September 2026 Edition, published · The permanent record of that edition, superseded since. The current standing is on the category page →
Index › Finance › 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 · first-choice share
22%
Contested · Thunes 22%
22Kyriba22Thunes19Airwallex38others

22% of first choices, contested.

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.

The 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
01Thunes22%4%26accepted challenger
02Kyriba22%0%11accepted challenger
03Airwallex19%0%41accepted challenger
04Wise Business14%33%33criticized challenger
05Corpay Cross-Border Payments8%8%12accepted challenger
06Adyen3%7%30accepted challenger
07Nium3%5%22accepted challenger
08Convera3%0%10accepted challenger
09Tipalti3%0%10accepted challenger
Show the three products at 0%, ordered by negative rate
12Payoneer0%31%16criticized challenger
10Stripe0%15%20accepted challenger
11Currencycloud0%0%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 product page.
Head to headHead-to-head pages are published for mid-market buyers, so these open on mid-market figures, not enterprise.
All fifteen head-to-head pages: the top six products, each against each

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 →
01
02
03
04
05
06
07
08
09
10
11
12
Accepted challengerEndorsed leader
0%First-choice share → · lines at 30% share and 25% negative40%
Key
01Thunes22%
02Kyriba22%
03Airwallex19%
04Wise Business14%
05Corpay Cross-Border Payments8%
06Adyen3%
07Nium3%
08Convera3%
09Tipalti3%
10Stripe0%
11Currencycloud0%
12Payoneer0%

What 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 4.20, 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 4.20, 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

What they cite

Twelve of the twelve models returned a source list in this edition: four return the pages they cited and eight the search results they consulted.

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. 1128 links across 338 sites, every framing counted. Ranked by the number of answers carrying the site or page.

vendor site · ConnectPay39 answers · 47 citations · 11 models
vendor site · Airwallex37 answers · 76 citations · 11 models
vendor site · HighRadius27 answers · 28 citations · 11 models
24 answers · 24 citations · 9 models
22 answers · 22 citations · 9 models
vendor site · Worldmetrics21 answers · 28 citations · 9 models
vendor site · Guideflow17 answers · 17 citations · 9 models
vendor site · Tipalti16 answers · 23 citations · 6 models
vendor site · XTransfer15 answers · 23 citations · 8 models
vendor site · FreySoft15 answers · 15 citations · 8 models
13 answers · 30 citations · 8 models
vendor site · Stripe13 answers · 25 citations · 7 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.

Search against answers

Each company's standing in the answers beside its site's footprint in Google search, one row a site: the products the models named on it with their shares, and the share they add up to; monthly searches on Google, and DataForSEO's estimate of AI search demand (modeled from search signals, directional, not a count of queries to any assistant), for the most-searched of the company's and its products' names (the name is in each row's hover text); estimated monthly organic visits to the site; and its best position in Google's top ten for “best cross-border payments platform for businesses”, “cross-border payment platforms”, “cross-border payments platform for businesses”. US estimates from DataForSEO and Google's Ads Transparency Center. A small company's site, or a mid-sized company's site for its flagship, is marked company; a product on a large parent's site (Google, Microsoft) has no site figures. A column with no figures for this category is left out, and an empty cell means none were seen, not none exist. Two measurements side by side: neither is read as the cause of the other.
Company and productsShareOwn site citedName searches, GoogleAI search demand, est.Organic visitsPaid search a month, est.Google ads, last 30 daysBest Google position
Thunes thunes.com22%3822,20035014,0142
Kyriba kyriba.com22%2484,40015538,51445
Airwallex airwallex.com19%26027,100416420,414$56,832455
Wise Business wise.com14%2701,900167158,520,306$8178
Corpay corpay.com
Corpay Cross-Border Payments 8%
8%2814,80053125,659 company$4,482125
Adyen adyen.com3%15922,200890126,446$7,70284
Nium nium.com3%251,600586,0781
Convera convera.com3%303,6007610,160
Tipalti tipalti.com3%49018,100381213,652$83,3631204
ConnectPay connectpay.com3%64,4006849,6411

Google's top ten for the three searches hold 15 sites; 6 of them are among the sites the models cited here (airwallex.com, connectpay.com, freysoft.com, highradius.com, stripe.com, tipalti.com). The first result for “best cross-border payments platform for businesses” is connectpay.com.

