Banks seeing a world of opportunity in new FinTech partnerships

TransferMate, a leading international payments provider and front-runner within the FinTech sector is actively engaged with a number of banks across Europe to avail of our services.

Never has there been more tangible proof of the sheer impact that FinTech providers are today having on the banking world. Simply put, by partnering with TransferMate and integrating our technology into their service offerings, banks can lower overall costs while increasing the speed of the transactions for their clients.

TransferMate can handle single payments, split payments and batch/mass payments on behalf of their partner banks, thus making perfect sense for banks to engage with us, rather than face the mammoth task of building afresh or updating and then maintaining the legacy systems they have in-place at present.

The capacity to bring their customers enterprise-level payments solutions is a real game changer for the banking sector. Each bank firmly retains their trusted adviser status with their customers and moreover, each has the real potential to build-out a wealth of new services and products for their clients that are truly innovative.

Worked example:

A retailer in London needs to pay a supplier in New York. Up to now, they wired the funds from their bank. Wiring funds is expensive with high bank fees and uncompetitive exchange rates being the norm. Payments can also take days as the funds have to move from the business’ bank through partner banks and international clearing houses until finally they arrive in the beneficiary’s account in New York. The inefficiencies and time lags of this multi-staged approach are shown below:

The TransferMate way

Banks can now cut-out the majority of these tedious steps by partnering with FinTech firms like TransferMate.

The immediate benefits of this new way of banking are numerous for both the banking industry itself and their respective clients throughout the world. Businesses have been paying ridiculous rates and fees for a relatively archaic service without real alternatives to challenge the status quo. TransferMate’s award winning solutions have been recognised by their recent win of the 2016 USA Big Innovation Award, European Business Awards, Deloitte Best Managed Companies, to name but a few.

For more information on integrating and partnering with TransferMate, please get in touch with our team:

E: funds@transfermate.com

UK: 0207 659 9185|Ireland: 01 635 3700| USA: 312 924 3737