“This investment and partnership with fintech TransferMate adds to ING’s capability to help customers by saving time and money for international payments.”
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With invoices being procured and sent around the globe, there are many costs, inconsistencies, and challenges that arise for both payers and billers. With TransferMate and Wells Fargo coming together we have everyone covered.
International payments can cause massive headaches for organisations around the world. How can you manage these to reduce impact on your business?
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Due to lack of technology integration, payments can take significant time to issue payments, reconcile payments & resolve errors.
The traditional correspondent banking system has multiple parties in the critical path. Beneficiaries can often take days rather than hours to receive payments
Handling fees charged by each bank in the chain results in significant bank sender fees & overseas receiver fees
Lock in a real-time exchange rate.
Send money to the TransferMate account in your country.
TransferMate delivers the funds to the recipient in their local currency.
TransferMate enables faster international payments by bypassing the traditional banking system and using our own network of local bank accounts.
Upload one file to send up to 10,000 payments at once in multiple currencies
Our automated solution reduces the admin time spent reconciling payments and recording invoices on multiple platforms.
Our technology-based solution eliminates errors, creating happier beneficiaries who receive their payments on time.
Our network of payment rails allows for same-day payments in many cases and receipt confirmations.
Our payments networks allows customers to avoid costly bank fees and FX markup.
Company receiving 200 international payments per month could save €108,000 per year
Request free cost analysis
7 minutes x 200 payments x 12 months = 35 admin days per year
Technology based solution eliminates errors, creating happier beneficiaries.
* €45 fee x 200 payments x 12 months = €108,000 annual savings.
Calculate how much you could save with Transfermate Global Payments
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Competitor pricing
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Domestic wire fee savings
International wire fee savings
Savings on FX
Savings on time
“Collaborating with TransferMate to bring Global Invoice Connect to market is a powerful demonstration of how partnership and collaborative design can result in real value for customers by significantly reducing the costs and complexities associated with managing international receivables.”
Judd Holroyde,
Head of Global Product at Wells Fargo
“This investment and partnership with fintech TransferMate adds to ING’s capability to help customers by saving time and money for international payments.”
“We are pleased to partner with TransferMate to create a simpler way for businesses to manage payments processes.”
“Using TransferMate’s mass payment facility, we can process hundreds of invoices in multiple currencies.”
TransferMate offers payers a unique experience to alleviate the most common burdens with international payments. By leveraging TransferMate’s technology and global network of local bank accounts, payers remove the cumbersome transfer process, gain access to competitive rates, increase speed of payments and gain transparency when reconciling payments.
In most cases you will have the ability to submits a domestic payment and remove the cost of expensive international wire fees. Additionally, you can manage multiple invoices and take advantage of live market rates, allowing you to feel confident that you are receiving the most competitive rate with every transaction
Setting up an account with TransferMate does have its advantages. You can monitor real-time exchange rates, manage and pay invoices in multiple currencies and set up and schedule payments for suppliers outside of the US. Upon signing up, you will be assigned a dedicated relationship manager who will help with any questions and work with you to make the greatest impact to your AP process. You can reach out to learn more through any of the options below.
As payers are depositing funds to a local account, it will reflect as a local payment.
In some countries, TransferMate’s accounts are titled under InterPay doing business as TransferMate.
Once funds have been verified in the TransferMate Client account, the converted funds will then be credited to the selected beneficiary account in no more than 2 business days. Please remember that transfers must be uploaded by 12pm local time to be processed on the same day. In most cases we endeavor to transfer funds to the beneficiary from their local currency which speeds up the payment.
Best In Class Technology TransferMate uses Secure Socket Layer (SSL), 256-bit encryption to protect your transaction details. 256-bit encryption is the latest and strongest data encryption techniques commercially available for securing information among you, our client and our website. SSL works by encrypting/scrambling data from our website to your computer. The data is encrypted on our web server and can only be decrypted/unscrambled by the person with the correct decrypt/unscramble key. You can verify our sites use of SSL in two places, by the user of “s” in https in the address bar of the site and by the padlock in your status bar at the bottom of your web browser. Safety Of Funds All client funds flow through segregated accounts and are not co-mingled with TransferMate’s operating account. While transactions are in process, funds are safe guarded by a combination of surety bonds, insurance, and capital buffer as required in the jurisdictions where TransferMate operates.
TransferMate, part of the Taxback Group, is a global B2B payments technology firm, enabling companies to send and receive cross-border payments faster and easier than ever before. TransferMate has built one of the largest portfolios of payments licenses worldwide, including in 51 US states and territories, to support trading in 162 countries and 134 currencies. Leading banks, fintechs & software providers partner with TransferMate to offer an enhanced user experience for their business customers. Using TransferMate’s technology and global banking infrastructure, companies benefit from better exchange rates, greater transparency and improved reconciliation via direct integration into accounting and ERP systems. TransferMate has attracted major strategic investment from some of the world’s leading banks including ING Group N.V. and Allied Irish Bank.
Use bulk payments to make up to 5,000 payments to employees or partners with a single click