TransferMate teams up with Wex for international payments

Cross-border payments have traditionally been ignored but with the digital payments revolution in the pandemic, companies have started to heavily expand their footprints globally to provide fast, reliable and low-cost payments transfers worldwide.

This week, Ireland-headquartered cross-border payments company TransferMate has announced that the company has partnered with US-based payments company, Wex to launch ‘new capabilities that simplify how businesses of all sizes execute complex international payments’.

Under this partnership, TransferMate will integrate its payments technology directly into the Wex system and Wex clients will be able to use and make international payments transfers through TransferMate’s global payments network.

Earlier this year, Wex acquired eNett and Optal with total consideration of approximately $577.5 million.

“Through the WEX and TransferMate partnership, businesses will be able to make domestic, inter-regional and cross-border payments by paying locally in their own currency, with funds settled locally in the beneficiary’s currency”, said Jay Dearborn, President of Corporate Payments at WEX.

TransferMate had expanded its reach to South America earlier this year by acquiring a payments license. The company also partnered with Jaggaer to offer a source to settle solution.

The press note also mentioned that with this integration of payments system, Wex would be able to ‘expand its offering to give clients domestic, regional and international transfer capabilities via TransferMate’ and the partnership will also enable ‘international transfers at lower costs, higher speeds and with greater reconcilement benefits’.