TransferMate and Barclays have partnered to offer a cost-effective international receivables solution that helps UK businesses save time and money on transactions.
TransferMate, a supplier of B2B payments solutions, and Barclays have teamed together to promote an international receivables solution that will help UK businesses companies save time and money on transactions.
Due to the partnership, Barclays clients operating in the UK will now be allowed to bill their clients’ customers in the currencies of their clients. Over 60 currencies and a total of 67 nations are covered by the service. Clients of Barclays will thereafter receive the required amount of money back into their GBP accounts. As all payments are automatically matched to the billed amount, manual reconciliation is removed.
The service uses TransferMate’s global payments infrastructure and has a simple registration and setup process. It enables cross-border payments to move through a single integrated network and be processed similarly to domestic payments. The service increases the accuracy and cost-effectiveness of receivables, which is particularly beneficial for Barclays clients who do business abroad in GBP.
Firstly the system allows schools to bill foreign students in GBP. Than international students can pay the institution in their home currency through the system. The system has been piloted successfully with Barclays’ higher education clients.
How cooperation between banks and fintechs can boost consumer satisfaction
Martin Runow is the global head of payments, FX, and digital at Barclays Transaction Banking. He stated that the partnership with TransferMate will enable businesses from various industries to offer a new payment method to their customers. The partnership will also bring benefits of reduced banking fees and improved reconciliation for these businesses.
Sinead Fitzmaurice is the CEO of TransferMate. She highlighted the value that each company brings to the other in the partnership. The partnership will provide cutting-edge technology to Barclays customers for lower cost and greater accuracy of international payments. The collaboration showcases how fintech-bank partnerships can transform international money transfers and enhance customer experiences.
