Wells Fargo Joins Hands With FinTech Giant ‘TransferMate’ to Facilitate its International Payments
- TransferMate is a cross-border remittance service that makes use of a B2B operational model.
- When compared to traditional payment channels, Transfermate allows users to incur lower tx fees as well as procure better local exchange rates.American finance giant Wells Fargo has reportedly signed an agreement with TransferMate to offer its US-based international businesses with a payment avenue that is cheaper and more streamlined when compared with many of today’s other existing options.For those of our readers who may not be aware, TransferMate is one of the planet’s largest B2B payment services — with the firm’s operations currently running in a number of countries around the world. From a technical standpoint, we can see that the firm’s native invoicing platform supports more than 50 currencies (including the US dollars) for facilitating fund transfers.
More on the Subject
Talking about his firm’s operational procedures, a spokesperson for TransferMate recently stated that the company tries to minimize its administrative overhead costs by making use of a novel infrastructure that helps with things like:
- Weeding out issues associated with manual reconciliation
- Enhancing cash flow
Also, in regards to the above-mentioned deal with Well Fargo, TransferMate CEO Terry Clune was quoted as saying:
“With this relationship, TransferMate and Wells Fargo are leading the charge in reducing the friction between borders for international businesses, and those aspiring to expand abroad. Global Invoice Connect is a prime example of two innovative financial services companies coming together to deliver a powerful new payments technology that helps businesses stay ahead of the curve in an increasingly fast-paced world.”
Other Key Points Worth Highlighting
- Unlike crypto tx’s that are nearly free to process, TransferMate offers its clients with limited bank fees and competitive foreign exchange rates.
- By joining hands with a financial giant such as Wells Fargo, Transfermate will be able to increase its presence in more than 50 countries worldwide.
- As mentioned earlier, TransferMate’s native service offerings are designed to help reduce many of the costs and complexities associated with “managing international receivables.”
As blockchain-based remittance systems continue to attract the interest of users across the globe, we still have traditional banking institutions trying to hold on to their archaic systems and ways of doing work. It now remains to be seen how the masses at large react to Wells Fargo’s latest business decision.