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Fund and pay suppliers in both GBP and EUR currencies

· 2 min read

We are excited to introduce the ability to fund and pay suppliersSupplierA trusted business or individual that receives payments from Buyers through payment runs. Suppliers can be stored in a trusted supplier list, and when marked as trusted, may allow Buyers to skip Strong Customer Authentication when executing payment runs to those suppliers. in both EUR and GBP currencies. This optional new feature provides greater flexibility and convenience.

Effective:

  • 12 August 2024 on Sandbox
  • 20 August 2024 on Live

How to enable multiMultiWeavr Multi is an embedded finance solution that allows you to integrate financial services into your own application, providing a seamless experience for your customers. It enables you to offer managed accounts, managed cards, and transactions without requiring financial expertise.-currency payment runsPayment RunA list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution.:

  1. Login to the Embedder PortalEmbedder PortalA web-based portal where embedders manage their Weavr account: browse customers and instruments, configure programmes, find API credentials and profile IDs, run Sandbox simulations, and inspect webhook deliveries. Sandbox and Live are separate, with their own credentials and data.: access your account on the embedder portalEmbedder PortalA web-based portal where embedders manage their Weavr account: browse customers and instruments, configure programmes, find API credentials and profile IDs, run Sandbox simulations, and inspect webhook deliveries. Sandbox and Live are separate, with their own credentials and data..
  2. Update the supported currency in BuyerBuyerA business entity in the Payment Run solution that can be provided with financial services to perform embedded payment runs. Buyers are onboarded through a KYB process and can create payment runs to pay their suppliers. They have roles such as Admin, Controller, and Creator. Settings: by switching on the second currency.
  3. Update the BuyerBuyerA business entity in the Payment Run solution that can be provided with financial services to perform embedded payment runs. Buyers are onboarded through a KYB process and can create payment runs to pay their suppliers. They have roles such as Admin, Controller, and Creator. details: via the PATCH/buyers endpoint to add the new supportedCurrencies.
important

To activate the new supported currency, a buyerBuyerA business entity in the Payment Run solution that can be provided with financial services to perform embedded payment runs. Buyers are onboarded through a KYB process and can create payment runs to pay their suppliers. They have roles such as Admin, Controller, and Creator. user with the Admin role must authenticate and step-up their token to confirm and complete the activation.

When creating a payment runPayment RunA list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution. with multiple currencies, the plugin will automatically split the payment runPayment RunA list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution. into separate groups based on each currency. BuyersBuyerA business entity in the Payment Run solution that can be provided with financial services to perform embedded payment runs. Buyers are onboarded through a KYB process and can create payment runs to pay their suppliers. They have roles such as Admin, Controller, and Creator. will be able to fund EUR payment runPayment RunA list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution. groups using a EUR linked accountLinked AccountAn entity in the Weavr system that represents an external bank account or payment service provider (PSP) account that a customer has verified they own and control. This feature enables users to perform transactions, such as outgoing and incoming wire transfers, between their Linked Accounts and their Managed Accounts as 'self-to-self' transfers. and a GBP payment runPayment RunA list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution. group using a GBP linked accountLinked AccountAn entity in the Weavr system that represents an external bank account or payment service provider (PSP) account that a customer has verified they own and control. This feature enables users to perform transactions, such as outgoing and incoming wire transfers, between their Linked Accounts and their Managed Accounts as 'self-to-self' transfers..

note

If you provide an unsupported currency when creating a payment run, you will receive an HTTP 409 error code UNSUPPORTED_MULTIPLE_CURRENCIES and if the currency is not active, you will receive an HTTP 409 error code ZERO_BALANCE_ACCOUNT_INVALID_STATE. You will need to handle these errors accordingly.

Additionally, the Payment Run Authorization Component and the payment runPayment RunA list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution. screen on the embedder portalEmbedder PortalA web-based portal where embedders manage their Weavr account: browse customers and instruments, configure programmes, find API credentials and profile IDs, run Sandbox simulations, and inspect webhook deliveries. Sandbox and Live are separate, with their own credentials and data. have been updated to support and display multiMultiWeavr Multi is an embedded finance solution that allows you to integrate financial services into your own application, providing a seamless experience for your customers. It enables you to offer managed accounts, managed cards, and transactions without requiring financial expertise.-currency payment runsPayment RunA list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution. effectively.

Affected UI Components:

Affected Endpoints:

More details on creating a payment runPayment RunA list of payments created by Buyers to settle their outstanding financial obligations with their suppliers. Payment runs are typically managed by the accounts payable function within a business on a periodic basis and go through stages of creation, authorisation, funding, and execution. is available in our documentation