TransferMate Global Payments, the cross-border B2B payments provider, announced Monday (May 20) it inked a deal with Wells Fargo to deliver its Global Invoice Connect platform for U.S. based international businesses.
In a press release, TransferMate said its Global Invoice Connect Platform enables U.S. businesses to receive payments from global customers for a lower cost. Global Invoice Connect provides electronic bill presentment in U.S. dollars or in the customer’s local currency. TransferMate collects funds from customers located in over 50 countries around the world through local funds transfer in customers’ local currency.
“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,” Terry Clune, co-founder and CEO of TransferMate, said in the press release. “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.”
The platform by TransferMate reduces administrative overhead by automatically matching the payment received to the invoiced amount, eliminating the need for manual reconciliation. The platform also reduces the payment cost in many locations and provides competitive foreign exchange rates that may be better than at a customer’s local bank.
By partnering with TransferMate, Wells Fargo can meet the demand of its global business customers, it noted in the press release. “The pace of globalization in the digital economy continues to grow and opens a wide variety of new opportunities for businesses around the world,” Judd Holroyde, head of global product management at Wells Fargo, said in the same press release. “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.”