Terry Clune, co-founder and CEO of TransferMate

Ireland-based cross border B2B payments provider TransferMate and Wells Fargo have partnered to deliver the former’s Global Invoice Connect, a platform for American businesses to develop cost-effective solutions for receiving payments from their customers.

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.”

According to the supplier, Global Invoice Connect enables the availability of electronic bills in USD or in the customers’ local currency. It assists in expense reduction and cash flow improvement through invoice receipts and receiving funds at a lower cost than the traditional international wires. The platform simplifies the receivables process and aims to reduce administrative overheads. TransferMate, as it states, provides a competitive foreign exchange rate as compared to fellow local banks.

Judd Holroyde, Head of Global Product Management at Wells Fargo said: “The pace of globalization in the digital economy continues to grow and opens a wide variety of new opportunities for businesses around the world. In our continuing commitment to innovate new ways to help break down physical borders and ease access to new markets for our customers, innovative partnerships have become a critical aspect of delivering these digitally-forward solutions. Collaborating with a leading fintech like TransferMate to bring Global Invoice Connect to market is a powerful demonstration of how partnership and collaborative design can result in real value for customers by significantly reducing the costs and complexities associated with managing international receivables.”

Through the partnership, Wells Fargo aims to utilize TransferMate’s market reach for meeting its customer demands.

Established in 2008, TransferMate is a payment solutions provider and helps in securing competitive exchange rates, limiting bank fees and providing fast payments services.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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