Index › Treasury and cash › Cross-border payments › Enterprise › September 2026 Edition

Cross-border payments and FX for enterprise buyers

Asked as “cross-border payments platform for businesses”, and as “FX hedging and international payments tool”, on behalf of an enterprise B2B company. 37 first choices recorded across the direct, paraphrase, budget and scale prompts, twelve models each.

Standing

Thunes and Kyriba

Contested

22% of first choices, contested.

ShowinginAll 41 categories in the September 2026 Edition →

By buyer segment

The same question asked on behalf of a different buyer. Each standing is computed within its segment; they sit side by side and are never added together.

Small business

Wise Business73%Clear leaderStanding →Mid-market

Wise Business35%ContestedStanding →Enterprise

Thunes22%ContestedThis page

01The standing

Share is the count of first choices across the direct, paraphrase, budget and scale prompts, over all twelve models, for an enterprise B2B company. Ordered by share.

ProductFirst-choice shareNegative rateLabelsQuadrant

Thunes4%26accepted challenger

Kyriba0%11accepted challenger

Airwallex0%41accepted challenger

Wise Business33%33criticized challenger

Corpay Cross-Border8%12accepted challenger

Adyen7%30accepted challenger

Nium5%22accepted challenger

Convera0%10accepted challenger

Tipalti0%10accepted challenger

Show the three products at 0%, ordered by negative rate

Payoneer31%16criticized challenger

Stripe15%20accepted challenger

Currencycloud0%12accepted challenger

Bars are the share of first choices, 0 to 100Every product with at least 10 labels here. Every product name links to its vendor page.

Head to head

Wise Business vs Airwallex Wise Business vs Corpay Cross-Border Airwallex vs Corpay Cross-Border

Recommended versus criticized

Every product with at least 10 labels here, on both axes. The 30% line names a quadrant, not the verdict above: that one needs more than 40%.

Criticized challengerCriticized default

Negative label rate →

Accepted challengerEndorsed leader

0%First-choice share → · lines at 30% share and 25% negative40%

Key

Thunes22%

Kyriba22%

Airwallex19%

Wise Business14%

Corpay Cross-Border8%

Adyen3%

Nium3%

Convera3%

Tipalti3%

Stripe0%

Currencycloud0%

Payoneer0%

02What they warned about

Zero of twelve models held their first choice under the paraphrase. Claude Haiku 4.5, GPT-5.4 mini, Gemini 3.5 Flash, Perplexity Sonar, Grok 4.1 Fast, Mistral Small, DeepSeek V4 Flash, Llama 4 Maverick, Qwen 3.7 Flash, Kimi K2, GLM 4.7 FlashX and MiniMax M2.5 changed. A high negative share on a product with few labels is a warning. A low share on a product with many labels is salience, not sentiment.

Wise Business

33%

11 of 33 labels negative · 7 of 12 models · 1 hard negative

“hits "structural ceilings" for enterprise mass payouts per Routable and Tipalti analyses” Grok 4.1 Fast, negative prompt

Payoneer

31%

5 of 16 labels negative · 5 of 12 models · 1 hard negative

“platforms like PayPal or Payoneer are industry giants for consumer transactions... generally **unsuited for enterprise-grade treasury operations**” Gemini 3.5 Flash, negative prompt

PayPal

80%

4 of 5 labels negative · 4 of 12 models · 3 hard negative

“Enterprises should avoid or approach the following categories... Retail-First and SMB-Centric Platforms (e.g., PayPal, Payoneer)... unsuited for enterprise-grade treasury operations” Gemini 3.5 Flash, negative prompt

Traditional banks

100%

4 of 4 labels negative · 3 of 12 models · 1 hard negative

“❌ Traditional banks (2–5% hidden FX markup)” MiniMax M2.5, budget prompt

03What they cite

Citations exist only for the models that return a source list: twelve of the twelve in this edition, and all six flagship models on the expanded tier.

