Barclays taps TransferMate to reduce cross border transaction costs

By Gloria Methri

TransferMate has collaborated with Barclays to launch an international receivables solution to help UK businesses reduce transaction costs and save time.

Barclays clients operating in GBP will now be able to invoice their customers in their local currency (in over 60+ currencies and 67 countries) and receive the exact amount back into their GBP account. Manual reconciliation is eliminated as all payments are automatically matched to the invoiced amount.

The solution leverages TransferMate’s proprietary global payments infrastructure. It allows cross-border payments to travel through a single integrated network and transfers to be processed like a domestic payment. This solution particularly benefits 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.

“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,” said Martin Runow, Global Head of Payments, FX, and Digital at Barclays Transaction Banking. ‘This solution is a significant step forward for any business that trades internationally and invoices in GBP – particularly in the consumer-to-business space.”

“Our relationship with Barclays continues to go from strength to strength, with each organization adding real value to the other,” said Sinead Fitzmaurice, CEO of TransferMate. “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.”