TransferMate has launched a built-in solution for making cross-border payments.
The new TransferMate Connect solution allows banks and financial companies to integrate with the global payment infrastructure of this firm to create payment products for their customers.
TransferMate Connect is a single technology that provides banks and financial companies with a global payment gateway for combining their existing numerous correspondent systems into a single interface. This was told by TransferMate CEO Sinead Fitzmaurice. She also noted that thanks to an extensive global network and compliance with world-class requirements and security, the company is leading the evolution of the process of moving finance around the world.
Currently, many firms are exploring new ways to optimize their cross-border B2B payments. Representatives of the payment industry seek to solve problems related to transactions, or at least minimize the negative aspects of financial transactions on an international scale. Also, firms try to respond promptly to changes in consumer behavior and new needs of business partners that periodically arise.
Bank transfers in most cases, when implemented in a cross-border format, turn out to be a conditionally acceptable mechanism. The client gets the desired result, but the procedure for transferring funds takes too much time. It takes up to five days to carry out these operations. Transactions take place on average through six financial institutions.
TransferMate, headquartered in Ireland, has a non-banking licensing infrastructure that currently covers more than 200 countries, 140 currencies, and 92 banking licenses. Access to this infrastructure allows banks to expand and develop new territories with the ability to create or improve products and services.
TransferMate was founded in 2010. In addition to its headquarters in Ireland, the company also has offices in Sydney, New York, and San Francisco.
As of the end of 2017, the firm has processed transactions totaling more than $11 billion. In July 2018, ING Bank invested 21 million euros in the company, valuing it at 350 million euros. Further funding for $ 70 million by the UK pension fund became known in May last year. The Company considers additional financial revenues as an opportunity to implement its mission of stimulating innovation.
As we have reported earlier, Cross-Border Payments FinTech Tazapay Nets $16.9 Million.