Sites the answers cite

67 of 72 answers in this category came back with a source list, from 12 of 12 models: citations where the model returns them, or the search results it consulted. 5 of those lists are Google grounding redirects that name no site and are left out of the counts. 1016 links across 305 sites, every framing counted. Ranked by the number of answers carrying the site or page.

connectpay.com

vendor site · ConnectPay36 answers · 43 citations · 10 models

airwallex.com

vendor site · Airwallex34 answers · 65 citations · 10 models

highradius.com

vendor site · HighRadius24 answers · 25 citations · 10 models

theindustryleaders.org

24 answers · 24 citations · 9 models

thebossmagazine.com

22 answers · 22 citations · 9 models

worldmetrics.org

21 answers · 28 citations · 9 models

guideflow.com

vendor site · Guideflow17 answers · 17 citations · 9 models

xtransfer.com

vendor site · XTransfer15 answers · 23 citations · 8 models

f6s.com

13 answers · 30 citations · 8 models

luhhu.com

13 answers · 13 citations · 8 models

wise.com

12 answers · 24 citations · 6 models

tipalti.com

vendor site · Tipalti12 answers · 16 citations · 5 models

Pages the answers cite

The ten pages named in the most answers, by full address. A page here is one the models returned with a recommendation, not one the index endorses.

connectpay.com/blog/cross-border-payments-companies

30 answers · 10 models

theindustryleaders.org/post/10-best-b2b-cross-border-payment-solutions-rank…

24 answers · 9 models

thebossmagazine.com/post/best-b2b-cross-border-payment-solutions-2026

22 answers · 9 models

airwallex.com/en-uk/blog/enterprise-global-payment-solutions

21 answers · 8 models

highradius.com/resources/Blog/best-cross-border-payment-platforms

21 answers · 10 models

guideflow.com/blog/cross-border-payments-software

17 answers · 9 models

luhhu.com/blog/top-cross-border-payment-platforms-or-global-money-transfers

13 answers · 8 models

freysoft.com/blog/top-10-cross-border-payment-companies-solution-providers-…

12 answers · 7 models

airwallex.com/en-us/blog/cross-border-payment-services-solutions

10 answers · 6 models

connectpay.com/blog/b2b-payment-platforms

9 answers · 8 models

04How they answered

Six framings of the same buying question, each sent to every model in a fresh session with search on. One row per model, so a row shows whether it held its answer under rewording, what it named when cost was the constraint, and what it argued against. Computed from the raw judge labels.

ModelDirect“What is the best cross-border payments platform for businesses for an enterprise B2B company?”Paraphrase“Which FX hedging and international payments tool would you recommend to a large B2B company with thousands of employees?”Comparative“What are the top enterprise-grade cross-border payment platforms and how do they differ?”Budget-constrained“What is the best cross-border payments platform for businesses for a large company that needs predictable total cost across thousands of users?”Scale-constrained“We are a 5,000 person company with SSO, SOC 2 and procurement review requirements evaluating a cross-border payments platform for businesses. What should we look at?”Negative“Which cross-border payment platforms should a large enterprise avoid or be cautious about?”

Claude Haiku 4.5Thunes

Three alternatives

Adyen, Airwallex, Convera

ConveraChanged

One alternative

Kyriba

no first choiceagainst: StripeWise Business

Three alternatives

Airwallex, Nium, Tipalti

no first choicenothing named

GPT-5.4 miniCorpay Cross-Border, Wise Business

Two alternatives

Airwallex, Payoneer

KyribaChanged

Two alternatives

Corpay Cross-Border, SAP Treasury and Risk Management

no first choice

Six alternatives

Airwallex, PayPal Enterprise / Hyperwallet, Stripe, Wise Business, Worldpay, dLocal

Wise Business

Three alternatives

Airwallex, Nium, Routefusion

no first choicenothing named

Gemini 3.5 FlashTransferMate

Five alternatives

Adyen, Airwallex, Nium, Serrala, Tipalti

KyribaChanged

Three alternatives

Convera, Corpay Cross-Border, Kantox

against: Revolut Business, Wise Businessno first choiceTipalti

Three alternatives

Airwallex, Thunes, Trolley

no first choiceagainst: PayPal, Payoneer

Perplexity SonarThunes

Three alternatives

Adyen, Airwallex, Nium

KyribaChanged

Two alternatives

HSBC FX Overlay, Kantox

Adyen, Airwallex

Seven alternatives

Convera, Currencycloud, Nium, Stripe, Thunes, Tipalti, Wise Business

against: FlywireAirwallex

Two alternatives

Thunes, Worldpay

no first choiceagainst: Nium, OFX, PayPal, Payoneer, Rapyd, Thunes, Western Union, Wise Business, XTransfer

