TransferMate have today announced the launch of ‘TransferMate Connect’, an integrated payments solution for banks and financial institutions to deliver faster and more cost-effective payments products and services for their customers.
TransferMate has built the largest non-bank payments infrastructure in the world, covering more than 140 currencies and over 200 countries. Through TransferMate Connect, banks and financial institutions can integrate with this network and instantly expand their global reach, giving them the ability to pass on its benefits to their own clients.
Banks and FIs will be able to build new cost-effective, fast, and secure payment propositions, allow their clients to set up trading capabilities in new territories quickly and at low-cost, and create or expand revenue streams generated by the funds moving through the network.
“TransferMate Connect is a single technology providing a global payments gateway for banks and Financial institutions to streamline their exiting multiple correspondent banking systems into one interface” said Sinead Fitzmaurice, CEO of TransferMate. “With our extensive global network and the world-class compliance and security underpinning it all, we believe TransferMate is leading the evolution of how money moves around the world.”
A unique part of the proposition is the ability of banks and financial institutions to also integrate with another TransferMate product, Global Accounts, and again give their clients the capacity to leverage it for their own benefit.
Global Accounts allows users to open local bank accounts in over 30 currencies, creating their own international banking network where they can hold, pay, and store currencies in a way that suits them. It significantly reduces transaction fees and FX costs for users, allows for better control over international cash flows, and exponentially speeds up the ability of a user to set-up a banking presence in a new territory.
“This complete package of solutions is truly innovative, and unmatched in the marketplace” said Terry Clune, Group CEO of the Clune Tech Group and founder of TransferMate. “We’re allowing banks and FIs to immediately create new products and services, or improve existing ones, and put them into market without causing any friction for their clients. I believe it’s going to give them a real competitive advantage in the marketplace.”
For more information on TransferMate Connect, go here.