OzForex, one of the largest online foreign exchange and payment companies in the world, has teamed up with Xero, a cloud accounting software business based in New Zealand. The strategic platform partnership with Xero, which went live today, will enable Xero’s Australian customers, who have also registered with OzForex, to automatically make international payments against Xero invoices directly form the OzForex platform. The service will available to Xero’s customers in other regions in the coming months.
OzForex Group CEO, Richard Kimber commented, “We are excited to partner with a well-known and trusted brand like Xero, with a strategic relationship that will make international payments simple for Xero customers. The partnership is consistent with our Accelerate Strategy, targeting wholesale opportunities that embed our services in already established ecosystems. We believe this partnership will result in increased brand awareness and lead to further customers for OzForex.”
Head of Strategic Partnerships for Xero, Ben Styles commented, “We chose to work with OzForex as they are a proven player in global payments, using trusted payment systems that give businesses access to lower cost international payments. Most small businesses simply don’t realise how much they are paying to transact with customers, suppliers, or employees in other countries.”
OzForex’s share price has been relatively volatile in the last 12 months. Boosted by good results, its share price has experienced several spikes throughout the year, however none have been sustained. Trading at relatively high levels demonstrates that investors have high expectations for the company and a recent rally shows optimism continues.
Author: Ben Visser
Aug 14, 2015
Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.