By entering this strategic fintech-bank collaboration, TransferMate and Deutsche Bank seek to serve companies in various countries, allowing the former to further expand its offering. As part of the initial phase, the collaboration is set to facilitate business in several APAC markets, planning to expand into other regions through Deutsche Bank’s extensive global network. This will enable TransferMate to scale its local in-country collection, payments, and stored value capabilities. Partners within several industry sectors, including education, financial institutions, and ecommerce, are set to benefit from the alliance.
Furthermore, commenting on the move, representatives from Deutsche Bank underlined that the partnership with TransferMate highlights the capabilities of the financial institution’s offering, aligning with its Global Hausbank strategy. By working together, Deutsche Bank intends to support TransferMate’s growth and augment its operational efficiencies through personalised solutions. At the same time, TransferMate’s officials stated that teaming up with the bank assists their company’s commitment to scaling its global footprint and becoming the embedded B2B partner of choice. The collaboration is set to further solidify the fintech’s reach, capabilities, and the value it provides to its partners and their clients.
In addition to joining forces with Deutsche Bank, TransferMate recently formed a strategic partnership with RTGS.global, aiming to improve the efficiency of cross-border payments for global businesses. The move enabled TransferMate to utilise RTGS.global’s instant settlement infrastructure to facilitate real-time, cross-border transactions. By minimising the dependence on traditional banking intermediaries, the integration eliminated risks associated with international money transfers, in turn ensuring a faster, more secure payment process.
TransferMate also recently became a member of Amazon’s PSP programme, which allowed the latter’s sellers to leverage its accounts to receive their sales proceeds. The company’s offering included local virtual accounts to get paid in multiple currencies by Amazon. Also, TransferMate’s accounts spanned all of Amazon’s stores in North America, Eurozone countries, the UK, Australia, and several marketplaces in the APAC region.
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