TransferMate have announced the launch of ‘TransferMate Connect’, an integrated payments solution for banks and financial institutions “to deliver faster and more cost-effective payments products and services for their customers.”
TransferMate claims it has “built the largest non-bank payments infrastructure in the world, covering more than 140 currencies and over 200 countries.”
Through TransferMate Connect, banks and financial institutions can “integrate with this network and instantly expand their global reach, giving them the ability to pass on its benefits to their own clients.”
Banks and FIs will be able “to build new cost-effective, fast, and secure payment propositions, allow their clients to set up trading capabilities in new territories quickly and at low-cost, and create or expand revenue streams generated by the funds moving through the network.”
Sinead Fitzmaurice, CEO of TransferMate, said:
“TransferMate Connect is a single technology providing a global payments gateway for banks and financial institutions to streamline their exiting multiple correspondent banking systems into one interface. With our extensive global network and the world-class compliance and security underpinning it all, we believe TransferMate is leading the evolution of how money moves around the world.”
A unique part of the proposition is “the ability of banks and financial institutions to also integrate with another TransferMate product, Global Accounts, and again give their clients the capacity to leverage it for their own benefit.”
Global Accounts “allows users to open local bank accounts in over 30 currencies, creating their own international banking network where they can hold, pay, and store currencies in a way that suits them.”
It significantly “reduces transaction fees and FX costs for users, allows for better control over international cash flows, and exponentially speeds up the ability of a user to set-up a banking presence in a new territory.”
Terry Clune, Group CEO of the Clune Tech Group and founder of TransferMate, said:
“This complete package of solutions is truly innovative, and unmatched in the marketplace”. We’re allowing banks and FIs to immediately create new products and services, or improve existing ones, and put them into market without causing any friction for their clients. I believe it’s going to give them a real competitive advantage in the marketplace.”
As noted in the update, TransferMate – “a subsidiary of CluneTech — is the world’s leading provider of B2B payments infrastructure as a service, enabling companies to send and receive cross-border payments faster, easier and at lower cost.”
TransferMate, “under the leadership of Clune and CEO Sinead Fitzmaurice, has built one of the largest portfolios of payments licenses worldwide, including 51 US states and territories, to support trading in more than 201 countries and 141 currencies.”
Leading banks, fintechs and software providers partner with TransferMate “to offer an enhanced user experience for their business customers.”
The company has “created bespoke integrations for banks like ING and AIB, who are also investors in the company.”
The TransferMate API solution allows partners “to digitalize the payments flow within their software, enabling all businesses to achieve significant time and financial savings.”