B2B Payments

TransferMate Launches B2B Cross-Border Payments Tool

TransferMate Launches B2B Cross-Border Payments Tool

TransferMate, which provides B2B cross-border payment services, announced that it has launched the TransferMate API. According to the company, the product allows “software partners and business customers access to its globally regulated payments technology through direct integration.”

The launch announcement came at Money2020 Europe in Amsterdam.

According to a statement from the company, “with the ability to securely embed same-day, cross-border payments in 162 countries and 134 currencies directly into treasury, accounts payable or ERP systems, the TransferMate API can handle thousands of payments at once, reducing administrative workload and saving businesses time and money.”

Not only that, but “the TransferMate API offers a full suite of secure developer tools and webhook functionality, all fully documented on its developer portal. Key API calls include: token-based authentication requests, setting up bank accounts, adding beneficiaries, getting an exchange rate, booking a payment and getting status updates on payment progress.”

Cross-border payments are an area of increasing focus for all kinds of companies, and that includes B2B businesses. In April, for instance, Visa and FIS announced that Visa B2B Connect would be available to the firms’ mutual bank clients to help corporations (the end users) process high-value, cross-border B2B payments. The companies said in a release that the partnership would allow FIS’ commercial financial institution clients to “quickly and securely” access the B2B Connect platform. Through that connection, FIS’ FI clients can process cross-border transactions with speed and transparency. Sending the B2B payments directly to and from participating banks can help remove friction by eliminating intermediaries.

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