Wells Fargo seals deal with cross-border payments provider

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • TransferMate and Wells Fargo to work together on Global Invoice Connect service
  • New scheme will operate in 50 nations across the globe
  • “With this relationship, TransferMate and Wells Fargo are leading the charge in reducing the friction between borders for international businesses”, says TransferMate leader

 

Wells Fargo, one of the US’ major banks, has announced a key partnership with Irish cross-border payments firm TransferMate.

As part of the deal, the two firms will provide a service called Global Invoice Connect.

This will be aimed at businesses in the US with an international presence which are seeking affordable and efficient solutions to problems with global payments.

Customers of firms using the new system will be able to access their bill either in the currency of Wells Fargo’s home country, US dollars, or in the currency of the country they’re currently in.

TransferMate will then pick up these funds from the customer, completing the circle.

The new service will operate in 50 nations around the world and is designed to reduce the amount of time and money firms spend on getting cash.

The transfers will be faster than standard international payments, and will also save administration time by automating the invoice and transaction reconciliation processes.

Spokespeople for the two firms expressed their support for the deal – and suggested that it would aid firms operating in a globalised economy.

“With this relationship, TransferMate and Wells Fargo are leading the charge in reducing the friction between borders for international businesses, and those aspiring to expand abroad”, said Terry Clune, co-founder and CEO of TransferMate.

“Global Invoice Connect is a prime example of two innovative financial services companies coming together to deliver a powerful new payments technology that helps businesses stay ahead of the curve in an increasingly fast-paced world.”

For Wells Fargo, Judd Holroyde, Head of Global Product Management, said that the collaboration was a good example of working together.

“The pace of globalization in the digital economy continues to grow and opens a wide variety of new opportunities for businesses around the world”, he said.

“In our continuing commitment to innovate new ways to help break down physical borders and ease access to new markets for our customers, innovative partnerships have become a critical aspect of delivering these digitally-forward solutions.”

“Collaborating with a leading fintech like 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”, he added.

Wells Fargo is a prominent name in the US banking scene, and it has been in business since 1852.

TransferMate, meanwhile, is based in Ireland and has a number of offices around the world. It works with a number of organisations including educational institutions and companies, while it also offers services to individuals looking to send remittances.

Learn more about the international money transfers scene here.


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