Traditionally, international business transfers have been a challenge in terms of speed of delivery, security of method, and cost to the sender and receiver. That is about to change. As we move into a more integrated smart society, the money and payment systems themselves move along with us.
You can now control your whole house with the simple swipe of a smartphone. Soon your payments to your supplier in China or the United States will be just as quick. The technology is there, and it’s an exciting time for money and payments with much anticipation around the areas of blockchain, virtual wallets and new opportunities thanks to the Payment Services Directive 2 in Europe.
We have built a smarter way for businesses and banks to send and receive international payments
Take virtual wallets for example, TransferMate clients will be able to hold funds virtually when they receive a payment from their overseas customer. This improves the three parts of the equation: speed, security and costs.
The speed of delivery will be faster as the client’s funds won’t need to be transferred back to their bank account, but instead will be held virtually, which also eliminates any security challenges to transfers. Any processing fees for the transfer will be eliminated as transfers will be much quicker and simpler to manage.
Gary Conroy, chief commercial officer at TransferMate, comments: “Consumer payments have seen radical innovations in recent years with contactless cards, one-click checkout and mobile payments. The focus is on the customer experience and removing friction from the buying process, and technology advances have accelerated this change.
“TransferMate is focused on bringing a seamless payment experience to business customers. This is why we have developed our technology to integrate with the world’s leading accounting and enterprise resource planning systems, avoiding double entry, saving administrative overheads and providing an integrated, frictionless experience for business customers.
“As well as disrupting the front-end customer experience, TransferMate has built a propriety, end-to-end global payments network. TransferMate controls this network end to end, enabling cheaper, faster and easier cross-border payments. By completely bypassing the traditional correspondent banking network, we have built a smarter way for businesses and banks to send and receive international payments.
“TransferMate global payments are the future of international payments. Business customers’ expectations are changing, starting with frictionless user experience, right through to the payment execution. It’s a fun and exciting time for us as a company and for the industry as a whole.”
Founded in 2010, as part of the Taxback Group, TransferMate has grown to process millions of dollars in transfers for thousands of clients every day. Utilising its extensive global regulatory footprint, integrated technology solutions and expanding global sales team, TransferMate is dedicated to delivering the best possible experience for its clients around the world.
TransferMate has recently received an investment of €30 million from leading Irish bank AIB for a small minority stake, as well as integrating with the bank’s technology. This really is groundbreaking for banks to partner with fintechs to improve their overall offering to clients and is a prime example of what the future of money will look like. TransferMate’s customer service lines are open 24 hours, Monday to Friday, when clients can book transfers and receive advice from a dedicated account manager.
For more information please call TransferMate on +44 207 659 9185 or email customerservice@transfermate.com
