TransferMate, the cross-border B2B payments provider, has announced a strategic relationship with Wells Fargo Bank, N.A. (“Wells Fargo”) to deliver Global Invoice Connect – the platform for U.S.-based international businesses looking for a simpler, more cost-effective solution for receiving payments from their global customers.
Global Invoice Connect provides electronic bill presentment in U.S. dollars or in customers’ local currency. TransferMate collects funds from customers located in over 50 countries around the world through a local funds transfer in customers’ local currency.
Global Invoice Connect helps reduce a business’ expenses and improves its cash flow by ensuring receipt of the full invoiced amount and receiving funds faster and at a lower cost than a traditional international wire.
Terry Clune, co-founder and CEO of TransferMate, said: “With this relationship, TransferMate and Wells Fargo are leading the charge in reducing the friction between borders for international businesses, and those aspiring to expand abroad. Global Invoice Connect is a prime example of two innovative financial services companies coming together to deliver a powerful new payments technology that helps businesses stay ahead of the curve in an increasingly fast-paced world.”
Global Invoice Connect streamlines the receivables process and reduces administrative overhead by automatically matching the payment received to the invoiced amount, thereby eliminating manual reconciliation. Global Invoice Connect also benefits a business’ customer by helping to reduce their payment cost in many locations from an expensive international wire to a local funds transfer.
Additionally, TransferMate provides competitive foreign exchange rates that may be better than the rate offered by customers’ local bank.
Sinead Fitzmaurice, co-founder and CFO of TransferMate, said: “We are delighted to announce this strategic relationship with Wells Fargo, which is an important step in the global growth of TransferMate.
Wells Fargo is one of the leading banks in the world, with an extensive client base across the globe, and we look forward to working with them to deliver a more efficient process, that allows for greater transparency and control for their customers’ receivables.”