TransferMate, a global B2B payments technology provider, has established a strategic relationship with Wells Fargo Bank, N.A. to deliver Global Invoice Connect, the platform for U.S.-based international businesses seeking a simpler, more cost-effective solution for receiving payments from their global customers. Global Invoice Connect offers electronic bill demonstration in U.S. dollars or in customers’ local currency. It also streamlines the receivables procedures and cuts down administrative overhead by automatically matching the payment received to the invoiced amount, and removing manual reconciliation.
Headquartered in Kilkenny, Ireland, with global footprints in San Francisco, New York, and Sydney, TransferMate collects funds from customers located in more than 50 countries across the globe through a local funds transfer in customers’ local currency. Moreover, Global Invoice Connect assist in lessening a business’ expenses and enhances its cash flow by ensuring receipt of the full invoiced amount and receiving funds faster, at a lower cost than traditional international wire. TransferMate Co-founder and CEO Terry Clune said that “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.” According to him, “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.”
As a global B2B payments technology platform that empowers companies to send and receive payments much cheaper, faster, and easier than ever before, TransferMate offers competitive foreign exchange rates that may be better than the rate offered by customers’ local bank. Additionally, Global Invoice Connect also benefits a business’ customer by assisting to trim down their payment cost in many locations from an expensive international wire to a local funds transfer.