Cross-border B2B payments specialists TransferMate has agreed a strategic relationship with multinational financial services company Wells Fargo to further distribute its ‘Global Invoice ConnectSM’ platform.
Global Invoice ConnectSM provides American businesses the ability to develop solutions for receiving payments from their customers using electronic bill presentment in US dollars or in customers’ local currency.
Judd Holroyde, head of global product management, Wells Fargo spoke about the growth of digital economic globalisation and the opportunities that come along with it.
He said: “In our continuing commitment to innovate new ways to help break down physical borders and ease access to new markets for our customers, innovative partnerships have become a critical aspect of delivering these digitally-forward solutions.
“Collaborating with a leading fintech like TransferMate to bring Global Invoice Connect to market is a powerful demonstration of how partnership and collaborative design can result in real value for customers by significantly reducing the costs and complexities associated with managing international receivables.”
TransferMate’s Global Invoice ConnectSM solution aims to reduce a business’ expenses whilst further improving its cash flow.
The Irish-based company said it does this by ensuring receipt of the full invoiced amount and receiving funds faster and at a lower cost than a traditional international wire.
Terry Clune, co-founder and CEO, TransferMate, explained: “With this relationship, TransferMate and Wells Fargo are leading the charge in reducing the friction between borders for international businesses, and those aspiring to expand abroad.
“Global Invoice Connect is a prime example of two innovative financial services companies coming together to deliver a powerful new payments technology that helps businesses stay ahead of the curve in an increasingly fast-paced world.”
TransferMate believe its world-wide operational reach will help Wells Fargo to meet the demands of its global business customers.
The firm has a reach of over 50 countries around the world and collects funds via a local transfer in customers’ local currency and its B2B technology platform integrates with a range of enterprise software systems.
Sinead Fitzmaurice, co-founder and CFO, TransferMate, commented: “We are delighted to announce this strategic relationship with Wells Fargo, which is an important step in the global growth of TransferMate.
“Wells Fargo is one of the leading banks in the world, with an extensive client base across the globe, and we look forward to working with them to deliver a more efficient process, that allows for greater transparency and control for their customers’ receivables.”