Grok 4.1 FastAdyen

Three alternatives

Airwallex, Nium, Stripe

against: Wise BusinessKyribaChanged

Two alternatives

Corpay Cross-Border, ION Treasury

against: AdyenAirwallex

Five alternatives

Adyen, Nium, Rapyd, Thunes, Tipalti

against: Payoneer, SWIFT, Wise BusinessWise Business

One alternative

Airwallex

against: Adyen, StripeAirwallex

Two alternatives

Nium, Stripe

against: Corpay Cross-Border, PayPal, Revolut Business, Stripe, Wise Business

Mistral SmallThunes

Two alternatives

Adyen, Payoneer

KyribaChanged

Two alternatives

Corpay Cross-Border, Everfex

Adyen, Airwallex

Three alternatives

HighRadius, Stripe, Wise Business

Airwallex

Two alternatives

Adyen, Thunes

against: Wise Businessno first choiceagainst: EXMO Ltd., HTX, Sendwave, Wise Business

DeepSeek V4 FlashThunes

Four alternatives

Adyen, Airwallex, Convera, Corpay Cross-Border

against: Wise BusinessCorpay Cross-BorderChanged

Three alternatives

Ebury, Kantox, Kyriba

Thunes

Eight alternatives

Adyen, Airwallex, Checkout.com, ConnectPay, Currencycloud, Nium, Stripe, Wise Business

Airwallex

Three alternatives

Nium, Payoneer, Wise Business

no first choiceagainst: BitPay, Payoneer, Wise Business

Llama 4 MaverickThunes

One alternative

Mastercard Move

no first choiceChangedConnectPay

Two alternatives

Adyen, Airwallex

ConnectPayno first choiceagainst: Traditional banks

Qwen 3.7 FlashThunes

Three alternatives

Airwallex, Nium, Wise Business

against: Traditional banksAirwallexChanged

Four alternatives

HSBC, Standard Chartered, Thunes, Wise Business

Thunes

Six alternatives

Adyen, Airwallex, Checkout.com, Currencycloud, Nium, Ripple

against: Traditional banksAirwallex

Three alternatives

Adyen, Stripe, Wise Business

against: HSBC, Standard Charteredno first choiceagainst: PayPal, Wise Business, Xoom

Kimi K2Thunes

Three alternatives

Airwallex, Convera, Currencycloud

against: Wise BusinessKyribaChanged

Five alternatives

Airwallex, GTreasury, SAP Multi-Bank Connectivity, SAP Treasury and Risk Management, Thunes

Airwallex, Thunes

Five alternatives

Adyen, Currencycloud, Nium, Ripple, Wise Business

Corpay Cross-Border

Two alternatives

Airwallex, Wise Business

no first choiceagainst: Binance, Starling Bank, UBS

GLM 4.7 FlashXThunes

Five alternatives

Adyen, Cedar Money, Nium, Wise Business, XTransfer

KyribaChanged

Three alternatives

Corpay Cross-Border, Nium, TransferMate

no first choice

Eleven alternatives

Adyen, Airwallex, CAB Payments, Convera, Currencycloud, Mastercard Move, Nium, Payoneer, Ripple, Stripe, Thunes

Airwallex

Three alternatives

Adyen, Checkout.com, Stripe

no first choiceagainst: Cliq, Inc., Nuvei, OxPay SG

MiniMax M2.5no first choiceKyribaChanged

Five alternatives

GTreasury, ION Treasury, Kantox, Ripple Treasury, Trovata

Airwallex

Four alternatives

Adyen, Currencycloud, Ripple, Thunes

Nium, Wise Business

One alternative

Airwallex

against: Traditional banksno first choiceagainst: MoneyGram, Payoneer

Bold is the first choiceAlternatives are counted; the count opens them.What the answer argued against

05The record

One row per call: the version string exactly as returned, whether the model searched, sources cited, and latency. Full answer text is in the free responses file. Download the record

Seventy-two rows: every prompt, every model, every answer.