How 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.
ShowHide
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 alternativesAdyen, Airwallex, Convera
ConveraChanged
One alternativeKyriba
no first choiceagainst: StripeWise Business
Three alternativesAirwallex, Nium, Tipalti
no first choicenothing named
GPT-5.4 miniCorpay Cross-Border Payments, Wise Business
Two alternativesAirwallex, Payoneer
KyribaChanged
Two alternativesCorpay Cross-Border Payments, SAP Treasury and Risk Management
no first choice
Six alternativesAirwallex, PayPal Enterprise / Hyperwallet, Stripe, Wise Business, Worldpay, dLocal
Wise Business
Three alternativesAirwallex, Nium, Routefusion
no first choicenothing named
Gemini 3.5 FlashTransferMate
Five alternativesAdyen, Airwallex, Nium, Serrala, Tipalti
KyribaChanged
Three alternativesConvera, Corpay Cross-Border Payments, Kantox
against: Revolut Business, Wise Business
no first choiceTipalti
Three alternativesAirwallex, Thunes, Trolley
no first choiceagainst: PayPal, Payoneer
Perplexity SonarThunes
Three alternativesAdyen, Airwallex, Nium
KyribaChanged
Two alternativesHSBC FX Overlay, Kantox
Adyen, Airwallex
Seven alternativesConvera, Currencycloud, Nium, Stripe, Thunes, Tipalti, Wise Business
against: Flywire
Airwallex
Two alternativesThunes, Worldpay
no first choiceagainst: Nium, OFX, PayPal, Payoneer, Rapyd, Thunes, Western Union, Wise Business, XTransfer
Grok 4.20Adyen
Three alternativesAirwallex, Nium, Stripe
against: Wise Business
KyribaChanged
Two alternativesCorpay Cross-Border Payments, ION Treasury
against: Adyen
Airwallex
Five alternativesAdyen, Nium, Rapyd, Thunes, Tipalti
against: Payoneer, SWIFT, Wise Business
Wise Business
One alternativeAirwallex
against: Adyen, Stripe
Airwallex
Two alternativesNium, Stripe
against: Corpay Cross-Border Payments, PayPal, Revolut Business, Stripe, Wise Business
Mistral SmallThunes
Two alternativesAdyen, Payoneer
KyribaChanged
Two alternativesCorpay Cross-Border Payments, Everfex
Adyen, Airwallex
Three alternativesHighRadius, Stripe, Wise Business
Airwallex
Two alternativesAdyen, Thunes
against: Wise Business
no first choiceagainst: EXMO Ltd., HTX, Sendwave, Wise Business
DeepSeek V4 FlashThunes
Four alternativesAdyen, Airwallex, Convera, Corpay Cross-Border Payments
against: Wise Business
Corpay Cross-Border PaymentsChanged
Three alternativesEbury, Kantox, Kyriba
Thunes
Eight alternativesAdyen, Airwallex, Checkout.com, ConnectPay, Currencycloud, Nium, Stripe, Wise Business
Airwallex
Three alternativesNium, Payoneer, Wise Business
no first choiceagainst: BitPay, Payoneer, Wise Business
Llama 4 MaverickThunes
One alternativeMastercard Move
no first choiceChangedConnectPay
Two alternativesAdyen, Airwallex
ConnectPayno first choiceagainst: Traditional banks
Qwen 3.7 FlashThunes
Three alternativesAirwallex, Nium, Wise Business
against: Traditional banks
AirwallexChanged
Four alternativesHSBC Payments & FX Solutions, Standard Chartered, Thunes, Wise Business
Thunes
Six alternativesAdyen, Airwallex, Checkout.com, Currencycloud, Nium, Ripple
against: Traditional banks
Airwallex
Three alternativesAdyen, Stripe, Wise Business
against: HSBC Payments & FX Solutions, Standard Chartered
no first choiceagainst: PayPal, Wise Business, Xoom
Kimi K2Thunes
Three alternativesAirwallex, Convera, Currencycloud
against: Wise Business
KyribaChanged
Five alternativesAirwallex, GTreasury, SAP Multi-Bank Connectivity, SAP Treasury and Risk Management, Thunes
Airwallex, Thunes
Five alternativesAdyen, Currencycloud, Nium, Ripple, Wise Business
Corpay Cross-Border Payments
Two alternativesAirwallex, Wise Business
no first choiceagainst: Binance, Starling Bank, UBS
GLM 4.7 FlashXThunes
Five alternativesAdyen, Cedar Money, Nium, Wise Business, XTransfer
KyribaChanged
Three alternativesCorpay Cross-Border Payments, Nium, TransferMate
no first choice
Eleven alternativesAdyen, Airwallex, CAB Payments, Convera, Currencycloud, Mastercard Move, Nium, Payoneer, Ripple, Stripe, Thunes
Airwallex
Three alternativesAdyen, Checkout.com, Stripe
no first choiceagainst: Cliq, Inc., Nuvei, OxPay SG
MiniMax M2.5no first choiceKyribaChanged
Five alternativesGTreasury, ION Treasury, Kantox, Ripple Treasury, Trovata
Airwallex
Four alternativesAdyen, Currencycloud, Ripple, Thunes
Nium, Wise Business
One alternativeAirwallex
against: Traditional banks
no first choiceagainst: MoneyGram, Payoneer
Bold is the first choiceAlternatives are counted; the count opens them.What the answer argued against

