TransferMate Launches Embedded Solution for Cross-Border Payments

TransferMate has launched an embedded solution that facilitates cross-border payments.

The new TransferMate Connect enables banks and financial institutions to integrate with the firm’s global payments infrastructure to build payment products for their customers, according to the firm’s website.

“TransferMate Connect will enable banks and financial institutions to deliver faster and more cost-effective payment products and services for their customers,” the company said in a Thursday (Feb. 23) post on Twitter.

TransferMate did not immediately reply to PYMNTS’ request for comment.

“TransferMate Connect is a single technology providing a global payments gateway for banks and financial institutions to streamline their existing multiple correspondent banking systems into one interface,” TransferMate CEO Sinead Fitzmaurice told Finextra. “With our extensive global network and the world-class compliance and security underpinning it all, we believe TransferMate is leading the evolution of how money moves around the world.”

PYMNTS research has found that businesses are examining new ways to optimize their cross-border B2B payments as they work to meet the challenges of making these payments as well as the shifting needs of their customers, partners and employees.

Wire transfers and other payment methods are often ill-equipped to keep international partners and employees satisfied, as these transactions pass through an average of six financial institutions and wire transfers can take as long as five days to arrive, as reported in the “Global B2B Payments Playbook,” a PYMNTS and Worldpay B2B Payments collaboration.

Ireland-headquartered TransferMate said on its website that its non-banking licensing infrastructure covers more than 200 countries, 140 currencies and 92 banking licenses.

With access to this infrastructure and the firm’s secure cross-border payments network, banks and financial institutions can expand and grow into new territories with the ability to create or improve products and services and share revenues generated by third-party flows, according to TransferMate’s website.

“We’re allowing banks and FIs [financial institutions] to immediately create new products and services, or improve existing ones, and put them into market without causing any friction for their clients,” Clune Tech Group CEO and TransferMate Founder Terry Clune told Finextra. “I believe it’s going to give them a real competitive advantage in the marketplace.”