Barclays has teamed up with Irish foreign exchange company TransferMate to provide a global receivables payments solution that helps UK businesses save their transaction costs and time.
The new solution will allow Barclays’ clients operating in pounds (GBP) to invoice their customers in their local currency, in more than 60 currencies and 67 countries.
It enables the customers to receive the exact amount they requested, back into their GBP account.
The new payments solution will eliminate manual reconciliation as all payments are automatically matched to the invoiced amount, said TransferMate.
Barclays transaction banking FX and digital payments global head Martin Runow said: “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 whilst achieving reconciliation benefits and reduced banking fees for their businesses.
“This solution is a significant step forward for any business that trades internationally and invoices in GBP – particularly in the consumer-to-business space.”
TransferMate said that the new payments solution leverages its global payments infrastructure and is easy to adopt with a simple registration and set-up process.
The solution enables cross-border payments through a unified integrated network and allows the transfers to be processed like a domestic payment.
It facilitates the receivables to be more accurate and more cost-effective for everyone on the payment chain, benefiting Barclays clients that operate internationally in GBP.
Barclays has already piloted the solution with its higher education clients, where institutions invoice international students in GBP and international students pay in their local currency.
TransferMate CEO Sinead Fitzmaurice said: “Our relationship with Barclays continues to go from strength to strength, with each organisation adding real value to the other.
“This innovative solution can help Barclays customers reduce their transaction costs when receiving international payments, eliminate manual reconciliation, and always know the amount billed will be the amount received.
“It’s another great example of how collaboration between banks and fintechs can improve the customer experience and redefine how money is moved around the world.”
