Money transfer company TransferWise is adding batch payment support for payroll and corporate transactions.
Reports in Crowdfund Insider on Tuesday (May 8) said TransferWise has launched batch payments to facilitate up to 1,000 payroll and supplier payments at once. The solution can be used to pay workers, freelancers and vendors across borders with a single file.
The new solution comes as TransferWise noted that $1 billion has been deposited into its account service, reports added. Nearly a third of its U.S. volume comes from small businesses (SMBs), which pay an average fee of between 0.6 percent and 0.9 percent, the company said.
“Our new batch payments tool helps SMBs effectively manage their business across borders,” said TransferWise Business Product Lead Stuart Gregory in a statement. “Not only will it help them save money, but also time, which any entrepreneur will tell you is just as important.”
Its batch payment capabilities further position TransferWise against banks, which it has separated itself from in recent years. In 2016, the company began obtaining state licenses in the U.S. to operate without relying on banks for its services.
According to reports, TransferWise is also said to be developing an API that facilitates integration between its services and enterprise accounting systems to streamline cross-border payments and reconciliation.
The company pivoted from consumer financial services to business services in 2016. Last year, the firm introduced its corporate account service that enables firms to deposit funds in different currencies to make it easier to get paid in different jurisdictions. In addition to the API, TransferWise said it is also planning to launch its cross-border payment card solution in the U.S.; the tool rolled out in Europe and the U.K. earlier this month, reports noted.