Barclays and TransferMate are collaborating on a new global receivables solution for businesses in the United Kingdom.
The new solution will allow Barclays clients operating in British pounds (GBP) to invoice their consumers in more than 60 currencies and 67 countries and get payment in GBP, according to a blog post published on Friday, May 5. This is accomplished by employing TransferMate’s global payments infrastructure.
“From manufacturing and leisure to education and healthcare,” says Martin Runow, global head of payments, FX, and digital at Barclays Transaction Banking, “our partnership with TransferMate will enable clients from numerous industries to offer a new payment method to their customers while achieving reconciliation benefits and reduced banking fees for their businesses.”
During a recent testing of the new product, Barclays higher education clients were able to charge their international students in GBP and allow them to pay in their local currency, according to the blog post.
According to the article, there is also no need for manual reconciliation because all payments are instantaneously matched to the billed amount.
According to the article, TransferMate CEO Sinead Fitzmaurice, “this creative 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 yet another good example of how collaboration between banks and FinTechs can improve user experiences and change the way money is transported globally.