Jaggaer partners with TransferMate to offer source to settle solution

Cross-border payments can often be a hassle for small businesses who have to incur related charges which can hurt the business cost. Commercial payment companies are looking towards this offering solution which is simple, convenient and low-cost.

US-based corporate procurement software provider Jaggaer has partnered with cross-border B2B payments provider, TransferMate to provide integrated solutions from “source to pay” to “source to settle”.

The press release noted that the companies using TransferMate technology and global banking infrastructure, they benefit from “better exchange rates, greater transparency and improved reconciliation via direct integration into accounting and ERP systems”.

Last year in May, Jaggaer had updated its platform to support virtual cards for B2B payments.

In this partnership, Jaggaer’s customers who use TranferMate for international wire transfers will book a payment, locking in a real-time exchange rate and sending the funds to local and regulatory jurisdiction TransferMate account which will help buyers avoid payment fees and suppliers requesting a payment receive payment faster, the press release noted.

“We can now offer Jaggaer customers and their suppliers improved tracking, reconciliation and speed of processing or receiving cross-border transactions in 134 currencies,” said Jaggaer CEO Jim Bureau. “That means seamless integration from source to settle.”

“Our current and future joint customers have a common interest in reducing transaction costs and increasing process efficiency,” said Terry Clune, Executive Chairman of TransferMate, a part of the Taxback Group.

The press release noted that TransferMate has a large presence of payment licenses worldwide which includes in 51 U.S. states and territories, to support trading in 162 countries and 134 currencies. It recently acquired payments licenses in Brazil and Chile marking its footprint in Latin America.