TransferMate Global Payments, the world’s leading provider of payments infrastructure as a service, today announced a new collaboration to introduce its simple cross-border payment experience to sellers and buyers of Alibaba.com, a leading ecommerce platform for global wholesale trade. Customers of Alibaba.com can use TransferMate’s award-winning platform to receive and make payments, benefitting from preferential FX rates, quick transaction times and no wire transfer fees. TransferMate customers will also be able to access global markets when selling on Alibaba.com, broadening their reach to a wider international customer base.
TransferMate is solving some traditional payment headaches that plague the global ecommerce space. Businesses that sell globally online deal with buyers all over the world who want to pay in their local currency. Using TransferMate’s platform, ecommerce companies can invoice their customers with a secure link, enabling the customer to easily pay in their home currency and allowing the seller to quickly receive the full amount the same day/next day, incurring no incoming bank transfer fees.
This cross-border solution from TransferMate improves the cash flow of the billing business, which might normally wait days for a payment. TransferMate’s unique global network of payment licences around the world allows transfers to take place at a faster pace, while also bypassing the traditional correspondent banking system where transfer fees are often taken out of the payment amount and billers receive funds that fall short of the full invoiced amount.
“We are thrilled to offer our payments solution to users of one of the largest platforms for global trade, eradicating traditional cross-border payment challenges for these businesses,” said Sinead Fitzmaurice, CEO of TransferMate Global Payments – a subsidiary of Clune Technology Group. “TransferMate was founded to make international payments easier for businesses that wanted to transact globally, and we could not agree more with Alibaba.com’s mission to make it easier to do business anywhere. Together, we are bringing cutting-edge solutions to companies of all sizes, allowing businesses to expand their global reach.”
Companies buying on Alibaba.com can also take advantage of the TransferMate service, using TransferMate’s online platform to make a payment for their orders. The quick transaction time and eliminated fees leads to happier suppliers, who receive payments in full and on time.
For more information, visit TransferMate.com/alibaba.
About TransferMate Global Payments
TransferMate — a subsidiary of Clune Technology Group founded by Terry Clune — is the world’s leading provider of payments infrastructure as a service, enabling companies to send and receive cross-border payments faster and easier. TransferMate, under the leadership of Clune and CEO Sinead Fitzmaurice, has built one of the largest portfolios of payments licences worldwide, including in 51 US states and territories, to support trading in 162 countries.
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, and Wells Fargo and software providers such as Coupa, SAP Concur, Tradeshift, Workday, etc. The TransferMate API solution allows partners to digitalise the payments flow within their software, enabling all businesses to achieving significant time and financial savings.
Services and products provided by TransferMate to users are governed by agreements between TransferMate and such users. Alibaba.com is not a party to such agreements. Alibaba.com is not a lender, a broker, or a provider of payment or other financial services.