We’re back with another edition of our product updates blog. TransferMate’s product team has been busy making some exciting product enhancements recently. So, without further ado, let’s take a look. 

Global Accounts 

Undoubtedly our most significant product release so far this year was the arrival of Global Accounts. With our Global Accounts solution, through one account locally an operational global account can be opened in any one or all of 28 currencies in about 30 seconds. An innovative alternative to traditional banking — where account setup is a slow and cumbersome process. Plus, with Global Accounts from TransferMate you enjoy the following benefits:   

• Hold, pay, receive and manage multiple currencies in one single dashboard.  
• Fully functional global accounts without a local presence – get your own US routing number, UK account number, Euro IBAN, and more. 
• Lower FX costs due to no intermediary banking fees. 
• Available through the TransferMate Global Payments platform and as an API solution to integrate with your systems – or create new applications. 

Since the release of Global Accounts, our product team has been making continuous improvements to the product. Here are some of the most recent updates:

• Open multiple accounts in the same currency and edit account names to differentiate – helping you segregate and reconcile different parts of your business and customer base.
• More detailed transaction types — helping you further identify 1st party payments to and from accounts elsewhere from 3rd party payments and receivables.
• An enhanced homepage — providing a more streamlined view where you only see the accounts and currencies you are using.
• Improved balance and transaction screen for better reconciliation functionality, more details on each transaction, and a running balance.
• PDF statement export is now available alongside Excel and CSV formats to support auditing needs.
• Open Global Accounts in 28 currencies, 23 of these with addressable bank details – more than any competitor!

2FA Improvements 

2 Factor Authentication (2FA) adds an extra layer of security to the authentication process by requiring two types of authentication rather than just a password — making it more difficult for hackers to gain access to devices and online accounts.

Our product team recently released UI improvements to TransferMate’s 2FA system now making it clearer and easier to input and request PIN numbers  – delivering to your phone via SMS.   

A security enhancement has also been rolled out so that when a user requests a PIN it is now a one-time use and only valid for 60 minutes.  

To further enhance the security of user accounts, 2FA is now mandatory for the following actions:  

• Registration 
• Making a payment from Global Accounts 
• Making a payment via direct debit/reverse wire 
• Showing bank details 
• Password changes  

A new self-service panel has also been released, giving you the option to turn on 2FA for the following actions: 

• Login 
• Making a payment from a bank account 
• Adding a new bank account 
• Adding a new beneficiary 
• Uploading a payments file 

Help us improve

We hope you find our latest enhancements useful. If you have any questions or feedback, we’d love to hear from you. Contact us at customerservice@transfermate.com.  

While you’re here, don’t forget to stay connected by subscribing to our newsletter to have the latest TransferMate news and content delivered straight to your inbox.