The cross border payments space has been garnering lots of attention recently, especially B2B use cases, as fintechs, PSPs and banks try to change the experience for end users from slow and opaque to fast and transparent. This piece is an announcement posted in Finextra that highlights TransferMate, a 2010 startup based in Ireland with reported funding from a couple of large banking institutions, which launched an API integration platform for B2B cross border payments.
‘With the ability to securely embed same-day, cross-border payments in 162 countries and 134 currencies directly into treasury, accounts payable or ERP systems, the TransferMate API can handle thousands of payments at once, reducing administrative workload and saving businesses time and money.’
Add this to the list of solutions that have been appearing on the landscape during the past 12 months, including the BCT-based IBM World Wire, Ripple, JP Morgan’s IIN, expansion of Swift gpi, Visa B2B Connect, and various gig economy driven solutions that provide cross-border account based disbursements (or pickup). Clearly the industry has caught on to the need for better experiences here, not necessarily real-time, but at least easier, faster and more visible.
‘The TransferMate API allows businesses to integrate payments technology with their current systems, enabling them to focus on what they do best while partnering with an industry-leading international payments firm to enhance their current customer offering. Businesses can view developer documents and register for access at developer.transfermate.com.’
Overview by: Steve Murphy, Director, Commercial & Enterprise Payments Mercator Advisory Group