Virtually lightning-fast remittances

Tra­di­tion­al­ly, inter­na­tion­al busi­ness trans­fers have been a chal­lenge in terms of speed of deliv­ery, secu­ri­ty of method, and cost to the sender and receiv­er. That is about to change. As we move into a more inte­grat­ed smart soci­ety, the mon­ey and pay­ment sys­tems them­selves move along with us.

You can now con­trol your whole house with the sim­ple swipe of a smart­phone. Soon your pay­ments to your sup­pli­er in Chi­na or the Unit­ed States will be just as quick. The tech­nol­o­gy is there, and it’s an excit­ing time for mon­ey and pay­ments with much antic­i­pa­tion around the areas of blockchain, vir­tu­al wal­lets and new oppor­tu­ni­ties thanks to the Pay­ment Ser­vices Direc­tive 2 in Europe.

We have built a smarter way for busi­ness­es and banks to send and receive inter­na­tion­al pay­ments

Take vir­tu­al wal­lets for exam­ple, Trans­fer­Mate clients will be able to hold funds vir­tu­al­ly when they receive a pay­ment from their over­seas cus­tomer. This improves the three parts of the equa­tion: speed, secu­ri­ty and costs.

The speed of deliv­ery will be faster as the client’s funds won’t need to be trans­ferred back to their bank account, but instead will be held vir­tu­al­ly, which also elim­i­nates any secu­ri­ty chal­lenges to trans­fers. Any pro­cess­ing fees for the trans­fer will be elim­i­nat­ed as trans­fers will be much quick­er and sim­pler to man­age.

Gary Con­roy, chief com­mer­cial offi­cer at Trans­fer­Mate, com­ments: “Con­sumer pay­ments have seen rad­i­cal inno­va­tions in recent years with con­tact­less cards, one-click check­out and mobile pay­ments. The focus is on the cus­tomer expe­ri­ence and remov­ing fric­tion from the buy­ing process, and tech­nol­o­gy advances have accel­er­at­ed this change.

“Trans­fer­Mate is focused on bring­ing a seam­less pay­ment expe­ri­ence to busi­ness cus­tomers. This is why we have devel­oped our tech­nol­o­gy to inte­grate with the world’s lead­ing account­ing and enter­prise resource plan­ning sys­tems, avoid­ing dou­ble entry, sav­ing admin­is­tra­tive over­heads and pro­vid­ing an inte­grat­ed, fric­tion­less expe­ri­ence for busi­ness cus­tomers.

“As well as dis­rupt­ing the front-end cus­tomer expe­ri­ence, Trans­fer­Mate has built a pro­pri­ety, end-to-end glob­al pay­ments net­work. Trans­fer­Mate con­trols this net­work end to end, enabling cheap­er, faster and eas­i­er cross-bor­der pay­ments. By com­plete­ly bypass­ing the tra­di­tion­al cor­re­spon­dent bank­ing net­work, we have built a smarter way for busi­ness­es and banks to send and receive inter­na­tion­al pay­ments.

“Trans­fer­Mate glob­al pay­ments are the future of inter­na­tion­al pay­ments. Busi­ness cus­tomers’ expec­ta­tions are chang­ing, start­ing with fric­tion­less user expe­ri­ence, right through to the pay­ment exe­cu­tion. It’s a fun and excit­ing time for us as a com­pa­ny and for the indus­try as a whole.”

Found­ed in 2010, as part of the Taxback Group, Trans­fer­Mate has grown to process mil­lions of dol­lars in trans­fers for thou­sands of clients every day. Util­is­ing its exten­sive glob­al reg­u­la­to­ry foot­print, inte­grat­ed tech­nol­o­gy solu­tions and expand­ing glob­al sales team, Trans­fer­Mate is ded­i­cat­ed to deliv­er­ing the best pos­si­ble expe­ri­ence for its clients around the world.

Trans­fer­Mate has recent­ly received an invest­ment of €30 mil­lion from lead­ing Irish bank AIB for a small minor­i­ty stake, as well as inte­grat­ing with the bank’s tech­nol­o­gy. This real­ly is ground­break­ing for banks to part­ner with fin­techs to improve their over­all offer­ing to clients and is a prime exam­ple of what the future of mon­ey will look like. TransferMate’s cus­tomer ser­vice lines are open 24 hours, Mon­day to Fri­day, when clients can book trans­fers and receive advice from a ded­i­cat­ed account man­ag­er.

For more infor­ma­tion please call Trans­fer­Mate on +44 207 659 9185 or email customerservice@transfermate.com