TransferMate, a Kilkenny-based Irish B2B payments company, as per recent reports this week, has secured itself a great deal to manage all global payments for US banking giant Wells Fargo.
The Kilkenny-based fintech will be exclusively handling all Wells Fargo’s US inbound payments from overseas. Furthermore, the Irish firm will also be adding a 25 member staff team in New York and North Carolina, along with a yet another 25 member staff team in Kilkenny, who all will be managing the Wells Fargo partnership.
Speaking on this context, TransferMate’s co-founder and chief executive Terry Clune, states that this Wells Fargo deal is a step ahead in the company’s efforts to replace the most utilized Swift system, adopted by major banks all around the world.
“We went through a two-year due diligence process with Wells Fargo and we are the only fintech company they have chosen to administer their inward payments globally,” states Terry Clune, co-founder, and CEO. “For other banks, that vetting and compliance that we have gone through makes us a much easier choice.”
Additionally, TransferMate, which has agreed upon major investment deals with AIB and ING, was valued at €350 million last year. Reports are that the firm’s prime focus is to expand into Asian markets. The Kilkenny-based firm has already secured regulatory approval to operate in Singapore, with another regulatory approval pending in Hong Kong.