Ireland-based cross-border B2B payments technology provider TransferMate has secured its first two payments licences in South America.
The company will now be able to operate its payments business in Brazil and Chile.
Using these licences, it can provide customers and partners with regulated payments networks, in line with its strategic mission.
The paytech firm is now registered as an ‘International Payment Facilitator’ with the Central Bank of Brazil and the Council for Financial Activities (COAF).
It is registered as a Payment Intermediary with Unidad de Análisis Financiero (UAF) in Chile.
In both the countries, its customers can now pay and receive money to and from Brazil or Chile on the same day or next day, free of wire fees, with full tracking.
The latest development comes after TransferMate won a licence in Mexico, in September 2020.
The company has payment licences in 51 US states or territories, Europe, Canada, Asia, the UK, Australia, and now South America.
Its regulated paytech eliminates intermediaries associated with traditional bank payment routes, simplifying the payment process for companies.
TransferMate CEO Sinead Fitzmaurice said: “With these licences, TransferMate is one step closer to its strategic plan to create the widest settlement network in our industry.
“We are excited to now hold two payments licences in South America and bring our technology infrastructure to more customers, providing them with transfers at a higher speed, lower cost, and with better reconciliation.”
Developments at TransferMate
In September 2019, TransferMate entered into an agreement to enable international payments for clients of fintech firm Dwolla.
Earlier in 2019, TransferMate launched an API to enable businesses to directly integrate payment technology into their existing systems.
The API is said to reduce administrative workload and save time by managing thousands of payments at once.