Following this collaboration, UK companies will be provided with the possibility to reduce transaction and payment costs, while saving time and resources. It will also offer customers the opportunity to keep an eye on the amount of money that is billed and the amount of money that is received, in order to make sure that the process of payment is seamless and secure.
TransferMate will be available for UK-based banking clients, and the trading procedure will be in GBP. Users of Barclays will be able to invoice their customers in their local currency, having the capability to make the process in more than 60 currencies and 67 countries. The payment will be received back into their GBP account at the exact requested amount. Furthermore, as all payments are automatically matched to the invoiced amount, the process of manual reconciliation will be eliminated.
The solution was set to adopt a simple registration and set-up process. It leverages the proprietary global payments infrastructure of TransferMate. This will offer the capability of cross-border payments to travel through a single integrated network, as well as for transfers to be processed securely like a domestic payment.
Additionally, the service will provide more accurate and more cost-effective receivables for everyone on the payment chain, especially benefiting Barclays’ customers that operated in GBP internationally.
It has also already been piloted with Barclays’ higher education clients successfully, allowing institutions and businesses to invoice international students in GBP. Moreover, international students are allowed to pay the institution in their local currency.
B2B payments company TransferMate offers its clients and customers multiple services and products, such as foreign exchange tools, payments, and global accounts, as well as its technology platform (built to simplify, digitalise, and automate the manual tasks involved in the process of payments).
In May 2023, the company received authorisation as an Electronic Money Institution (EMI) by the Central Bank of Ireland. Acquiring EMI authorisation allowed TransferMate to offer an extended solution to their clients and partners. This meant that users were able to store multiple currencies with TransferMater indefinitely, settle outward remittances in real-time more easily, and also add foreign exchange money movement and liquidity management needs.
The EMI authorisation represented a part of the company’s continued investment into its tools and product suite, as well as its focus on expanding the value it can deliver for its customers.
Earlier in February 2023, TransferMate launched `TransferMate Connect`, an integrated payments service for banks and financial institutions, designed to deliver faster and more cost-effective payment products.
This represented a non-bank payments infrastructure that covered more than 140 currencies, in over 200 countries. Through the solution, banks and financial institutions were able to integrate with the network and instantly expand their global reach.
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