Barclays and TransferMate are teaming up to help UK businesses reduce transaction costs and save time.
Barclays clients operating in sterling will now be able to invoice their customers in their clients’ local currency in over 60+ currencies and 67 countries, receiving the payment back into their GBP account at the exact amount requested. Manual reconciliation is eliminated as all payments are automatically matched to the invoiced amount.
Barclays says that the solution is easy to adopt with a simple registration and set-up process.
Specifically, the solution leverages TransferMate’s proprietary global payments infrastructure. It allows cross-border payments to travel through a single integrated network, and transfers to be processed like a domestic payment. This solution means receivables are more accurate and more cost-effective for everyone on the payment chain. This particularly benefits Barclays clients that operate internationally in GBP.
Barclays, TransferMate pilot with higher education clients
The solution has already been successfully piloted with Barclays higher education clients. This allows institutions to invoice international students in GBP and international students to pay the institution in their local currency.
“From manufacturing and leisure to education and healthcare, our partnership with TransferMate will enable clients from numerous industries to offer a new payment method to their customers whilst achieving reconciliation benefits and reduced banking fees for their businesses” said Martin Runow, Global Head of Payments, FX and Digital at Barclays Transaction Banking.
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“This solution is a significant step forward for any business that trades internationally and invoices in GBP – particularly in the consumer to business space.”
Bank and fintech collaboration to improve the customer experience
“Our relationship with Barclays continues to go from strength to strength, with each organisation adding real value to the other” said Sinead Fitzmaurice, CEO of TransferMate.
“This innovative solution can help Barclays customers reduce their transaction costs when receiving international payments. It eliminates manual reconciliation, and clients always know the amount billed will be the amount received. It’s another great example of how collaboration between banks and fintech’s can improve the customer experience and redefine how money is moved around the world.”