TransferMate acquires payment licences in South America
Expanding geographical region is part of the growth playbook in commercial payments. It is done with either partnership with local companies or acquiring licences in the respective countries.
Ireland-headquartered cross-border payments company TransferMate has announced approval of two payment licences in Brazil and Chile. South America is the latest staging post on the company’s path to global expansion having acquired a payments licence from Mexico’s National Banking and Securities Commission as a money transmitter back in September.
TransferMate is now registered as an ‘International Payment Facilitator’ with the Central Bank of Brazil (BACEN) and the Council for Financial Activities (COAF) in Brazil. While in Chile, the company is registered as ‘Payment Intermediary’ with Unidad de Análisis Financiero (UAF).
In the press release, the company noted that its ‘regulated global payment technology cuts out the chain of intermediate handlers associated with traditional bank payment routes, thereby solving complex payment challenges for companies’.
The company has a presence in 162 countries and partnerships with banks, fintechs and software providers. With licenses in Brazil and Chile, customers can send and receive money with ‘full tracking and zero wire fees’.