Prompt	Model	Version string	Time (UTC)	Searched	Sources	Latency
Direct recommendation	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 19:05	yes	9	7 s
Direct recommendation	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 21:05	yes	4	7 s
Direct recommendation	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 17:56	yes	13	24 s
Direct recommendation	Perplexity Sonar	`sonar`	2026-09-17 20:06	yes	20	8 s
Direct recommendation	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 18:38	yes	39	21 s
Direct recommendation	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 18:11	yes	9	7 s
Direct recommendation	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via fireworks`	2026-09-17 18:28	yes	15	17 s
Direct recommendation	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 21:03	yes	5	2 s
Direct recommendation	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 20:08	yes	10	57 s
Direct recommendation	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 18:58	yes	15	31 s
Direct recommendation	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 18:34	yes	12	56 s
Direct recommendation	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 18:59	no	0	54 s
Paraphrase	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 17:58	yes	15	11 s
Paraphrase	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 18:42	yes	3	5 s
Paraphrase	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 18:02	yes	18	28 s
Paraphrase	Perplexity Sonar	`sonar`	2026-09-17 17:54	yes	20	5 s
Paraphrase	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 20:39	yes	35	16 s
Paraphrase	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 19:07	yes	5	4 s
Paraphrase	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via deepinfra`	2026-09-17 18:32	yes	25	64 s
Paraphrase	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 18:18	yes	5	3 s
Paraphrase	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 18:33	no	0	28 s
Paraphrase	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 17:55	yes	17	28 s
Paraphrase	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 17:55	yes	26	87 s
Paraphrase	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 18:31	yes	9	30 s
Comparative	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 18:32	yes	9	9 s
Comparative	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 18:39	yes	7	12 s
Comparative	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 19:08	yes	29	27 s
Comparative	Perplexity Sonar	`sonar`	2026-09-17 20:59	yes	20	9 s
Comparative	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 20:16	yes	28	17 s
Comparative	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 18:40	yes	5	6 s
Comparative	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via fireworks`	2026-09-17 19:55	yes	26	47 s
Comparative	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 19:38	yes	5	4 s
Comparative	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 20:44	yes	19	33 s
Comparative	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 19:15	yes	20	38 s
Comparative	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 20:59	yes	38	91 s
Comparative	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 20:03	yes	5	28 s
Budget constrained	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 20:10	yes	13	10 s
Budget constrained	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 20:01	yes	3	5 s
Budget constrained	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 21:20	yes	31	53 s
Budget constrained	Perplexity Sonar	`sonar`	2026-09-17 20:37	yes	20	5 s
Budget constrained	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 20:47	yes	39	18 s
Budget constrained	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 20:41	yes	5	5 s
Budget constrained	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via fireworks`	2026-09-17 20:46	yes	16	23 s
Budget constrained	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 18:43	yes	5	3 s
Budget constrained	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 19:38	yes	9	28 s
Budget constrained	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 18:58	yes	25	63 s
Budget constrained	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 18:39	yes	28	68 s
Budget constrained	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 19:08	yes	24	55 s
Scale constrained	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 18:28	yes	18	17 s
Scale constrained	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 20:53	yes	4	9 s
Scale constrained	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 18:20	no	0	16 s
Scale constrained	Perplexity Sonar	`sonar`	2026-09-17 18:17	yes	20	10 s
Scale constrained	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 19:37	yes	18	14 s
Scale constrained	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 21:02	no	0	9 s
Scale constrained	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via fireworks`	2026-09-17 20:04	yes	20	24 s
Scale constrained	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 18:48	yes	5	3 s
Scale constrained	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 18:18	yes	5	33 s
Scale constrained	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 20:07	yes	14	35 s
Scale constrained	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 18:28	yes	14	58 s
Scale constrained	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 19:27	yes	10	34 s
Negative framing	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 18:30	yes	27	15 s
Negative framing	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 18:16	no	0	6 s
Negative framing	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 18:06	yes	21	34 s
Negative framing	Perplexity Sonar	`sonar`	2026-09-17 21:02	yes	20	11 s
Negative framing	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 20:36	yes	36	21 s
Negative framing	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 18:05	yes	20	14 s
Negative framing	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via fireworks`	2026-09-17 21:02	yes	32	27 s
Negative framing	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 18:59	yes	6	5 s
Negative framing	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 19:56	yes	10	33 s
Negative framing	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 18:38	yes	22	84 s
Negative framing	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 20:13	yes	29	131 s
Negative framing	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 18:30	yes	19	33 s

Normalization in this category

Every judgment call made between the raw labels and the numbers above, listed so it is visible and reversible.

Category-scoped readings

Corpay read as Corpay Cross-Border

Corpay (Cross-Border) read as Corpay Cross-Border

Pangea read as Pangea Prime

Ripple Payments read as Ripple

Unresolved, counted raw

Adyen for Platforms

Alt21

BVNK (A Mastercard Company)

Binance

BitPay

CAB Payments

Cliq, Inc. (formerly Cardflex)

EXMO Ltd.

HSBC FX Overlay

HTX (Huobi Global SA)

Mastercard B2B Connect

Mastercard Multi-Currency FX (formerly Currency Cloud)

Orbital

OxPay SG

SAP Multi-Bank Connectivity

SWIFT gpi

Sendwave

Discontinued, still offered

No shut-down product was recommended here.

Cross-border payments and FX for enterprise buyers

By buyer segment

01The standing

Recommended versus criticized

02What they warned about

03What they cite

Sites the answers cite

Pages the answers cite

04How they answered

05The record

Normalization in this category

Also in treasury and cash