TransferMate, which works in payments infrastructure as a service, has partnered with WEX on new capabilities for how businesses can deal with international payments, a press release said on Thursday (June 3).
TransferMate has integrated its payments tech with WEX’s system.
That will allow for the execution of “seamless” international transfers, which will come with better levels of security and speed.
WEX will now be able to expand its network by offering domestic, regional and international trade capabilities. This will allow for better speed, lower costs for international transfers and better reconcilement benefits.
With the partnership, there will be a streamlining of payment management and reconciliation for accounting teams. There will also be more transparency and just one simple login for payments, according to the press release.
Jay Dearborn, president of Corporate Payments at WEX, said businesses will be able to “make domestic, inter regional and cross-border payments by paying locally in their own currency, with funds settled locally in the beneficiary’s currency.”
“As WEX continues to unify global AP [accounts payable] to AR [accounts receivable] payments processes, we are thrilled to provide new flexibility and payment rail choice to our customers — helping them save both time and money as a result of simplifying the traditional transfer process,” he said.
Sinead Fitzmaurice, CEO of TransferMate, a subsidiary of Clune Technology Group, said the company was “excited to join forces with WEX to provide the most efficient payment process possible for global businesses.”
“At TransferMate, we are committed to making international payments easier than ever before and a key way to accomplish that is through strategic partnerships with likeminded, cutting-edge companies in the industry, like WEX,” she said.
Dearborn told PYMNTS that there was something of a revolution going on with companies digitizing their back offices.
Dearborn said the numerous prosperous developments for the industry, including an IPO for AP automation tech firm AvidXchange, have shown how digitization is taking root.