(9 May 2023 – United Kingdom) TransferMate and Barclays have announced a new partnership to launch an innovative new international receivables solution to the United Kingdom (UK) market.
The new solution is targeted at helping British enterprises reduce transaction costs and save time.
Barclays clients that book trades with Great British Pound Sterling (GBP) have the ability to invoice in their client’s local currency, ranging from over 60 currencies across 67 countries, while still receiving payments in GBP. Manual reconciliation is eliminated as all payments are automatically matched to the invoiced amount.
The solution offers easy adoption with a simple registration and set-up process leveraging 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. Receivables are more accurate and more cost effective for all participants on the payment chain, particularly benefiting Barclays importing and exporting clients that operate internationally in GBP.
“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 fintech’s can improve the customer experience and redefine how money is moved around the world” said TransferMate CEO, Sinead Fitzmaurice.