TransferMate has announced a strategic relationship with Wells Fargo Bank to deliver Global Invoice Connect – a platform for US-based international businesses to receive payments from their global customers.
The platform provides electronic bill presentment in US dollars or in customers’ local currency. TransferMate collects funds from customers located in over 50 countries around the world through a local funds transfer in customers’ local currency. Global Invoice Connect is designed to reduce business expenses and improve cash flow by ensuring receipt of the full invoiced amount and receiving funds faster and at a lower cost than a traditional international wire.
Global Invoice Connect streamlines the receivables process and reduces administrative overhead by automatically matching the payment received to the invoiced amount, thereby eliminating manual reconciliation. The platform also benefits a business’ customer by helping to reduce their payment cost in many locations from an expensive international wire to a local funds transfer.
TransferMate says that its B2B technology platform easily integrates with a range of enterprise software systems, including cloud accounting platforms.