TransferMate of Ireland, which deals with cross-border business-to-business (B2B) payments technology, announced Tuesday (Dec. 8) that is has secured its first two payments licenses in South America as part of its expansion campaign.
The regulatory approvals in Brazil and Chile follow TransferMate’s success in landing a Mexico license in September. The company caters to the B2B market.
“TransferMate is one step closer to its strategic plan to create the widest settlement network in our industry,” Sinead Fitzmaurice, CEO of TransferMate, said in a press release. She added that TransferMate, a Clune Technology Group company, will now be able “to bring our technology infrastructure to more customers, providing them with transfers at a higher speed, lower cost, and with better reconciliation.”
The company is now registered as an “International Payment Facilitator” with the Central Bank of Brazil and the country’s Council for Financial Activities. Also, TransferMate is now a registered “Payment Intermediary” with Chile’s Unidad de Análisis Financiero.
TransferMate customers can quickly pay into and receive money out of Brazil and Chile “with full tracking and zero wire fees,” the release said.
The company said that it now has payment licenses that also include the U.S, Canada, Mexico, Europe, U.K., Asia, and Australia. TransferMate said that its “regulated, global payment technology cuts out the chain of intermediate handlers associated with traditional bank payment routes.”
TransferMate said licenses support trading in 162 countries — while banks, financial technology companies and software providers partner with it.
“At TransferMate, we aim to deliver the most efficient payments process possible for our customers,” Fitzmaurice said, after landing the Mexico license. Fitzmaurice said the official approval supported TransferMate’s goal of providing “customers and partners with a regulated payments technology infrastructure that is not only able to bypass interbank rails but also ensures end-to-end control over the corridor, resulting in lower cost, higher speed and greater reconcilement benefits for our customers.”
The company has also done work for such banks as ING and AIB, which are also investors.
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