B2B payments solution provider TransferMate has partnered with Barclays, as they aim to bring an international receivables solution to the market, helping UK businesses reduce transaction costs and save time.
Thanks to the collaboration, Barclays clients operating in GBP will now be able to invoice their customers in their clients’ local currency. The service covers over 60 currencies and a total of 67 countries. Barclays clients will then receive the payment back into their GBP account at the exact amount requested. Manual reconciliation is eliminated as all payments are automatically matched to the invoiced amount.
The solution also provides a simple registration and set-up process and leverages TransferMate’s proprietary global payments infrastructure. It enables cross-border payments to travel through a single integrated network and transfers to be processed like a domestic payment. This solution means receivables are more accurate and more cost-effective for everyone on the payment chain, particularly benefiting Barclays clients that operate internationally in GBP.
The solution has already been successfully piloted with Barclays higher education clients, allowing institutions to invoice international students in GBP and international students to pay the institution in their local currency.
‘how collaboration between banks and fintechs can improve the customer experience’
Martin Runow, global head of payments, FX and digital at Barclays Transaction Banking, said: “From manufacturing and leisure to education and healthcare, our partnership with TransferMate will enable clients from numerous industries to offer a new payment method to their customers whilst achieving reconciliation benefits and reduced banking fees for their businesses.
“This solution is a significant step forward for any business that trades internationally and invoices in GBP – particularly in the consumer-to-business space.”
Sinead Fitzmaurice, CEO of TransferMate, also discussed the partnership: “Our relationship with Barclays continues to go from strength to strength, with each organization adding real value to the other.
“This innovative solution can help Barclays customers reduce their transaction costs when receiving international payments, eliminate manual reconciliation, and always know the amount billed will be the amount received.
“It’s another great example of how collaboration between banks and fintechs can improve the customer experience and redefine how money is moved around the world.”