Grovara, TransferMatePage cut international payment costs up to 85%

The partnership seeks to reduce the costs associated with international payments by 85% for Grovara’s growing user base. Following the joint venture, Govara’s brands will reportedly be able to receive payments from all around the world via an automated payment request process, end-to-end reconciliation, and real-time reporting and transparency.

This will be made possible by TransferMate’s international receivables solution, which reduces the payment clearance window from days to same-day or next-day.

As pointed out in the official press release, the joint venture comes as a logical next step in Grovara’s wider strategy, as the company has previously focused its efforts towards facilitating access to overseas payments in the US. 

By partnering with TransferMate, the exports and imports wholesale marketplace aims to enhance its cross-border payment service. This collaboration will enable transactions in various currencies and provide faster, more secure alternatives to traditional banking methods. Additionally, Grovara aims to ensure complete transparency throughout the entire transaction until the final reconciliation stage.

Grovara representatives emphasised that the integration is a milestone that seeks to provide high confidence to its users while eliminating financial risks.

The larger context

The new solution extended following the partnership comes to address a wider pain- point regarding international transfers. Traditional cross-border payments are made via international wire transfer, a system that requires the buyer to either physically take the invoice to their bank or access an online banking platform to initiate an international wire transfer, while using their bank account and routing numbers.

One significant disadvantage of this method is that the transfer is subject to both high bank fees and foreign exchange rates. Moreover, it is time-consuming, as it typically takes a couple of days to complete. 

Via the new collaboration, TransferMate will leverage its comprehensive global licensing network that features over 200 countries and territories and more than 140 currencies to facilitate international accounts payable (AP) and accounts receivable (AR) automation.

Given that the payment is now powered by TransferMate’s API technology, the payment process will take place on Grovara’s marketplace, where users will be prompted to check out with a TransferMate account or as a guest.

Another significant advantage of the partnership is that Grovara’s buyers will gain access to a complete statement account. As emphasised in the official statement, this type of visibility has yet to be implemented in the export/import commerce market.