Reduce cross-border friction and save money with TransferMate and Wells Fargo
Cross-border business is no longer reserved for large multinational corporations. Businesses of all sizes are connecting with suppliers, customers, vendors, and services around the world, and expect to send and receive money across borders with the same transparency and speed as their domestic payments. Traditional wire payment methods are not meeting these expectations and established financial institutions are looking to innovative solutions to meet their customer expectations and reduce cross-border payment friction.
For banks and software providers, an easy way to reduce this friction is to provide more services on their own platforms, eliminating the need for customers to find other software, open additional accounts, and move their transactions to other services. By integrating international payments to their current systems, banks and businesses not only keep customers on their platforms, but also provide them with a way to save money, eliminate errors and reduce the time spent on these transitions.
TransferMate’s advanced payments technology is integrated with some of the world’s largest banks and software providers which is designed to provide seamless client experiences. Recently, TransferMate announced its strategic relationship with Wells Fargo, creating Global Invoice ConnectSM, which is designed to provide a simple, cost-effective receivables experience.
Global Invoice Connect provides U.S. – based businesses with an alternative way to receive payments from their international customers using TransferMate’s global payments network. With this product, businesses can use electronic bill presentment to send invoices to their international customer in U.S. dollars or the customer’s local currency. TransferMate collects local currency from customers in more than 50 countries using local transfers and delivers U.S. dollars to Wells Fargo business accounts.
The strategic relationship forged by Wells Fargo and TransferMate opens up new opportunities for Wells Fargo business customers, who can potentially save time and money, and grow their business in more markets around the world. Global Invoice Connect leverages TransferMate’s global payments network in order to receive international payments faster – often crediting a Wells Fargo business account on the same day that a payment is made by an international customer.
With Global Invoice Connect, the Wells Fargo business account always receives the full invoiced amount, ensuring that the payment is complete. Receiving an amount matching the invoiced amount also prevents accounts receivable (A/R) reconciliation errors that require time consuming, and costly, manual work by an A/R team. Wells Fargo business customers may also save money using Global Invoice Connect by replacing a higher incoming international wire fee with a lower-cost domestic funds transfer fee.
By integrating TransferMate as part of its Treasury Management solutions, Wells Fargo aims to meet the high demands of its current business customers and help enable more of its customers to expand globally.
To learn more about Global Invoice Connect, visit Wells Fargo or talk to your Wells Fargo business account manager.