The record

One row per call: the version string exactly as returned, whether the model searched, sources cited, and latency.
Seventy-two rows: every prompt, every model, every answer.
PromptModelVersion stringTime (UTC)SearchedSourcesLatency
Direct recommendationClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 19:05yes97 s
Direct recommendationGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 21:05yes47 s
Direct recommendationGemini 3.5 Flashgemini-3.5-flash2026-09-17 17:56yes1324 s
Direct recommendationPerplexity Sonarsonar2026-09-17 20:06yes208 s
Direct recommendationGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 18:38yes3921 s
Direct recommendationMistral Smallmistral/mistral-small via mistral2026-09-17 18:11yes97 s
Direct recommendationDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 18:28yes1517 s
Direct recommendationLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 21:03yes52 s
Direct recommendationQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 20:08yes1057 s
Direct recommendationKimi K2moonshotai/kimi-k2 via novita2026-09-17 18:58yes1531 s
Direct recommendationGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 18:34yes1256 s
Direct recommendationMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 18:59no054 s
ParaphraseClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 17:58yes1511 s
ParaphraseGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 18:42yes35 s
ParaphraseGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:02yes1828 s
ParaphrasePerplexity Sonarsonar2026-09-17 17:54yes205 s
ParaphraseGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 20:39yes3516 s
ParaphraseMistral Smallmistral/mistral-small via mistral2026-09-17 19:07yes54 s
ParaphraseDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-09-17 18:32yes2564 s
ParaphraseLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 18:18yes53 s
ParaphraseQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 18:33no028 s
ParaphraseKimi K2moonshotai/kimi-k2 via novita2026-09-17 17:55yes1728 s
ParaphraseGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 17:55yes2687 s
ParaphraseMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 18:31yes930 s
ComparativeClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:32yes99 s
ComparativeGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 18:39yes712 s
ComparativeGemini 3.5 Flashgemini-3.5-flash2026-09-17 19:08yes2927 s
ComparativePerplexity Sonarsonar2026-09-17 20:59yes209 s
ComparativeGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 20:16yes2817 s
ComparativeMistral Smallmistral/mistral-small via mistral2026-09-17 18:40yes56 s
ComparativeDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 19:55yes2647 s
ComparativeLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 19:38yes54 s
ComparativeQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 20:44yes1933 s
ComparativeKimi K2moonshotai/kimi-k2 via novita2026-09-17 19:15yes2038 s
ComparativeGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 20:59yes3891 s
ComparativeMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 20:03yes528 s
Budget constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 20:10yes1310 s
Budget constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 20:01yes35 s
Budget constrainedGemini 3.5 Flashgemini-3.5-flash2026-09-17 21:20yes3153 s
Budget constrainedPerplexity Sonarsonar2026-09-17 20:37yes205 s
Budget constrainedGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 20:47yes3918 s
Budget constrainedMistral Smallmistral/mistral-small via mistral2026-09-17 20:41yes55 s
Budget constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 20:46yes1623 s
Budget constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 18:43yes53 s
Budget constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 19:38yes928 s
Budget constrainedKimi K2moonshotai/kimi-k2 via novita2026-09-17 18:58yes2563 s
Budget constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 18:39yes2868 s
Budget constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 19:08yes2455 s
Scale constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:28yes1817 s
Scale constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 20:53yes49 s
Scale constrainedGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:20no016 s
Scale constrainedPerplexity Sonarsonar2026-09-17 18:17yes2010 s
Scale constrainedGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 19:37yes1814 s
Scale constrainedMistral Smallmistral/mistral-small via mistral2026-09-17 21:02no09 s
Scale constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 20:04yes2024 s
Scale constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 18:48yes53 s
Scale constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 18:18yes533 s
Scale constrainedKimi K2moonshotai/kimi-k2 via novita2026-09-17 20:07yes1435 s
Scale constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 18:28yes1458 s
Scale constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 19:27yes1034 s
Negative framingClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:30yes2715 s
Negative framingGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 18:16no06 s
Negative framingGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:06yes2134 s
Negative framingPerplexity Sonarsonar2026-09-17 21:02yes2011 s
Negative framingGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 20:36yes3621 s
Negative framingMistral Smallmistral/mistral-small via mistral2026-09-17 18:05yes2014 s
Negative framingDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 21:02yes3227 s
Negative framingLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 18:59yes65 s
Negative framingQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 19:56yes1033 s
Negative framingKimi K2moonshotai/kimi-k2 via novita2026-09-17 18:38yes2284 s
Negative framingGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 20:13yes29131 s
Negative framingMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 18:30yes1933 s

Normalization in this category

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

ShowHide
Category-scoped readings
Corpay read as Corpay Cross-Border Payments
Corpay (Cross-Border) read as Corpay Cross-Border Payments
Corpay Cross-Border read as Corpay Cross-Border Payments
HSBC read as HSBC Payments & FX Solutions
HSBC Global Payments read as HSBC Payments & FX Solutions
Pangea read as Pangea Prime
Ripple Payments read as Ripple
Unresolved, counted raw
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)
OxPay SG
SAP Multi-Bank Connectivity
Discontinued, still offered
No shut-down product was recommended here.
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