Cross-border B2B payments company TransferMate is integrating Accuity capabilities into its platform to bolster accuracy and validation, the companies said Tuesday (June 27).
TransferMate will deploy Accuity’s Bankers Almanac Global Payment File Plus and its Bankers Almanac IBAN Complete solutions, which automate the payments validation process as transactions enter TransferMate’s treasury portal.
“TransferMate enables businesses worldwide to send and receive foreign currency payments, and it is crucial that their processes are fast, accurate and reliable,” said Accuity Director of Business Solutions Group, Neil Tagg in a statement. “The integration of Accuity global payment data within TransferMate’s core payment systems removes the need for manual intervention and enables the business to scale seamlessly as its customer base expands at a rapid pace across all key markets.”
In another statement, Sinead Fitzmaurice, co-founder of TransferMate, said the company is looking to integrate new features in an effort to adapt to market trends and changing demands.
“By collaborating with Accuity, we have achieved significant efficiency savings, and the benefits are passed on to our customers,” the executive explained.
Automating payment validation means reducing the time spent on manual data entry and reducing errors that may occur from delayed or failed payments due to inaccurate or invalid transactions, the companies said.
Accuity also facilitates compliance and sanctions screening for multinational companies. Any issues in screening can lead not only to delayed payments, but to resources spent within the enterprise as treasurers and CFOs move to rectify the situation and investigate the issue.
In a recent interview with PYMNTS, Accuity Global Head of Channel Sales Florence Vicentini said “it’s very hard to know the cost” that these delayed payments can have on a company and its reputation.