Grovara Partners With TransferMate to Vastly Lower Costs and Increase Speed of Cross-Border Payments on First B2B Online Marketplace for Export/Import
Grovara, the exports and imports wholesale marketplace for consumer brands, and TransferMate, the world’s leading provider of B2B payments infrastructure as a service, today announced a strategic partnership to slash the cost of international payments by up to 85% for Grovara’s rapidly expanding user base.
A U.S.-based online marketplace, the partnership enables Grovara’s brands to receive frictionless payments from nearly anywhere in the world, utilizing a fully automated payment request process, end-to-end reconciliation, and real-time reporting and visibility. TransferMate’s international receivables solution reduces the time for payment to clear from up to three days to same-day or next-day.
Grovara has made overseas payments as easy and cost-effective as a domestic funds transfer. With TransferMate, this can be done in multiple currencies, faster and more securely than traditional banking methods, and with complete transparency of the transaction to the point of final reconciliation.
“Grovara is offering a truly integrated payment platform in which brands and buyers can rely on the amount billed equaling the amount received, making export/import transactions less complex and more transparent and secure,” says Grovara CTO, Chris Nelson. “This is a milestone integration that delivers an unprecedented level of confidence to our users while eliminating unnecessary financial risk.”
Traditional cross-border payments are made via international wire transfer, which requires a buyer to take an invoice to their bank or log on to their online banking and send an international wire via their bank account and routing numbers. This method is subject to both high bank fees and foreign exchange rates, costing between $100 and $120 on average per transfer, and can take up to three days to complete. Buyers are at the mercy of fluctuations in foreign exchange rates, which can swing wildly depending on the day and the bank.
TransferMate, which boasts the most comprehensive global licensing network with a resulting banking network spanning more than 200+ countries and territories and 140+ currencies, enables international accounts payable (AP) and accounts receivable (AR) automation. Powered by TransferMate’s advanced API technology, the entire payment experience takes place within Grovara’s export/import marketplace, where users have the option to check out with a TransferMate account or as a guest.
Grovara’s buyers, most of whom are conducting large transactions multiple times per year on its marketplace, are now able to access a complete statement of account that is up to date, whenever they choose at their convenience. This kind of visibility is unprecedented in export/import commerce. Buyers will also have increased flexibility with the ability to schedule payments or make single and bulk payments, all within TransferMate’s world-beating compliance infrastructure to proactively mitigate and manage risk.
“Our unrivaled licensing and banking networks are setting new standards of security, transparency, and speed for B2B cross-border payments,” said David Hughes, CCO of TransferMate – a subsidiary of CluneTech. “We are delighted to bring these industry-leading capabilities to this new partnership with Grovara, helping them deliver best-in-class connectivity and a new level of international payments experience to all their retailers.”
