(10 May 2023 – United Kingdom) Barclays Bank is collaborating with Irish payments unicorn TransferMate on the delivery of an international receivables package designed to reduce transfer costs for clients doing business overseas.
Barclays clients’ operating in GBP will now be able to invoice their customers in their clients’ local currency in over 60+ currencies and 67 countries – receiving the payment back into their GBP account at the exact amount requested. Manual reconciliation is eliminated as all payments are automatically matched to the invoiced amount.
The use of TransferMate's global payments infrastructure allows cross-border payments to travel through a single integrated network, and transfers to be processed like a domestic payment.
The service 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, eliminating the interchange fee charged for traditional credit card payments
“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’ says 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.”