TransferMate and Barclays have announced a new collaboration to help UK businesses reduce transaction costs and save time.
Barclays clients operating in GBP will now be able to invoice their customers in their clients’ local currency in over 60 currencies and 67 countries – receiving the payment back into their GBP account at the exact amount requested. Manual reconciliation is eliminated as all payments are automatically matched to the invoiced amount.
Easy to adopt, with a simple registration and set-up process, the solution leverages TransferMate’s proprietary global payments infrastructure. It allows cross-border payments to travel through a single integrated network and transfers to be processed like a domestic payment. This solution means receivables are more accurate and more cost-effective for everyone on the payment chain – particularly benefiting Barclays clients that operate internationally in GBP.
The solution has already been successfully piloted with Barclays higher education clients, allowing institutions to invoice international students in GBP and international students to pay the institution in their local currency.
“From manufacturing and leisure to education and healthcare, our partnership with TransferMate will enable clients from numerous industries to offer a new payment method to their customers while achieving reconciliation benefits and reduced banking fees for their businesses,” said Martin Runow, Global Head of Payments, FX and Digital at Barclays Transaction Banking.