Barclays and TransferMate have announced a new partnership, bringing an international receivables solution to the market, with the aim to reduce transaction costs and save time for UK businesses.
Barclays clients that operate with GBP have the ability to invoice in their client’s local currency, ranging from over 60 currencies across 67 countries, while still receiving payments in GBP. Manual reconciliation is eliminated as all payments are automatically matched to the invoiced amount.
Easy to adopt with a simple registration and set-up process, the solution leverages TransferMate’s proprietary global payments infrastructure. It allows cross-border payments to travel through a single integrated network, and transfers to be processed like a domestic payment.
This solution means receivables are more accurate and more cost-effective for everyone on the payment chain, particularly benefiting Barclays clients that operate internationally in GBP.
The solution has already been successfully piloted with Barclays higher education clients, allowing institutions to invoice international students in GBP and international students to pay the institution in their local currency.
Martin Runow, Global Head of Payments, FX and Digital at Barclays Transaction Banking said, “From manufacturing and leisure to education and healthcare, our partnership with TransferMate will enable clients from numerous industries to offer a new payment method to their customers whilst achieving reconciliation benefits and reduced banking fees for their businesses. This solution is a significant step forward for any business that trades internationally and invoices in GBP – particularly in the consumer to business space.”
Sinead Fitzmaurice, CEO of TransferMate said, “Our relationship with Barclays continues to go from strength to strength, with each organization adding real value to the other. This innovative solution can help Barclays customers reduce their transaction costs when receiving international payments, eliminate manual reconciliation, and always know the amount billed will be the amount received. It’s another great example of how collaboration between banks and fintech’s can improve the customer experience and redefine how money is moved around the world.”