International

TransferMate Gets Approval For Mexico License

TransferMate Gets Approval For Mexico License

Business-to-business (B2B) cross-border payment provider TransferMate received the green light for a new payment license in Mexico, according to a Thursday (Sept. 3) announcement.

The money transmitter authorization by the National Banking and Securities Commission of Mexico is a landmark moment in the firm’s expansion path and strategic plan to offer clients “one of the widest regulated settlement networks in the industry,” according to the announcement.

“At TransferMate, we aim to deliver the most efficient payments process possible for our customers,” TransferMate CEO Sinead Fitzmaurice said. “This move is another major progression in our strategic mission to provide 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.”

Clients in Mexico will have the ability to now harness the company’s technology to initiate or take in single or mass international transfers the same day or next day with complete tracking and without wire charges. TransferMate also plans to open and have workers in a Mexico office “to ensure best-in-class payments service,” according to the announcement.

The company has a collection of payment licenses that cover 51 U.S. states/territories, Europe, Canada, Asia, the United Kingdom, Australia and now Mexico. In 2018, the company received the regulatory green light in six areas, with the inclusion of Singapore, Dubai and Hong Kong.

FinTechs, financial institutions and software companies team with TransferMate to provide “an enhanced user experience” for their business clients, according to the announcement.

In September 2019, news surfaced that Dwolla, a FinTech, was joining forces with TransferMate.

TransferMate Global Payments was to become a part of the Dwolla Partner Ecosystem, letting current clients access the cross-border B2B payments technology of TransferMate.

"We are thrilled to be a part of the Dwolla Partner Ecosystem, helping businesses to expand their operations into overseas markets," TransferMate International Commercial Director Tom Butler said in a past statement.

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