New partnership links international payments technology to business spend management platform through Coupa Pay, enabling a simpler B2B payments process
TransferMate, one of the world’s leading cross-border B2B payments providers, today announced a new strategic partnership with Coupa Software (NASDAQ: COUP) – a leader in Business Spend Management (BSM) through its payments offering, Coupa Pay. By linking the companies’ technology, the new relationship – announced at Coupa Inspire’19 in Las Vegas today – offers a simpler way to process B2B payments and invoice payments.
TransferMate, a globally regulated entity, will provide its international mass payments technology to customers using Coupa Pay’s Invoice Payments, allowing business customers to spend smarter, simpler and safer. TransferMate’s technology integration allows Coupa clients to pay approved invoices internationally and domestically through the Coupa BSM Platform.
“TransferMate continues to change the landscape of international payments with technology that delivers a seamless payments experience for businesses. We are delighted to bring our expertise to Coupa’s BSM platform,” Sinead Fitzmaurice, CEO of TransferMate – a subsidiary of The Taxback Group, said. “Our partnerships with some of the world’s leading banks, including Wells Fargo, ING and AIB, enable payments systems that are fast, accurate, secure and cost-effective.”
The new partnership is part of a wider trend of payment software providers leveraging TransferMate’s globally regulated network of local bank accounts and payments technology to secure a faster, more cost-effective, secure and transparent way to move money across borders for their customers.
“We are pleased to partner with TransferMate to create a simpler way for businesses to manage their payments processes,” said Rajiv Ramachandran, vice president of product strategy at Coupa. “By integrating with Coupa Pay, companies can now manage payments seamlessly with their other business spend processes, so everyone is spending and paying smarter.”
“By leveraging our globally regulated network of local bank accounts and payments technology, Coupa and other banks and software providers can offer an expanded payments experience to their customers,” Gary Conroy, Chief Product Officer at TransferMate, said. “Offering our technology through Coupa Pay showcases our commitment to enhancing the international payment process for all businesses while simultaneously increasing our exposure to businesses participating in ever-growing international trade.”
TransferMate is a global B2B payments technology firm, enabling companies to send and receive cross-border payments faster and easier than ever before. TransferMate has built one of the largest portfolios of payments licences worldwide, including in 51 US states and territories, to support trading in 162 countries. Leading banks, fintechs & software providers partner with TransferMate to offer an enhanced user experience for their business customers. Using TransferMate’s technology and global banking infrastructure, companies benefit from better exchange rates, greater transparency and improved reconciliation via direct integration into accounting and ERP systems.
TransferMate – a subsidiary of the highly successful Taxback Group, which provides a suite of technologically enabled financial services making it easier for businesses to trade globally – has also attracted major strategic investments from leading banks such as ING and Allied Irish Bank, who have cumulatively invested €51 million in the company. TransferMate’s sister company Immedis, which specialises in the provision of global payroll service through a unified technology platform, recently announced a €25 million growth investment from Scottish Equity Partners.