TransferMate expands North American regulation with Mexico licence approval
KILKENNY, Ireland, Sept. 3, 2020 /PRNewswire/ -- TransferMate, one of the world's leading cross-border B2B technology payments providers, has today announced a significant boost to its international footprint, securing a new payments licence in Mexico. This authorisation as a money transmitter by Mexico's National Banking and Securities Commission marks a major milestone on the company's global growth journey and strategic plan to provide its customers with one of the widest regulated settlement networks in the industry.
To ensure best-in-class payments service, TransferMate will open and staff an office in Mexico City. Customers in Mexico will now be able to use TransferMate's leading payments technology to make and receive single or mass international transfers same day/next day with full tracking and zero wire fees. With a portfolio of payment licences spanning 51 U.S. states/territories, Canada, Europe, U.K., Asia, Australia and now Mexico, TransferMate's regulated global payment technology cuts out the chain of intermediate handlers associated with traditional bank payment routes, thereby solving complex payment challenges for companies.
Sinead Fitzmaurice, CEO of TransferMate, a Taxback Group company, said: "At TransferMate, we aim to deliver the most efficient payments process possible for our customers. This move is another major progression in our strategic mission to provide customers and partners with a regulated payments technology infrastructure that is not only able to bypass interbank rails but also ensures end-to-end control over the corridor, resulting in lower cost, higher speed and greater reconcilement benefits for our customers."
This news follows a successful 2019 for TransferMate, when the company gained regulatory approval in six zones, including Hong Kong, Singapore and Dubai.
About TransferMate Global Payments
TransferMate – a Taxback Group company – is a global B2B payments technology firm, enabling companies to send and receive cross-border payments faster and easier than ever before. TransferMate has built one of the largest portfolios of payments licences worldwide, including in 51 US states and territories, to support trading in 162 countries. Leading banks, fintechs and software providers partner with TransferMate to offer an enhanced user experience for their business customers. Using TransferMate's technology and global banking infrastructure, companies benefit from better exchange rates, greater transparency and improved reconciliation via direct integration into accounting and ERP systems.
The unique TransferMate offering has also attracted major strategic investments from leading banks such as ING Group N.V. and Allied Irish Bank, who have cumulatively invested €51 million in the company.
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